As a seasoned analyst with years of experience observing the crypto market, I find myself deeply concerned about the current state of affairs within the Ripple community. Having closely followed the developments of XRPL Labs and their pioneering work on smart contract solutions like Hooks, it’s disheartening to see the apparent inconsistencies coming from Rippe.
The Ripple community may witness turbulence in the days ahead, not just in its price performance but also in its ecosystem stability. Wietse Wind, the director of XRPL Labs, gave this indication in a strongly worded message to Ripple, which has shaken the XRP Ledger community.
XRPL Labs’ vision for Hooks, and Ripple’s inconsistency
Wietse’s critique arises after Ripple revealed their strategy for integrating smart contracts onto the XRPL primary network, as outlined in their latest publication.
In a public message to the XRP Ledger community and its key players, Wietse expressed worries about Ripple’s latest move towards layer-1 smart contract implementation. To him, this change appears sudden and insufficiently explained to the dedicated development team working relentlessly on various initiatives.
As Wind explains, this pivot reflects a vision that XRPL Labs had championed four years ago with the introduction of “Hooks,” a custom-made smart contract solution designed for XRPL. Unfortunately, the developers received minimal or no backing from Ripple, despite Hooks becoming vital for the Xahau Sidechain Network when it was proven to be crucial.
To XRP Ledger innovators, the recent pledge by Ripple to develop layer-1 smart contracts might feel discouraging, considering that Ripple previously did not endorse the use of Hooks in the past.
David Schwartz, Ripple’s CTO, said that the XRP Ledger (a type of blockchain or distributed ledger technology) would be a “fixed function” and part of other networks. Wietse views this new role as a potential source of instability within the ecosystem.
Crossroads for Ripple and XRP Ledger Ecosystem
to adopt and back the current Hooks technology and expand it, or to potentially estrange the dedicated development team.
He emphasized that we have consistently proven our devotion. Now, it’s Ripple’s opportunity to demonstrate their dedication to the community that has been instrumental in progressing the XRP Ledger. The responsibility lies squarely with Ripple at this point.
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2024-09-03 16:38