XRPL Labs/XUMM | XRPL Hooks: The Future of XRP Ledger Layer 1 Smart Contracts
Hooks - XRPL Labs’ next major XRP Ledger (XRPL) extension - is closing in on production readiness as it enters the final stages of testing and auditing.
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Hooks are small, efficient pieces of code that can be attached to an XRPL account, providing custom logic that executes before and/or after XRPL transactions.
This feature advances XRPL functionality an order of magnitude while retaining the XRPL’s best qualities - speed and stability, low fees - while adding a powerful capability to automatically implement custom logic.
Hooks act as a layer 1 smart contract responding to on-ledger actions and executing other actions in response to a specified event, providing unparalleled convenience and flexibility for businesses and individuals.
Hooks primary strength comes from its composable structure - building high-level functionality from small interchangeable and replaceable components.
Hooks are currently only available on the XRPL Labs public Hooks testnet giving the XRPL development community early access to test new applications.
There is also a Hooks Builder site where users can develop, test, debug, and deploy their own Hooks on the testnet in their browser, using provided examples or building their own from scratch.
One of the major benefits of Hooks is allowing businesses and individuals to tailor transaction logic to their specific needs and requirements by monitoring transactions and responding automatically.
For example, Hooks can be used to implement an auto-savings feature, where a set amount of XRP is automatically transferred into a separate savings account on the ledger at regular intervals, helping users save a portion of their XRP and build up their savings.
XRPL Labs is excited for this new feature for retail and enterprise users, expanding the range of potential services and increasing functionality.
This new feature is expected to revolutionize how businesses and individuals interact with the XRPL, providing unprecedented flexibility and control over their transactions.
For more information, please visit https://blog.xumm.app/hooksxrpl