Ripple-backed development studio, XRPL Labs, is currently in the process of developing code that will offer flexible ways to add business logic to transactions on the XRP Ledger.
XRPL Labs developers are calling the potential amendment “Hooks.” The code, which will be open source in the future, would allow logic to be executed before and/or after XRP Ledger transactions.
The startup states,
“These hooks can be really simple, 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.”
Developers say these hooks will offer new functionality for users.
- XRPL will have an on-ledger tipping/gifting platform
- Lite Accounts would allow businesses to assign and track loyalty points without account activations
- Account-based flags will enable automatic know-your-customer (KYC) identity verification
XRPL Labs developers are currently examining what a potential implementation of hooks will look like, and they plan to run the amendment on an XRPL testnet after opening the code up to the public.
XRPL amendments require an 80% approval rating from the ledger’s validators. If an amendment stays above that threshold for two weeks, it is activated.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Daria.G
