Stellar To Deploy Smart Contracts By End Of 2022? XLM Reacts To The Upside
26 Januar 2022 - 7:00PM
NEWSBTC
Stellar (XLM) records a positive performance in 24-hours as the
crypto market in general recovers from its sell-off. As of press
time, XLM trades at $0.20 with a 4.8% profit in the last day.
Related Reading | Stellar Development Foundation Launches New
Account Model, How Users Will Benefit On January 25th, Stellar
Development Foundation (SDF) Vice President of Technological
Strategy Tomer Weller announced via Twitter the integration of
smart contract on this network. With a tentative deployment date
set by the end of 2022, this addition could transform XLM’s
ecosystem and use cases. As Weller clarified, the SDF aims for a
“feature-complete test network” for that period. However, he
believes “the ecosystem” most decide when to roll-out smart
contract capabilities on Stellar. Weller will host a Twitter Space
today at 12:00 Pacific Time (PT) to provide more details. Weller
said: Stellar enables equitable access to the financial system.
DeFi is becoming a major part of that system. DeFi isn’t new to
Stellar. It’s been core to the protocol with a built in DEX from
the get go (before “DEX” was popularized), and AMM functionality
became available in ‘21. The logical step of that development is to
support the introduction smart contracts, Weller said, and take
DeFi on Stellar to “the next level”. These capabilities could aid
the network and its ecosystem to fulfill the vision of the SDF by
lowering “the barrier of entry”. In addition, developers working on
this network will be able to create products with “trust-minimized
functionality. More importantly, Stellar will no longer have to
implement major protocol changes to deploy a product, dApp, or
decentralized service. Weller also claimed the SDF is currently
looking at smart contracts programming languages and Virtual
Machines (VMs). These could be developed by the SDF or they could
use an existing programming language. Who Will Benefit The Most
From Smart Contracts On Stellar? The non-profit organization will
have three priorities when selecting a programming language, as
Weller said: safety, scalability, and equitable access. At the
moment, the VP for Tech Strategy believes there is not one
“off-the-shelf that fits the bill”. In that sense, he claimed they
are currently looking into existing networks and “learning a lot”
to evaluate the components that “work”. The Stellar ecosystem will
apparently have a voice at choosing this key element of its smart
contract functionalities. Weller added: For users, DeFi on Stellar
means direct access to a global network of on and off-ramps. The
latest player to join, MoneyGram, will provide crypto->cash
conversions in 300,000(!) locations around the world. Related
Reading | How Stellar Will Host Ukraine’s CBDC Pilot Test With
Tascombank Users stand to be the most benefit from the potential
integration with smart contracts. The SDF has also set out to
provide developers with a “robust toolset” so that dApps on the
network will be safe. In addition, the SDF will launch a grant
program with the only objective of auditing smart contracts.
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