XRPL Labs and FYEO have joined forces to evaluate the security of the Hooks Amendment, which aims to introduce smart contract capabilities to the XRP Ledger. FYEO recently announced the partnership via Twitter, highlighting its role in conducting a thorough security audit of the Hooks Amendment. FYEO’s expertise in blockchain-agnostic processes will be instrumental in identifying and addressing any potential security concerns. The audit is already underway, starting with an assessment of the foundation of the feature and then moving on to scrutinize the code base. The audit will specifically focus on the usage of WebAssembly (WASM), the hooks helper functions, and the setting and execution of hooks.
The Hooks Amendment, proposed by XRPL Labs, seeks to enhance the XRP Ledger by introducing lightweight smart contracts called Hooks. Smart contracts automate contract execution, transfer assets, verify identity, and execute contractual terms automatically. The introduction of smart contracts to the XRP Ledger will increase efficiency, reduce costs, improve transparency, and enhance transaction security. Despite its robustness, the XRP Ledger currently does not support smart contracts. XRPL Labs released the public beta version of the Hooks Amendment in April 2021 to allow developers to test the feature for any issues.
The smart contracts implemented through the Hooks Amendment aim to surpass the functionality of Ethereum’s smart contracts by providing a more streamlined and efficient solution. With the collaboration between XRPL Labs and FYEO, the XRP Ledger is one step closer to supporting native smart contracts.