TheStellar Development Foundation (SDF) reported that the successful implementation of smart contracts on the grid will revolutionize their technological relationship.
In a Tuesday post on the SDF blog, it was revealed that Stellar ‘s network validators (XLM) have successfully implemented the “Protocol 20” update, allowing them to activate smart contracts and begin a phased deployment of their Soroban platform.
The announcement reads: “Stellar network validators have voted to upgrade Mainnet to Protocol 20, beginning a new era for Stellar’s smart contract technology stack, which provides a secure, battery-powered environment for developers that is scalable and designed for use in the real world.”
The goal of introducing Smart Contracts in Stellar is to improve the experience of developers, especially those using Rust and WebAssembly (WASM). The move is expected to provide developers with a more user-friendly environment.
Soroban, a smart contract platform that was first deployed on Stellar’s test network in October 2022, has independent asset pricing and predictable fees.
SDF said the new smart contract ecosystem will allow developers to create decentralized applications(DApps), enabling them to work with innovative protocols and applications on the Stellar network.
Due to a discovered bug in Stellar Core in January, the deployment of smart contracts on the core network was delayed.
Although the SDF group said the bug did not pose a major threat, it wanted to address it before deploying the platform to ensure the stability and security of the applications developed on it.
In October 2022. SDF launched a $100 million funding initiative to encourage developers to use the Soroban platform. The group has spent the past two years working with the Stellar community to develop smart contract features.
However, the Stellar XLM token has not risen significantly after the recent changes. In the past 24 hours, XLM ‘s price has fallen 1% and is currently valued at $0.116.
