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XRP Ledger Hits New Milestone as It Prepares to Dethrone Ethereum

Tue, 06/06/2023 - 10:13
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Gamza Khanzadaev
XRP Ledger passes major test in quest to surpass Ethereum's dominance
XRP Ledger Hits New Milestone as It Prepares to Dethrone Ethereum
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XPPL Labs has made a breakthrough in its efforts to enhance XRP Ledger and establish it as a strong competitor to Ethereum. Its most recent accomplishment involves the successful conclusion of a comprehensive security audit on the Hooks amendment, a vital element that will expand the range of services available to users.

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In partnership with cybersecurity firm FYEO, the cutting-edge framework underwent an external security evaluation. The primary aim of this audit was to obtain an impartial assessment of the overall security status of the amendment and identify any potential risks or vulnerabilities.

The assessment was conducted remotely from Jan. 31 to March 14, 2023, and the results were extremely positive. XRPL Labs has reported that no significant security issues were uncovered. Although a few moderate and several minor issues were detected, the team of developers promptly addressed and resolved them.

What is the point?

According to Wietse Wind, a prominent ecosystem developer, Hooks play a pivotal role in bridging the gap between XRPL and Ethereum. This amendment allows for the creation of customized logic and automation within the core ledger, granting transactions increased intelligence and convenience.

XRP Ledger's Ambitious Plan to Dethrone Ethereum Unveiled

By incorporating the amendment, users gain the ability to add tailored on-ledger functionalities, exercise control over transaction flow, generate new transactions and retrieve information from the ledger. Hooks brings smart contract capabilities to XRP Ledger's foundational layer, significantly enhancing the ecosystem's inherent capabilities.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.