The Stellar Development Foundation is enabling Protocol 20 and smart contracts on the network to improve scalability and efficiency and set growth milestones.
Mainnet Upgrade code 20
On February 20, the Stellar Development Foundation (SDF) announced a significant upgrade to the Stellar network with validators voting to adopt Protocol 20. This marks the introduction of smart contracts to the network, a technological advancement that will enrich Stellar’s ecosystem. especially.
Phased rollout of smart contracts
The implementation of the smart contract, known as Soroban, will be done in stages to ensure that the performance, security and stability of the network are not compromised. This measured approach allows network validators to gradually increase the capacity of smart contract transactions by carefully monitoring each step.
Soroban’s deployment has been extensively tested with over 160 projects on the Stellar testnet and significant funding through the Stellar Community Fund for developer support. The transition from testnet to mainnet for these projects signals the start of Phase 1, after which decentralized applications (dapps) will be available to the public.
Advantages of Soroban
Soroban is designed to be secure, scalable, and cost-effective. Lower the barrier to entry for smart contract creation using Rust and WebAssembly (WASM), which provide developers with familiar and trusted tools. Soroban smart contracts aim to solve common blockchain problems such as state inflation through a fee and measurement structure that independently prices individual resource consumption.
Impact on Access to Finance
The introduction of smart contracts to Stellar is consistent with the network’s 10-year mission to provide financial services to underserved populations around the world. Smart contracts are expected to enable a more inclusive financial environment by opening new doors for both builders and users, bridging the gap for those without access to traditional banks.
Stellar’s established ecosystem
Stellar’s established network of exchanges, on- and off-ramps, custody providers, and wallets provide a strong foundation for developers and entrepreneurs. Stellar’s proven track record of reliability positions it as a solid starting point for projects leveraging new smart contract capabilities.
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