Update hip-551.md

[ty-swirldslabs]

Add new updates to HIP-551 after implementation discussions

Description:
Updated information and implementation description into HIP-551

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[mgarbs]

Hi team,

Hope you're all doing well! Just wanted to follow up on PR #Update hip-551.md. It's fantastic to see the engagement so far, thank you for all of your inputs.

There are still 3 unresolved discussions that require your perspectives. The insights which each of you hold are extremely valuable to shaping this project. If you could find some time to go through these discussions and share your views, that would be highly appreciated.

Thanks again and looking forward to your inputs!

Best,
Michael
@SimiHunjan - There's an unresolved discussion from 2025-01-17. Could you please take a look and either resolve or provide additional context? Link to discussion

@SimiHunjan - There's an unresolved discussion from 2025-01-17. Could you please take a look and either resolve or provide additional context? Link to discussion

[SimiHunjan]

I resolved the conversations. Thanks for the follow-up!