• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

The Future of Programmability on XRP Ledger: Hooks and New Tokens

user avatar

by Giorgi Kostiuk

9 months ago


A recent discussion on the future of programmability on the XRP Ledger (XRPL) has revealed new proposals from Evernode co-founder Scott Chamberlain. This article examines the proposals and the reactions to them.

Evernode Proposal

Scott Chamberlain proposed a new approach involving the use of the Hooks system and a new token, Codii, to enhance transaction functionalities on XRPL. The goal is to allow smart contract execution while keeping costs manageable for users. Hooks is a flexible, low-cost system proven to support decentralized applications like Evernode. The system automates tasks such as registration, reputation scoring, and governance for network hosts, offering seamless transaction execution. Codii is a native token minted from locked XRP and burned for Hook-related fees, which aims to reduce the financial burden on users compared to directly burning XRP.

Ripple's Skepticism

Ripple CTO David Schwartz expressed skepticism about the need for such complexity. According to Schwartz, simply burning XRP for all transaction fees, as currently done, could streamline operations. He questioned the benefits of introducing Codii, pointing out that it adds burdens like managing two tokens and potential dilution losses for XRP holders. He stated: "This seems way overcomplicated for no benefit. What advantage does this have over just burning XRP for all transaction fees?"

Chamberlain's Response

Chamberlain defended his proposal, arguing that burning XRP for programmability would make smart contracts too expensive if XRP appreciates in value. He emphasized that Codii would offer a self-sustaining system where XRP holders could effectively cover Hook fees through inflationary balance adjustments. Despite Chamberlain's reasoning, Schwartz remained unconvinced, noting that any system imposing costs on users through token inflation risks complicating fee management without providing significant benefits. He also pointed out that burning XRP as the sole method for transaction funding keeps the system simple and accessible as XRP's value changes.

Discussions surrounding Chamberlain's proposals for enhancing programmability on the XRP Ledger reflect differing approaches to addressing this challenge. While some see new possibilities in these innovations, others believe simplicity and efficiency are more important.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

OT MANAGEMENT Introduces a Retail Investor-Centric Model

chest

OT MANAGEMENT, LLC develops a strategy focused on retail investors under the leadership of Daniel John Impens.

user avatarGiorgi Kostiuk

Pi Network: Prospects Amid Overall Cryptocurrency Market Growth

chest

Despite the overall recovery of the cryptocurrency market, Pi Network continues to face challenges. An overview of the technical situation and possible scenarios.

user avatarGiorgi Kostiuk

Bit Digital: A Complete Shift from Bitcoin to Ethereum

chest

Bit Digital has sold all its Bitcoin and invested $200 million into Ethereum.

user avatarGiorgi Kostiuk

DDC Enterprise at the Forefront of the Bitcoin Revolution with New Strategy

chest

DDC Enterprise has increased its investment in Bitcoin to 368 BTC, aiming to reach 5,000 BTC in the future.

user avatarGiorgi Kostiuk

Launch of EVM-Compatible Sidechain on XRPL: Latest Achievements and Perspectives

chest

XRP Ledger has introduced its EVM-compatible sidechain, activating 1,400 smart contracts in the first week. Exploring the key highlights.

user avatarGiorgi Kostiuk

Day Trading: How Structure and Discipline Can Transform Traders’ Approach

chest

Daniel John Impens shares his philosophy on day trading and the importance of a systematic approach for successful trading.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.