Wietse Wind, lead developer of XRPL Labs, the team behind technology solutions for XRP transactions, shared dev update on its “Hooks” amendment.
According to the latest “highly technical” blog post by Wietse Wind of XRPL Labs, the “Hooks” amendment that is going to empower XRP payment instruments with basic smart contracts functionality is on track to release testnet.
“Well on track for public testnet”: Wietse Wind on Hooks amendment
In his detailed blog post, Mr. Wind shared that he and his team were laser-focused on the transaction logic of “Hooks” in the last few weeks. Previously, they replaced web assembly runtime engine Wasmer with SSVM to achieve the maximum performance of the new system.
Image via TwitterMostly, their latest efforts (after the Tech Preview release) were focused on so-called “emitted transactions.” Mr. Wind explained that these transactions occur when a “hook” attempts to create new transactions separately from triggering “original” transactions.
To solve this conflict, emitted transactions are now inserted into a special directory in the ledger instead of direct emission into the transaction queue. There, emitted transactions are approved and confirmed by all validators before being broadcast to the blockchain.
The next development stage will reconsider the “Slot” function of Hooks API. “Slot” will allow Hooks to read the information from the ledger. All in all, Mr. Wind is confident about the scheduled public testnet date:
We are well on track for a Q1 testnet release.
XRP and smart contracts: two approaches
Mr. Wind invited all developers interested in writing “Hooks” to read all of his blogs and source code repositories and ReadMes since public testing is right around the corner.
Meanwhile, Flare Networks, another team tasked with the implementation of smart contracts for XRP users, also reported significant progress.
As covered by U.Today previously, after the overhyped addition of Dogecoin (DOGE) as one more F-asset, Flare inked a partnership with NFT-focused gaming startup Gala Games.
The latest update in the XRP lawsuit saw the SEC file a letter requesting the Court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline to January 14, 2022, from the former date of November 12, 2021. The plaintiff noted that the extension will allocate both parties sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.
Ripple Opposes SEC extension appeal to save XRP from an isolated bear run
While consenting to the extension of the rebuttal report deadline until November 12, Ripple opposes the January 14 deposition deadline to avoid the case from stretching long enough for XRP to entirely miss the bull run. Furthermore, Ripple also intends to file an opposition to this letter motion on October 18, 2021.
The SEC offered a compromise to Ripple, preponing the expert discovery extension to December 22, but the defense has rejected that offer as well. Ripple argues that the extension would “would likely impact the briefing schedule for summary judgment motion[s].”, as post-December 10, 2021, the Thanksgiving holidays will commence the holiday season.
SEC supports extension appeal with pending motions
The SEC objects that the case is even less ready for summary judgment motions as expert discovery has commenced with an incomplete factual record. The commission noted that on September 1, 2021, Magistrate Judge Netburn granted the SEC’s motion to compel Ripple to produce certain instant messages among its employees, but Ripple has not completed its production of responsive documents and has not provided any timetable by which it will be complete. Along with the incomplete discovery of a granted motion, the plaintiff states that the parties have a total of four pending discovery motions before Magistrate Judge Netburn. The plaintiff claims that even if one motion is granted, the parties will require an additional extension to proceed with the discovery.
“If Magistrate Judge Netburn grants any of the pending motions to compel, at minimum, the parties would need additional time to review and produce the documents at issue…The SEC’s proposed extension is fair and reasonable under the circumstances and should be granted for good cause.”, stated the SEC.
A researcher from the XRP community believes that XLM and Stellar may get in trouble should the SEC deem XRP a security
Researcher Leonidaz Hadjiloizou has posted a tweet, in which is asks the opinion of the XRP community about which side in the Ripple-SEC legal battle the company’s co-founder and former CTO Jed McCaleb would take, if he were to do it.
According to Hadjiloizou, should the SEC win and XRP is deemed a security, then Jed and his company Stellar which he created as a rival to Ripple will be in for hard times. If the court rules that XRP is a security, then McCaleb broke the law by selling these potentially unregistered securities – 9 billion of them that he received from Ripple as compensation as part of the Settlement Agreement.
What is most likely? Jed testifies as an expert witness for Ripple or the SEC?
PS1:If he believed XRP is a security then he broke the law by selling unregistered securities after the lawsuit was filed.
PS2:XLM might get in trouble if XRP is deemed a security on a technical lvl.— Leonidas (@LeoHadjiloizou) October 16, 2021
Besides, Hadjiloizou says that if XRP is announced a security, then the native token of Jed’s Stellar, XLM, may also get in trouble and, perhaps, face similar accusations.
So far, no legal action has been filed by the SEC against Jed McCaleb, even though he co-founded Ripple Labs together with Chris Larsen. The latter and the CEO Brad Garlinghouse, along with Ripple Labs, are the defendants in this legal case of the SEC against Ripple.
Jed has been selling his 9 billion XRP in parts, however, he has not sold any coins since September 1.
Ripple fintech firm has sent almost 40 million XRP to Huobi since October began from the 100 million allocated for it in the first place
Data provided by the analytics platform Bithomp that works with XRP transactions, over the past eighteen days, Ripple distributed ledger tech provider has shifted 33,805,080 XRP to the major digital exchange Huobi.
One third of Ripple’s 100 million XRP shifted to Huobi
This amount of crypto equals to $38,790,225. The size of weekly transactions has been changing since September 29, when Ripple allocated a whopping 100 million XRP lump to be sent to Huobi in regular transfers – it started as 1,542,780 XRP, continued as 2,309,580. So far, Ripple is moving 1,911,150 XRP lumps to Huobi.
The exchange has recently announced its withdrawal from mainland China and by December 31 it plans to stop crypto trading against CNY.
XRP becomes number one choice for UK retail investors
At the time of writing, the sixth largest cryptocurrency, XRP, is changing hands at $1.15, showing a mild rise of 2.54 percent, as per the data provided by CoinMarketCap.
As reported by U.Today earlier, a recent report by a leading trading platform eToro stated that the majority of retail crypto investors in the UK now prefer XRP as their top asset. Cardano’s ADA is the second favorite.
Ripple Labs has recently joined the Digital Pound Foundation to help UK authorities work the CBDC they are developing – digital pound sterling.