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Ripple implements new function for Smart Contracts

A new function that allows the execution of Smart Contracts is introduced in Ripple. It is about Hooks, a code that since November 18 is suitable for developers and operators of the platform’s nodes.

The new function for Smart Contracts

Specifically, for a long time, Ripple has been collaborating with Flare Networks, to enable the execution of Ethereum Smart Contracts on XRP Ledger.

Precisely, the new interface will open a variety of new functions for XRP. However, the most important recent development is the introduction of Smart Contracts with “Hooks”.

Specifically, in a Twitter post from Wietse Wind, XRP Labs President of Progress, explained that the new feature is going live. After having tested the alpha version in October.

In this regard, Wind adds that with this new function, the deployment of new use cases for the Ripple Blockchain is expected. As a consequence, it will attract more users.

Similarly, Wietse Wind shares the new code to a number of different commands for Docker. Which must be used to execute the software packages for the Smart Contracts. It also provides a GitHub link, with all the necessary specifications for the implementation.

Ultimately, developers must follow two basic steps:

One node must be operated in order to view the records. Another node needs to implement the commands to execute the smart contracts.

As a curious fact, Wind ensures that soon they will make more updates and adjustments to Hooks.

Ripple’s new feature

Of course, Hooks are small, efficient pieces of code defined in an XRPL account. So that the logic can be executed before and / or after XRPL transactions.

Similarly, Wind adds that these modules can be written in any language. This makes it possible to implement most of the business reasoning and smart contract concepts in a hook.

Specifically, Hooks will only run when an account sends or receives transactions. Also, they can accept or reject transactions, issue new transactions, store and access information.

Generally speaking, the Hooks momentum becomes the first proprietary functionality that enables Smart Contract to be executed in the Ripple ecosystem.

What is a smart contract?

Smart Contracts were first described by Nick Szabo, a computer scientist and cryptographer, in 1995.

However, the Smart Contract implementation did not occur until 2009, when Bitcoin appeared.

In a way, a Smart Contract is a computer program that facilitates, secures, enforces and executes registered agreements between two or more parties.

In the same way, Smart Contracts aim to eliminate intermediaries to simplify processes and thereby save costs for the consumer.

I close with this phrase by Bill Bailey: «In unity, there is strength. We can move mountains when we are united.

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