The Stellar network validators consented to upgrade Mainnet to Protocol 20, thereby modernizing the Stellar smart contracts technology stack and providing a unique builder exposure.
The Stellar Development Foundation (SDF) and its community have collaborated on the Stellar network for the past two years. This endeavor entailed executing countless lines of code, deploying more than 160 projects to the testnet, and donating enormous quantities of XLM to the Stellar Community Fund, which assists Stellar developers.
The upgrade of Mainnet to Protocol 20 marks the initiation of a gradual and consistent implementation process in which authenticators who consent to configure the network settings will be obligated to increase the capacity for smart contract transactions incrementally. This will enable monitoring of the impact of smart contract functions on the network.
The authenticators have a gradual plan to increase Soroban transactions’ limits to maximize their potential. The Stellar network is designed to be scalable, cost-effective, and globally accessible for the frequently overlooked population. Stellar’s smart contracts will provide developers with an unprecedented experience in which affordability and security are incorporated into the code.
The blockchain industry necessitates that developers make an effort to learn new platforms and languages. When considering Soroban, safety and ease of development are paramount. A decision was made to implement Rust and WASM as components of Soroban’s technology architecture in order to generate secure and rapid exposure.
Ensuring effectiveness and upgradability is critical for every platform. Immediate action is required to reduce transaction costs while ensuring that platforms are able to accommodate growth. Soroban engineers are currently engaged in developing these elements, including the metering and fee structure that governs the consumption of individual resources.
Over the last ten years, the Stellar ecosystem has witnessed a proliferation of asset providers, both on and off ramps, and has been amassing the necessary building blocks. In addition to purses that are hosted on the network. Presently, dApps will have the capability to participate in a novel era of inclusivity via smart contracts.
With all of its visibility, the Stellar ecosystem eliminates any concerns that might arise regarding development on an unreliable platform.
Source: https://www.cryptonewsz.com/stellar-validators-agreed-to-upgrade-mainnet-to-protocol-20/