HomeNewsRipple's Smart Move: 93.6% of Community Votes 'Yes' for Smart Contracts

Ripple’s Smart Move: 93.6% of Community Votes ‘Yes’ for Smart Contracts

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  • XRP community votes massively in favor of introducing smart contracts into XRPL, surpassing the 10,000 vote target.
  • Concerns arise over Hooks on XRPL, fearing it could detract from its fundamental purpose and present multi-billion dollar risks.

For Ripple, securing 10,000 votes in favor of integrating smart contract-like functionalities into the XRP ecosystem via Hooks represents a major breakthrough.

This overwhelming community support for the introduction of these functionalities into XRPL underscores the interest in expanding the ledger’s capabilities beyond its fundamental purpose as a payment protocol.

A Step Toward Innovation in XRPL

The survey, conducted by Vet, an XRP Ledger ambassador, on the X social networking platform over the weekend, reflects a clear desire from the community to adopt Hooks, the native smart contracts on XRPL.

With 11,503 participants responding, and 93.6% voting yes, this result not only shows the enthusiasm of the community but also marks an important milestone in the decision making process for the adoption of Hooks on XRPL.

Technical and Community Implications

Richard Holland, CTO of XRPL Labs and lead architect of Hooks, has noted that the smart contract-based proposal must be integrated into the Rippled code base before being submitted for a vote.

The achievement of more than 10,000 affirmative votes triggers a new integration request, indicating that the Hooks team can proceed with renewed efforts to introduce smart contracts into XRPL.

Concerns and Challenges

Despite the enthusiasm, concerns persist about the implementation of Hooks on XRPL. Some community members express reservations about the potential risks, arguing that enabling Hooks could move XRPL away from its inherent robustness by paving the way for other types of smart contracts.

In addition, Ripple CTO David Schwartz has pointed out that Hooks poses a multi-billion dollar risk to the XRP ecosystem, fearing that it could transform XRPL into an Ethereum-like network and divert it from its fundamental purpose as a payment protocol.

The community approval for the introduction of Hooks into XRPL signals a pivotal moment for Ripple, highlighting the desire to innovate and expand the ledger’s capabilities.

However, along with the anticipation and potential for growth comes the responsibility to address concerns related to security, functionality and XRPL’s fundamental identity .

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628