In this article, explore everything about a Stellar smart contract - use cases and development using Soroban.
Stellar is an open-source blockchain that enables economic transactions globally. The blockchain has pre-released Soroban to facilitate the building and deployment of Stellar smart contract (SSC). This article will help you understand this Stellar blockchain development for smart contracts, its use cases, and more.
Stellar is an open-source and decentralized global trading network that enables inexpensive transfers between digital currency and fiat money. Also, it allows cross-border currency exchanges between any two currencies. It uses blockchain technology, just like other cryptocurrencies, to maintain network synchronization.
In comparison to other blockchain-based financial access and inclusion platforms, Stellar is quicker, less expensive, and more effective. Stellar Lumens (XLM) is the native cryptocurrency of Stellar to enable international transactions.
It offers an efficient system for fast and low-cost digital asset issuance and transfer.
Read More: Stellar Blockchain: Understanding its Benefits for Payment Solutions
Smart contracts define and secure connections via computer networks by integrating user interfaces and protocols. The goals and guiding principles of smart contract development come from concepts of secure protocols, economic theory, and legal principles.
The Stellar network expresses smart contracts as Stellar smart contracts (SSCs). An SSC has connected transactions that follow different constraints to function. When developing SSCs, the following constraints can be taken into account and implemented:
Multisignature refers to a concept in which different people must sign transactions from an account. People can also assign thresholds and signature weights.
The concept of batching combines several actions into a single transaction. Atomicity results in the failure of the entire operation in a transaction if a single operation fails.
On the Stellar network, sequence numbers represent sequences. The blockchain utilizes these sequence numbers to regulate transactions and ensure that transactions fail if a substitute is present.
Time bounds set limits on how long a transaction can be valid. They express periods in an SSC.
Also, Read: Stellar Blockchain | An Open-Source Infrastructure for Fintech Solutions
Soroban is a smart contract platform for the Stellar network. Stellar network, based on WASM (web assembly) and Rust, supports Soroban's Turing-complete smart contracts. When combined with the strength of the Stellar network, Soroban on Stellar will enable use cases focused on extending access to financial services.
Founders created this new type of smart contract platform for the built-to function. A preview of Soroban is live on Futurenet. Now, developers can start creating and deploying smart contracts on a test system with Soroban and can earn rewards for their work.
Founders built Soroban for scalability, a battery-included developer experience, and reliable access to financial channels via the Stellar network.
Explore: Stellar Blockchain App Development | A Comprehensive Guide
Founders developed Soroban to perform through the following three design principles:
The intention behind creating Soroban is to provide developers with a battery-included experience. Developers have direct access to the resources they need to start quickly and deploy solutions successfully.
A local sandbox will be available to Soroban developers for quick setup and iterative development. As a result, they can run and debug their contracts independently, locally, and without the assistance of the Stellar network.
A comprehensive and effective set of host functions and built-in contracts are also available to save time. One such function is a built-in efficient token contract that eliminates the need to copy and paste ERC-20 contracts.
Another principle of Soroban is scalability. The platform offers a base that can support concurrency immediately. Soroban transactions comprise footprints as transaction dependencies. They use contemporary multi-core hardware to run group transactions simultaneously.
Soroban does not have the majority of the deserialization and serialization loops. The smart contract development process is easy as the platform does not have encoding and decoding, which consumes significant time and computer resources.
Soroban creates trusted connectivity to financial networks via the Stellar network. Creators integrated Soroban into the current Stellar ecosystem and tech stack. As a result, developers can take full advantage of Stellar's strengths as a tested, reliable network.
Explore | Building Next-Gen Fintech Solutions with Stellar Blockchain
The following are the SSC use cases:
Developers can use Stellar smart contracts for non-fungible tokens (NFTs). People can convert their gaming assets, certifications, credentials, and more into digital assets on the Stellar blockchain. The blockchain stores the metadata of these assets. Stellar smart contract code configures the metadata to determine ownership and reassign the same with the NFT.
Stellar smart contracts (SSCs) enable the functioning of decentralized finance (DeFi) solutions, including borrowing, lending, tokenization, payment apps, and more. DeFi businesses utilize them to protect the atomic escrow account. Here, SSCs' regulations control the assets. Programs will only release these assets after the fulfillment of certain conditions.
Also, Visit: Smart Contract Solutions for Business | Advantages and Use Cases
Looking for a Stellar smart contract development team? Get in touch with our team of Stellar blockchain developers, who have experience building smart contracts utilizing Soroban to design and build smart contracts.
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