Summary
Validators of the Stellar network have voted to upgrade to Protocol 20, introducing the Soroban smart contract platform. This move aims to differentiate Stellar by emphasizing efficiency, focused use cases, and integration with existing infrastructure. Soroban is expected to enhance cross-border transactions, compliance, and regulatory requirements, appealing to institutional adoption. Stellar’s approach to smart contracts with WebAssembly in Rust sets it apart from other chains, aiming for a multichain future. The platform’s scalability and cross-chain interoperability make it an attractive option for developers in the DeFi space. Targeting a wider user base, Stellar plans to integrate with existing financial institutions to bring innovative financial instruments to more people.
Key Points
1. Validators of the Stellar network voted to upgrade to Protocol 20, introducing the Soroban smart contract platform.
2. The Stellar community aims to differentiate Soroban by emphasizing its efficiency, focused use cases, and integration with existing infrastructure.
3. Soroban is expected to enhance Stellar’s strengths in cross-border transactions and interoperability, with support for compliance and regulatory requirements directly within the smart contract layer, appealing for institutional adoption.