Victor Ugochukwu · Dec 14, 2020 . 5min read
Ripple-backed Studio Proposing Transactions HOOKS Update on XRP Ledger
XRPL Labs, a Ripple-backed development studio is proposing to add transactions hooks update on the XRP ledger for easy business logic integration by firms.
By Victor Ugochukwu · Aug 1, 2020 . 6min read
XRPL Labs, a Ripple-backed development studio, is proposing to add transactions hooks update on the XRP ledger for easy business logic integration by firms.
In an update, XRPL developers make this known and how this update will work if eventually accepted. It targets the developers and businesses who need a lot more flexibility than is presently available on the XRP ledger. It allows them to not only build what is possible today but also to build what they can imagine tomorrow.
Speaking on this, XRPL Labs said
We decided to call our idea “Hooks“. Transaction Hooks. They are small, efficient pieces of code being defined on an XRPL account, allowing logic to be executed before and/or after XRPL transactions. These hooks can be effortless, like: “reject payments < 10 XRP”, or “for all outgoing payments, send 10% to my savings account” or more advanced. By allowing hooks to not only execute efficient logic but also to store small, simple data objects, one could define a hook-like: “for incoming payments transactions, check if the sending account is in a list maintained by another hook and if present: reject the transaction”.
Hooks can enable startups implementing this solution to introduce business logic like
- Implement auto-saving on incoming transactions
- To introduce an on ledger Tip / Gift platform (bot), to individuals, charities, opt-in infrastructure (validator) rewards, etc. without reserves
- Activate Lite Accounts so businesses can assign & track loyalty points for all their customers, on the ledger, without having to activate their account.
- Storing account-based flags which force KYC compliance
HOOKS upon completion will need at least two weeks of running successfully on the testnet before updating it on XRP Ledger
Hooks is still in its documentation phase after which XRPL will be open-sourcing the solution and uploading on XRPL testnet.
Usually, any update on the XRP public ledger will need an 80% approval rating from the ledger validators. Validators add it on the ledger if it gets that or more, after two weeks of uninterrupted implementation.
It is important to note that many within crypto dismiss XRP as a cryptocurrency. They would instead call it a centralized digital asset because of its structure. However, Ripple Labs, which develops XRP, has technically dissociated Ripple Labs solution from the XRP asset. It continues to push for the adoption of its solution from banks and other financial institutions.
SBI, another Ripple-backed startup earlier launched its own digital currency on MoneyTap