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Sidechain, US dollar


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I know I can go to xumm and use the listed gatehub or whatever to hold the contract. However I’m wondering if I could hypothetically use the sidechains directly? I’m messing with xrpl-py. I just was wondering if I can subvert trustlines and go directly with the federated-sidechains instead. 

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Gatehub/Bitstamp etc. don't use federated sidechains (at least not for normal operations), and smart contracts don't exist on the XRPL (yet).

It's all just trustlines/Issued Currencies (IOUs) and they exist natively on XRPL, there aren't any other layers.

 

Or are you asking if you can create your own Issued Currency, but using federated sidechains rather than the built-in features? Can you be more clear?

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Posted (edited)
13 hours ago, at3n said:

Have you looked at Hooks? https://hooks.xrpl.org/

Ok, I got the idea https://xrpl-hooks.readme.io/docshttps://github.com/XRPL-Labs/xrpld-hooks/tree/hooks-ssvm/hook-api-exampleshttps://hooks-builder.xrpl.org/develop

Do you program the “hooks”. The reason I’m asking this is because I have a few questions about the specifics. I’m looking for stuff more advanced then the examples. 
 

In the examples give you can do simple tasks or from what is said more advanced tasks. The one that popped out to me was the taking of 10% of funds you receive and placing that in another account for savings automatically. If that’s possible do you think I can write hook with a trading algo? 
 

my thoughts on this are this. A smart contract does things on its own. Let’s say I have a hardware wallet, that forces me to approve every task I do with it. A smart contract I’m thinking would go around that because for all intensive purposes the money is in that contract. 
 

idk, I’m just trying to go about this a secure way rather then going about it with a software wallet. 
 

 

Edited by lacekim11
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