Stellar Launches Smart Contracts: Soroban Now Live on Mainnet

In a blog post, the SDF declared that the vote by Stellar network validators to upgrade the mainnet to Protocol 20 ushered in a new era for Soroban. 

They described Soroban as a secure "battery-included" developer experience designed for scalability and real-world applications.

This launch is a major milestone for Stellar, a payments network aiming to expand its capabilities as cryptocurrency adoption surges globally. The Protocol 20 upgrade was initially scheduled for January 30th, but a discovered bug prompted validators to postpone activation, as reported by Invezz. The SDF subsequently announced a phased activation beginning on February 20th.

Stellar had previously hinted at Protocol 20's imminent arrival in September. It highlights its role in enabling Soroban smart contracts on the network. The SDF further explained that the phased approach would allow validators and other network participants to monitor the impact of smart contract functionality on the network, ensuring optimal performance, security, and stability throughout the process.

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What are Smart Contracts, and Why are they Important for Stellar?

Smart contracts are self-executing agreements stored on a blockchain network. They eliminate the need for intermediaries, streamline processes, and minimize the risk of errors or manipulation. With the introduction of Soroban smart contracts, Stellar gains a significant advantage, allowing developers to build a wider range of decentralized applications (dApps) on the network. These dApps could encompass anything from decentralized finance (DeFi) protocols to prediction markets and tokenized assets.

Soroban's Impact on Creators and Users

The arrival of Soroban empowers both creators and users within the Stellar ecosystem. Creators can leverage smart contracts for automated royalty distribution, guaranteeing they receive fair compensation for their work. Thanks to smart contracts automating tedious tasks within dApps, users can expect a more streamlined experience.

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Focus on Usability, Security, and Scalability

Soroban prioritizes usability and scalability, making it a valuable addition to the Stellar ecosystem. Here are some key features that distinguish Soroban:

• WebAssembly (WASM) Compatibility

Soroban utilizes WASM, a widely adopted code format. This allows developers to build on Stellar by leveraging their existing skillsets and tools.

• Security First

Security remains paramount for Stellar. Soroban is built with robust security measures to guarantee the safety of user funds and applications.

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Looking Ahead: A Thriving Ecosystem for dApps

The launch of Soroban on the mainnet represents only the beginning of a new chapter. The SDF's dedication to fostering a vibrant, smart contract ecosystem is evident in its $100 million Soroban adoption fund. This fund actively supports developers building innovative dApps on Stellar, sending a strong signal of their commitment to growth.

Conclusion

The evolution of the Stellar ecosystem with Soroban signifies the potential for a wider range of dApps and potentially new ways to interact with the network. This is exciting news for developers, creators, and anyone interested in exploring the possibilities of blockchain technology. The arrival of smart contracts on Stellar marks a new chapter in decentralized innovation.

Don't miss out on the opportunities presented by Soroban smart contracts on the Stellar network. Collaborate with Oodles Blockchain to unlock new possibilities, streamline processes, and harness the full potential of blockchain technology. Reach out to our blockchain developers today and embark on a journey of decentralized innovation.