- Stellar begins implementation of Soroban, promising to revolutionize its network with Ethereum-style smart contracts for further innovation.
- Stellar’s upgrade could boost XLM’s value, attracting renewed interest in its native token against competitors.
Stellar launches ‘Soroban’ implementation, marking a significant advance in the cryptocurrency arena. Soroban, designed to integrate with Stellar and other transaction processors, including blockchains, L2s and authorized registries, stands out for its adaptability.
This development, part of Stellar’s version 20 protocol update, introduces a smart contract environment, an SDK in Rust, a CLI and an RPC server, offering developers the ability to write, test and deploy contracts on local, Testnet or Mainnet, considering the constraints of incremental deployment.
Stellar in turn, activates the “Protocol 20” upgrade, introducing smart contracts via Soroban. This strategy places Stellar at the level of Ethereum, offering advanced functionalities in its payment network. The Stellar Development Foundation heralds this phase as crucial for its smart contract technology.
The approval of this update by validators initiates a cautious implementation phase. A progressive increase in Soroban transaction limits is foreseen, aiming at full integration.
During the initial phase, developers who have been experimenting on the test network will move their projects to the main network, anticipating a phase where decentralized applications will become publicly accessible.
Stellar's Protocol 20 is officially live, bringing smart contracts to Stellar Mainnet!
We've laid the groundwork, hitting major milestones along the way; but this is just the beginning:
Phase 0⃣ for rock-solid stability ✅
Phase 1⃣ for rigorous testing
Phase 2⃣ for… pic.twitter.com/Zq0FDYU6fd— Stellar (@StellarOrg) February 20, 2024
Stellar, originated from Ripple in 2014, is looking with Soroban to expand its programmability, similar to that offered by Ethereum smart contracts. This update could change the market’s perception of Stellar’s XLM tokens, which have seen a 21% growth in the last year, in contrast to a 67% increase in the CoinDesk 20 cryptoasset index.
The oversight of the upgrade by Tomer Weller and the Stellar Development Foundation evidences a commitment to innovation and security. A technical hiccup detected before the initially scheduled implementation delayed the process, highlighting the importance of accuracy in software development.
The transition to Soroban promises to enrich Stellar’s ecosystem, empowering its network with advanced capabilities for decentralized application development. This evolution not only seeks to strengthen Stellar’s position in the cryptocurrency arena but also to expand the possibilities for innovators and developers within its platform.
The evolution of Soroban from its initial versions to its current state on Mainnet symbolizes a focus on future versions of the protocol, with the present version already established.
Despite the “freeze” of the current version, the development process remains transparent, encouraging experimentation and feedback from developers inside and outside the Stellar ecosystem.
What is Soroban?
The name ‘Soroban’ is inspired by the Japanese abacus, characterized by its compact and efficient design, reflecting the platform’s intention to prioritize simplicity and functionality. This approach aims to set a global standard and ensure long-term usability.
Soroban invites collaboration and joint advancement in smart contract technology, promoting a more interconnected and progressive community in the cryptocurrency sector.
This milestone for Stellar with Soroban opens up new opportunities for the development of decentralized applications and cutting-edge blockchain solutions, encouraging developers to explore, innovate and contribute to the growth of this platform.
