Stellar Development Foundation Deploys Smart Contracts: A New Era for Stellar Network

The Stellar Development Foundation Launches Long-Awaited Smart Contract Platform Soroban

Stellar releases smart contracts after fixing bugs that caused delays

The Stellar Development Foundation (SDF) has recently made an exciting announcement that is set to kick off “a new era” for its tech stack. In a statement released on February 20, the SDF revealed the successful deployment of smart contracts on the Stellar network, thanks to the introduction of the “Protocol 20” upgrade. This upgrade allows for new smart contract capabilities and initiates the phased rollout of the smart contract platform known as Soroban.

Soroban: A Scalable Smart Contract Platform

Soroban, which was first deployed to the Stellar testnet in October 2022, is designed to revolutionize the developer experience. It focuses on scalability, offering features such as predictable fees and independent resource pricing. The goal is to provide a more user-friendly environment for developers using the Rust and WebAssembly languages.

With the introduction of smart contracts on Stellar, the possibilities for decentralized applications (DApps) have become even more exciting. This opens the door for developers to construct novel protocols and other innovative apps on the network. Stellar is keen to foster a thriving smart contracts ecosystem that drives further adoption and growth.

The Road to Deployment: Delay and Bug Discovery

While the deployment of smart contracts on the Stellar network is a noteworthy achievement, it didn’t come without its fair share of challenges. The SDF had initially planned to roll out the upgrade in January but delayed it after discovering a bug in Stellar Core, the underlying infrastructure of the Stellar network. Although the bug posed little risk, the SDF deemed it necessary to address the issue before proceeding with the smart contract platform rollout to ensure a smooth and secure experience for developers and users.

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Funding Initiative and Community Collaboration

To encourage developers to embrace the new smart contract platform, the SDF launched a $100 million funding initiative in October 2022. This initiative aims to support and incentivize developers to build on Soroban, thereby expanding the capabilities and applications of the Stellar network.

It’s worth noting that the SDF has been working diligently alongside the Stellar community for the past two years to develop and refine smart contract functionality. This collaborative effort highlights the dedication of the Stellar ecosystem in bringing about innovative solutions on the blockchain.

Market Reflection: XLM Token Performance

Despite the promising news of smart contract deployment, the price of the native Stellar (XLM) token didn’t witness a significant boost. Over the past 24 hours, XLM has fallen by 1%, currently trading at $0.116 according to Blocking.net Markets data.

This lackluster market reaction may seem disappointing, especially since XLM has struggled to regain its former glory. The token is still down 87% from its all-time high of $0.875, which it reached in January 2018. However, it is essential to remember that market dynamics play a role in token performance, and the introduction of smart contracts on the Stellar network sets the stage for long-term growth and adoption.

Q&A: Key Questions Answered

Q: What are the benefits of introducing smart contracts on the Stellar network?

The introduction of smart contracts on Stellar opens up new possibilities for decentralized applications, allowing developers to create innovative protocols and apps. It also enhances the developer experience with features such as predictable fees and independent resource pricing, promoting scalability and ease of use.

Q: Why was the rollout of smart contracts delayed by the SDF?

The SDF discovered a bug in Stellar Core, which could potentially impact applications once the smart contract platform was rolled out. Although the risk was minimal, the SDF prioritized resolving the bug to ensure a smooth and secure experience.

Q: How does the funding initiative encourage developers to build on the Soroban smart contract platform?

The $100 million funding initiative launched by the SDF serves as an incentive for developers to embrace the Soroban smart contract platform. By providing financial support, the SDF aims to drive further development and innovation within the Stellar ecosystem.

Future Outlook: The Road Ahead for Stellar

The deployment of smart contracts on the Stellar network marks a significant milestone in its evolution. As developers begin to explore the capabilities of the Soroban platform, we can expect a surge in decentralized applications and novel protocols on the Stellar network. This increased activity is likely to attract attention and fuel further adoption, potentially driving the value and utility of the XLM token.

Stellar has proven itself to be a resilient and innovative blockchain network, continually striving to improve its technology and expand its ecosystem. With the introduction of smart contracts, there is great potential for Stellar to solidify its position as a leading blockchain platform for decentralized applications.

References

• Statement by the SDF on smart contract deployment
• Revoke smart contract access to cryptocurrency
• Delayed spot Bitcoin ETF prospects
• $100 million funding initiative launched by the SDF
• ChatGPT can write smart contracts; just don’t use it as a security auditor
• Crypto is inevitable: Meet Vance Spencer, permabull

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