Smart Contracts Are Coming to Stellar (XLM ) Network

Smart contracts are set to be launched on the Stellar ($XLM) network, as the Stellar Development Foundation (SDF) keeps looking at new ways to “further trust-minimized innovation” and enable “equitable access to the financial system.”

In a blog post published by the SDF, it notes that adding smart contracts will “empower the ecosystem with more room to innovate.” The goal, it adds, is for Stellar to “remain one of the most accessible networks for developers” so they can deliver “high quality and safe applications to their users.”

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The post adds that bringing smart contracts to Stellar is “not a departure” from the original vision, and adds smart contracts on it will need to be “secure for users and can scale without exorbitant network fees.”

If properly implemented, it adds, smart contracts on Stellar would be set apart from those of other networks. This as while smart contracts aren’t new, Stellar could implement them based on “what’s been tested in the broader industry.” The post reads:

In SDF’s 2022 roadmap, we’re committed to doing the research, shepherding the code development, and working with the Stellar community to build a smart contract implementation this year.




In the post the SDF also calls for the collaboration of its ecosystem of developers. In a tweetstorm Tommer Weller, VP of Technological Strategy at Stellar, detailed Stellar “enables equitable access to the financial system. DeFi [Decentralized Finance] is becoming a major part of that system.”

Weller added that while decentralized finance isn’t new to Stellar as the protocol has a built-in decentralized exchange to it, it’s being taken “to the next level.”

Weller added that smart contracts are coming to Stellar with three main considerations: safety, scalability, and equitable access. To the exec there’s “nothing off-the-self that fits the bill,” but Stellar is looking to launch its smart contracts “by the end of 2022.”

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IMAGE CREDIT
Featured image via Pixabay


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