• XRPL Labs lead developer, Wietse Wind, discloses the development of a Hooks sidechain with XRP as the native token.
• The sidechain is undergoing an audit process before being pushed out and implemented on the mainnet.
• Hooks is a proposal to add smart contract functionality to the XRP Ledger.
The XRP Ledger, a distributed ledger technology created by Ripple, is renowned for its fast transaction speeds, low fees, and scalability. However, developers and businesses that use the platform have been calling for more flexibility. In response, XRPL Labs, the innovation arm of Ripple, has announced the development of a new sidechain called Hooks.
The sidechain is designed to add smart contract functionality to the XRP Ledger, and XRP is set to be the native token for the sidechain. This will allow users to create and deploy blockchain-based applications using XRP as the native currency.
Lead developer Wietse Wind has expressed confidence in the sidechain, and has revealed that it is currently undergoing an audit process. Once the audit is complete and any necessary improvements have been made, the sidechain will be pushed out and implemented on the mainnet. Wind is hopeful that the sidechain will pass its stress test and bolster confidence for mainnet implementation.
The addition of this sidechain is a move by Ripple to increase the adoption and utility of XRP. It could be a major factor in driving up the price of XRP and making it more attractive to investors. It remains to be seen how the sidechain will perform in the long term, but many believe that it will have a positive effect on the XRP market.