Massive Changes Involving Savings Accounts Are Coming To XRP Ledger

Ripple and XRP have been in the spotlight a lot these days. Now, it’s been revealed that the XRP Ledger is expecting to see a lot of changes soon.

XRPL Labs just revealed that an amendment that will introduce a burst of new features to the XRP Ledger (XRPL) is now in beta testnet.

New features are coming to XRPL

On Twitter, XRPL Labs revealed that the testnet for Hooks is now live after nearly nine months of development.

As revealed by the online publication the Daily Hodl, Hooks are small pieces of code defined on an XRPL account that add smart contract functionality by allowing logic to be executed before or after a transaction on the XRP Ledger.

“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.”

XRPL Labs also added that it is hoping the testnet will pave the way for a fully developed product that could be deployed within the next eight months.

“It’s time for testing, coding, having fun & breaking things, so a future amendment to add Hooks to the XRP Ledger livenet can be drafted with confidence, hopefully at the end of 2021.”

Ripple in the news

As you probably know by now, the US SEC and Ripple have been confronting for a while now. The SEC sued the San Francisco-based firm a while ago, and the scandal has been ongoing.

It’s true that Ripple saw a recent victory, making XRP enthusiasts excited. Now, it’s been just revealed that the Wall Street Journal editorial board has something to say about all this as well.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.