Over 10,000 Ripple Community Vote Smart Contracts Integration on XRP Ledger

2 mins read Crypto Live News
  • Ripple community votes 93.6% for smart contracts, propelling XRP Ledger evolution.
  • XRPL Labs readies Hooks integration, sparking debates on XRPL’s Ethereum-like transformation.
  • XRP Ledger’s Q4 surge: 6th-largest cryptocurrency, legal triumph, and transaction boom.

In an overwhelming display of support, the Ripple community has voiced its preference for incorporating smart contract functionalities, known as Hooks, into the XRP Ledger. With an impressive 93.6% endorsement from over 10,000 votes, this move signals a major stride toward advanced blockchain capabilities.

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XRPL Labs’ CTO, Richard Holland, gears up to integrate Hooks into the Rippled codebase, paving the way for a formal vote on the fate of smart contracts within XRPL. This significant community backing positions Hooks as a potential game-changer.

While excitement brews within the community, some, including Ripple’s CTO David Schwartz, express concerns. The cautionary note revolves around the fear that Hooks might steer XRPL into an Ethereum-like network, sparking debates about maintaining XRPL’s core function amid innovation.

The XRP Ledger community’s support is not without its skeptics. Despite reservations, Hooks promises to elevate XRPL by introducing smart contract capabilities, essential for decentralized applications and process automation. As the proposal advances, XRPL braces for both possibilities and challenges in this transformative journey.

In the midst of this pivotal decision, the XRP Ledger boasts a robust Q4 2023 performance. Climbing to the sixth-largest cryptocurrency by market capitalization, XRP demonstrates remarkable year-over-year growth. The strategic distribution of 4 billion XRP and notable price spikes contribute to the dynamic XRPL ecosystem.

Having successfully concluded a prolonged legal battle with the US Securities and Exchange Commission (SEC), XRPL solidifies its market position. Despite fluctuations in active addresses, Q4 witnesses a 22.7% rise in transactions, attributing growth to inscription-related activities. The XRPL community expands with 188,000 new accounts, reaching a total of 5 million by the quarter’s end.

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