On the 10th of July, Ripple announced that its ledger will now have a smart contract functionality. Developers will now be able to build layer one smart contracts on the Ripple ledger.
The recent development was made possible with the browser-based ‘Hooks Builder’. The Hooks builder is now live on testnet. Additionally, Hooks would be using open-source codes, just like other decentralized projects.
The recent development will strengthen Ripple’s position in the crypto market ranks. The crypto asset has thrived over the years, spending a long period as a top ten crypto asset. In the meantime, Ripple occupies the seventh position in the ranks of the cryptocurrencies by market capitalization.
How the Hooks Builder Fits into the Ripple Ecosystem
Hooks are tiny pieces of code that make the XRP ledger compatible with smart contracts. They influence the behavior and flow of the code. The Hooks builder feature will attract more developers to the ecosystem.
The XRP ledger is a transparent record for blockchain transactions. XRP is widely used as a payment currency because of the low fees associated with the blockchain. Additionally, transactions are extremely fast on the network, making the network a better alternative to Bitcoin and Ethereum.
Ripple also offers multiple transaction options. Users can use multiple signatures and escrows in their payment options.
Blockchain Projects Keep Building Amidst the Bear Market
The crypto market has been unfavorable for most projects in the last few months. Despite this, crypto protocols keep building.
Ripple’s development of the Hooks builder is not the only recent innovation among layer one protocols. Cardano recently collaborated with Wanchain to achieve interoperability. Other protocols are also working on improving their existing technological structures.
Typically, crypto protocols that actively build regardless of crypto market prices perform well in the long term.