Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
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
XLM trends to the upside in the 4-hour chart. Source: XLMUSDT Tradingview
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 XLMâs ecosystem and use cases.
As Weller clarified, the SDF aims for a âfeature-complete test networkâ for that period. However, he believes âthe ecosystemâ 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 isnât new to Stellar. Itâs been core to the protocol with a built in DEX from the get go (before âDEXâ was popularized), and AMM functionality became available in â21.
The logical step of that development is to support the introduction smart contracts, Weller said, and take DeFi on Stellar to âthe next levelâ. These capabilities could aid the network and its ecosystem to fulfill the vision of the SDF by lowering âthe barrier of entryâ.
In addition, developers working on this network will be able to create products with âtrust-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 âoff-the-shelf that fits the billâ.
In that sense, he claimed they are currently looking into existing networks and âlearning a lotâ to evaluate the components that âworkâ. 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 Ukraineâs 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 ârobust toolsetâ 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.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.