Support for future React releases by replacing deprecated lifecycle methods

[mkharibalaji]

Is your feature request related to a problem? Please describe.
With React 17 in place,react startes deprecating the Component LifeCylce methods and starts pushing Functional Components and Hooks.

Describe the solution you'd like
Implement Hooks and remove Component Lifecycle Methods

[rikschennink]

As far as I see there is no need to implement hooks, they are however going to deprecate component lifecycle methods that don't fit the async rendering approach, those methods will have to be replaced with the newly added lifecycle methods.

I'll update the component accordingly.

[mkharibalaji]

Thanks @rikschennink