Upgrade React Class Component to Hooks

Convert this React class component to a modern functional component using hooks.

Requirements:
- Use functional component syntax
- Convert lifecycle methods to appropriate hooks (useEffect, useMemo, etc.)
- Convert state management to useState or useReducer
- Preserve all functionality and behavior
- Use modern React patterns (custom hooks if needed)
- Add TypeScript types if the component uses them

Class component:

[Paste your class component here]

Explain the migration steps and any behavioral differences to watch for.