Stellar Development Foundation Activates Protocol 20 and Smart Contracts on Its Network
The Stellar Development Foundation (SDF) has announced a significant upgrade to the Stellar network with the adoption of Protocol 20. This upgrade introduces smart contracts to the network, enhancing its ecosystem and capabilities.
Phased Rollout of Smart Contracts
The implementation of smart contracts, known as Soroban, will be done in stages to ensure the network’s performance, security, and stability are not compromised. This approach allows for incremental capacity increases for smart contract transactions while carefully monitoring each step.
Soroban’s deployment follows extensive testing on Stellar’s Testnet, with over 160 projects involved. The transition from Testnet to Mainnet will signal phase 1 and make decentralized applications (dapps) available to the public.
The Soroban Advantage
Soroban is designed to be secure, scalable, and cost-effective. It utilizes Rust and WebAssembly (WASM) tools, making it easier for developers to create smart contracts. The Soroban smart contracts address common blockchain issues through a fees and metering structure that prices resource consumption independently.
Impact on Financial Accessibility
The introduction of smart contracts aligns with Stellar’s mission to provide financial services to the underserved global population. It is expected to open new opportunities for builders and users by bridging the gap for those without traditional banking access.
Stellar’s Established Ecosystem
Stellar’s established network of exchanges, custody providers, wallets, and other services offers a solid foundation for developers and entrepreneurs. With a reliable track record, Stellar is an ideal platform for projects leveraging the new smart contract capabilities.
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