In a major moment for the Stellar (XLM) network, validators have greenlit the upgrade to “Protocol 20,” heralding the introduction of the Soroban smart contract platform. This strategic move signifies a significant departure for Stellar, long lauded for its proficiency in facilitating seamless payments, as it ventures into the realm of smart contracts to rival established ecosystems.
Jed McCaleb, a prominent figure in the cryptocurrency arena and cofounder of Stellar, took to social media channels to express his fervent support for the news, hailing the advent of “Full smart contracts on Stellar!”
The integration of smart contracts follows a meticulously orchestrated plan by the Stellar community, emphasizing efficiency, targeted use cases and seamless integration with the network’s existing infrastructure.
Soroban aims to bolster Stellar’s capabilities in cross-border transactions and interoperability between fiat currencies and cryptocurrencies, while also incorporating features to address compliance and regulatory requirements directly within the smart contract layer, thereby catering to institutional demands.
McCaleb’s transition from cofounding Ripple to his instrumental contributions to Stellar’s evolution adds a layer of depth to the narrative. Having parted ways with Ripple in 2013 due to diverging visions, his endorsement of Stellar’s latest achievement speaks volumes about its potential and significance within the digital asset landscape.
As Stellar steers its own course with Soroban, it positions itself as a formidable contender in the blockchain sphere, distinct from prevailing narratives surrounding layer-2 solutions or Ethereum Virtual Machine (EVM) compatibility.