The XRPL Labs, a specialized company that focuses on developing applications and services for the XRP Ledger (XRPL), has recently completed a thorough security audit for the Hooks amendment. This is an important milestone that indicates the forthcoming implementation of Hooks, which introduces an innovative side chain on the XRPL that utilizes XRP as its native asset.
To conduct the security audit, XRPL Labs enlisted the services of FYEO, a renowned cybersecurity firm. The assessment primarily scrutinized the Hook API, execution environment, and other critical framework protocols. Encouragingly, no significant security issues were identified during the audit, according to XRPL Labs.
This audit follows Wietse Wind's earlier announcement of the Hooks amendment and the signing of a security audit contract for the project. As reported by The Crypto Basic in January, Wind confirmed that the launch of Hooks would take place after the completion of the audit and the implementation of any necessary improvements.
In April, The Crypto Basic further confirmed that XRPL Labs had selected FYEO to conduct the security assessment of the Hooks amendment protocol, with the audit commencing in mid-April.
The XRP community eagerly awaits the launch of the Hooks amendment, recognizing it as a highly anticipated milestone that could unlock numerous opportunities for the XRP Ledger. The excitement within the community was evident in a tweet from an anonymous member who reached out to Wietse Wind seeking information about the timeline for Hooks. Wind clarified that the launch of Hooks should not be regarded as a traditional "fork" process. Unlike typical fork implementations that involve duplicating data or creating an entirely new ecosystem, Hooks takes a unique approach by introducing a complementary sidechain that seamlessly integrates with the existing XRPL ecosystem. Wind provided a tentative timeframe, estimating that Hooks would launch sometime in 2023.
It is important to note that the new XRP Ledger chain associated with the Hooks amendment will have no affiliation with Ripple or the United States, as disclosed by Eri, a prominent influencer in the XRP community. However, the chain will utilize XRP as its native asset. Eri emphasized the growing interest from enterprises in utilizing XRP and the necessity of advancing the space with innovative approaches. Hooks represents an endeavor to achieve this progress while navigating the challenges posed by the US regulatory landscape.
With the successful completion of the security audit, the XRPL Labs team is now closer to integrating the Hooks amendment into the XRPL. This achievement fosters optimism and sets the stage for the implementation of new and exciting services for users of the XRP Ledger.