Stellar: Understanding the Protocol 20 Upgrade

• Stellar’s Protocol 20 upgrade brings smart contracts, making it easier for developers to create complex apps on the network.

• Soroban, the new feature, supports multiple programming languages like Rust, Go, and JavaScript/TypeScript.

The highly anticipated Protocol 20 upgrade is poised to bring transformative changes. Recently, the Soroban smart contract support was introduced by the Stellar Development team, marking a significant milestone. Decentralized finance and Stellar network applications are changing radically because of this invention.

With the technical pieces now in place, the Stellar network validators have agreed to a January 30 vote on the Mainnet upgrade to Protocol 20, which should give the ecosystem time to prepare by installing relevant software. Here’s how to prep👇 https://t.co/4JSaUDIgWn

— Stellar (@StellarOrg) December 19, 2023

On the Stellar blockchain, Soroban, the foundation of Protocol 20, opens the door to a new era of smart contracts. Unlike traditional smart contracts on other platforms, Soroban functions flawlessly inside user accounts. This method of integrating into already-existing Stellar apps reduces developer complexity.

One of Soroban’s best qualities is its adaptability, allowing programmers to write smart contracts in languages such as Rust, Go, and JavaScript/TypeScript. By eliminating entrance barriers, this wide language support guarantees that a varied developer community may contribute to the expansion of the Stellar ecosystem.

Programmers familiar with languages like Solidity find that Soroban offers a sense of familiarity. Additionally, Soroban’s transaction-based paradigm enables transactions to be sent to contract accounts, simplifying the development process and making it more understandable for seasoned developers.

Stellar Testnet Reset

On December 18, the Stellar development team intentionally reset the Stellar testnet in preparation for this crucial update. With this reset, testing and experimenting with Soroban’s smart contract functionality officially begin.

To ensure a solid and well-polished result, developers now have the chance to investigate and offer feedback on the new features. To ensure smooth functionality, users need to update all testnet infrastructure with pre-release versions of Horizon, Stellar Core, and the SDKs for Protocol 20.

Mainnet Upgrade Expected in Early 2024

The mainnet upgrade is the ultimate objective, even though the testnet is an essential testing ground. The target date for the Protocol 20 upgrade on the public Stellar network is January 30, 2024, according to the official guide. However, it’s essential to note that this date is an estimate and may be subject to adjustments based on further audits and testing on the testnet.

An important turning point in the Stellar project’s history is the upcoming mainnet upgrade. The emergence of smart contract capability might significantly broaden the scope of applications and increase the scalability of decentralized systems constructed on top of the Stellar network.

Unlocking Possibilities: Expanding Use Cases

Stellar plans to unleash many opportunities by integrating Soroban and smart contracts. With the enhanced ability to manage intricate financial contracts, decentralized apps developed on the network will be able to tackle novel problems in tokenization, decentralized finance (DeFi), and other domains.

The developer community’s involvement is crucial to Protocol 20’s success. Developers will be important in stress-testing the new features and offering the Stellar organization invaluable feedback as they deploy increasingly complicated smart contracts on the testnet and, eventually, the mainnet.

As the program nears completion, the core team has devoted itself to continuously monitoring activity, making any necessary modifications, and guaranteeing a smooth handover. Notably, Stellar’s native coin XLM is trading at $0.1205, 8% less than this year’s peak, with a 24-hour decline of 5%. The coin also recorded a slight increase of 0.58% in the past week. Additionally, it is now 13% lower than its peak for the year.

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