Stellar's Protocol 20 Ushers in Smart Contract Capabilities

Introduction to Stellar's Evolution

Stellar has officially begun its transformative 'Protocol 20' upgrade, marking the commencement of its Soroban project. This initiative will introduce Ethereum-like smart contracts to its already robust payments network, signaling a significant technological advancement for Stellar.

Phased Implementation

The Stellar Development Foundation announced this exciting development, noting the validators' consent to the mainnet upgrade. Starting with cautious steps, validators will progressively elevate the transactional capacity of Soroban, setting the stage for existing testnet developers to transition to the mainnet, followed by a full-scale launch.

Market Impact and Development

Stellar, an established player in the blockchain arena since 2014, aims to rival Ethereum by integrating smart contracts into its platform. While its native currency, XLM, shows modest yearly gains, the anticipation surrounding this update could reinvigorate interest in the 'lumens'. Despite a minor setback due to a software bug, the project, under the guidance of Tomer Weller from the Stellar Development Foundation, is now in full swing.