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"HOOKS" amendment for the XRP Ledger.

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It would be nice if there were a little info accompanying this post as not all of us choose to be signed up with Twitter. (or instagram, snapchat, tinder, tick tok, etc, etc, etc)

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16 minutes ago, WuWei said:

It would be nice if there were a little info accompanying this post as not all of us choose to be signed up with Twitter. (or instagram, snapchat, tinder, tick tok, etc, etc, etc)

https://coil.com/p/XUMM/XRPL-Labs-is-working-on-the-transaction-HOOKS-amendment-for-the-XRP-Ledger-Supporting-business-logic/kEmqhoqMW

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Posted (edited)

I like the idea.

They have already started some preparations: https://github.com/ripple/rippled/pull/3557

 

Quote

we quickly realized that most features would be best implemented on ledger, non custodial, as we (and many other developers and businesses) don’t have (or want to get) the appropriate licenses for handling user funds, custody, etc. 

exactly! 

Edited by yxxyun

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The key thing I see here is "Time Sequencing", because Hooks would enable TXs to unfold across some amount of Time (which could be the Condition... only after x ledger count, or like Escrow does).. and be in an intentional sequence.

This would be a very powerful amendment, especially when mixed with others, like Escrow, MofN, AcctAuth, Checks, etc. My only initial concern would be setting off a cascade of TXs which were not Intentionally interwoven, or interdependent, or linked. Whatever is the proper wording for that situation, it would be like the '07/'08 crisis when we saw a sudden cascade of interlinked financial institutions

Time is something I pay keen attention to. The formula used for essentially all of Finance, does not actually measure money.. it measures "Time Value, of money". so the entire field is all about Time. and the Value of that Time, as denominated in Money.

These Hooks, could enable some very interesting things, relative to Value at Certain points in Time. If used in conjunction with Orderbooks and Escrow (or someway to be Time contingent), or some other way to check the Orderbook before/after the TX, then do something. Hell you could probably work out a Circular Payment arbitrage type of "a bot, thats not a bot", rather a sequence of TXs. The only cost would be the TX fees necessary to submit the TXs and then they would just sit there until either executed or triggered, but all On Ledger. That would be damn cool, people have been trying to do on ledger circular payments for a while.

Where is the discussion on Hooks happening? Slack?

Edited by KarmaCoverage

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