This is just a much better way of attaching your hammock to your suspension system. it really protects the material of the hammock so it will last much, much longer: http://www.tiergear.com.au/11/products/continuous-loop As you can see it goes through the seam you sewed in the end of your hammock, then loops back through itself so imposing much less stress on the hammock material.
The hook you see in the photo is a 3.4 gram ‘whoopie hook’ another genius idea for simplified hammock set-up. Also available from Tier Gear: http://www.tiergear.com.au/11/products/whoopie-hooks
The continuous loop should be used in conjunction with the ‘whoopie slings: http://www.theultralighthiker.com/whoopie-slings-what-a-great-idea/
See also: Titanium Dutch Hook for attaching your tarp ridgeline: http://www.tiergear.com.au/11/products/titanium-dutch-hook