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The new XRPL chain passes its security audit, with disclosures suggesting it will use XRP but has no association with Ripple or the US.
XRPL Labs, a firm specializing in creating applications and services tailored to the XRP Ledger (XRPL), has announced the successful completion of an extensive security audit for the Hooks amendment. This significant milestone signifies the imminent arrival of Hooks, which will introduce an innovative XRPL side chain that leverages XRP as a native asset.
The Hooks Amendment has passed its comprehensive security audit by @goFYEO, marking a significant milestone in our journey towards integrating Hooks into #XRPL.
Read about Hooks passing the audit here: https://t.co/BxfcINMG3l
— XRPL Labs (@XRPLLabs) June 5, 2023
XRPL Labs engaged FYEO, a leading cybersecurity firm, to perform the security audit. The evaluation focused on scrutinizing the Hook API, execution environment, and other essential framework protocols. Encouragingly, no significant security issues were discovered, according to XRPL Labs.
The audit results have come up a few months after Wietse Wind, founder of the XRPL Labs, unveiled the Hooks amendment and emphasized that they had signed a security audit contract for the project. As The Crypto Basic reported in January, Wind confirmed that Hooks would launch after the audit and the implementation of any proposed improvements.
The Crypto Basic further confirmed in April that XRPL Labs had chosen FYEO to conduct the Hooks amendment protocol security assessment. FYEO noted that the audit began in mid-April.
Hooks Set to Launch This Year
The Hooks amendment stands as a highly anticipated milestone for the XRP community, potentially unlocking a realm of new opportunities for the XRP Ledger. This exciting development has sparked fervor among the XRP community, as reflected in a tweet shared by an anonymous member.
The individual reached out to Wietse Wind, seeking information about the timeline for the Hooks amendment. In response, Wind emphasized that the launch of Hooks should not be perceived as a traditional “fork” process. He clarified that the amendment does not involve duplicating data or creating an entirely new ecosystem, distinguishing it from typical fork implementations.
Instead, Hooks takes a unique approach by introducing a complementary sidechain that harmonizes effortlessly with the existing XRPL ecosystem. While providing a tentative timeframe, Wind estimated a Hooks launch target of “somewhere 2023.”
The Hooks sidechain is complementary, caters the same ecosystem, and Hooks code base will be (already was) fully available for review and merge to Mainnet whenever the ecosystem is comfortable and ready for that.
The "when": when ready. Without any stress/hurry. Somewhere 2023.
— WietseWind (🛠 Xumm @ XRPL Labs) (@WietseWind) June 6, 2023
Hooks to Use XRP, but no Association with Ripple
In a separate disclosure, Eri, a prominent XRP community influencer, clarified that the new XRP Ledger chain associated with the Hooks amendment would have no affiliation with Ripple or the United States. However, as The Crypto Basic recently confirmed, the chain will use XRP as a native asset.
To clarify, the new #XRP Ledger chain won't have any @Ripple or US association. Already a number of enterprises are looking forward to utilizing XRP. It's time to govern and push this space with innovation in ways that were never before possible.
More to follow with YT guests.
— 🌸Crypto Eri 220k+ Followers (Beware of Imposters) (@sentosumosaba) June 6, 2023
Eri highlighted the growing interest from enterprises looking to utilize XRP and emphasized the need to push the space forward with innovative approaches. Hooks is an effort towards implementing this forward push, devoid of the challenges from the US regulatory landscape.
With the successful completion of the security audit, the XRPL Labs team is now one step closer to integrating the Hooks amendment into the XRPL. This development brings optimism and paves the way for implementing new and exciting services for XRPL users.