Stellar Completes Protocol 20 Upgrade, Deploys Soroban Smart Contract Platform
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It has Stellar Development Foundation. announced It has deployed smart contracts on the Stellar Network enabled by the Protocol 20 update, which has previously experienced delays due to bugs.
The Protocol 20 update marks the standard release of Soroban's smart contract platform. The firm hopes that Soroban will enhance the developer experience and attract developers to the new ecosystem.
This smart contract ecosystem enables the development of decentralized applications (dApps), allowing developers to build protocols and applications on the Stellar network.
Smart contracts are self-executing programs that automate desired actions and invoke transactions. Once completed, transactions are blockchain-traceable and irreversible. Because of their design, smart contracts allow trusted transactions and agreements to take place without the need for a central authority, legal system, or any external enforcement mechanism.
Founded in 2014 by Ripple co-founder Jed McCaleb, the Stellar Network operates as a decentralized blockchain payment protocol. The protocol was designed to increase the efficiency and accessibility of cross-border transfers.
In the year In October 2022, when Soroban joined the Stellar testnet, SDF launched a $100 million funding round to invite developers to build on the smart contract platform. The past two years have seen SDF partnering with the community to develop and extend practical activities for Soroban.
Deploying Soroban and smart contracts on the Stellar network are significant milestones for the company and represent a move beyond the current payment and tokenization model.
Despite the long-awaited update, Stellar's native Lumens ($XLM) token is now trading at $0.111, down 6.1% in the last 24 hours, according to CoinGecko. Stellar Lumens has not recovered from its all-time high of $0.87 six years ago.
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