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Stellar Network Protocol 21 Update: A Leap Forward in Blockchain Innovation
Stellar Network, a frontrunner in the blockchain industry, is gearing up for a significant transformation with its upcoming Protocol 21 upgrade. This latest advancement in Stellar’s technological arsenal is centered around Soroban, the recently introduced smart contract feature. Following a successful validator vote on February 20, 2024, preparations are already in motion for the next protocol vote scheduled for June 18, 2024.
If the public network validators of Stellar endorse Protocol 21, five Core Advancement Proposals (CAPs) will be activated on the network’s Mainnet. These proposals aim to streamline operations, reduce costs, and enhance the overall security and performance of the Stellar network. The introduction of these guidelines is poised to drive significant progress in the network’s capabilities.
Key Enhancements in Protocol 21
One of the notable improvements under consideration is CAP-0051, which will enable secp256r1 proofing for smart contracts in Stellar through the exported host interface. This advancement allows for the utilization of passkeys for smart contract transaction signing, a departure from conventional methods involving passphrases or signing keys.
Additionally, CAP-0053 focuses on enhancing contract instance life and code duration, ensuring that Soroban smart contracts maintain a long-term association with their hosting functions. Other proposed CAPs concentrate on optimizing cost-efficiency in Soroban transactions by refining various aspects such as starting up virtual machines, host function linking, and transaction costs through cached Wasm modules.
Testing and Implementation
The planned upgrade of the Protocol 21 Project in the testnet is scheduled for May 14, 2024, before transitioning to the mainnet environment. This phase aims to address any necessary modifications and ensure the seamless operation of all functions during the widespread deployment of the update.
The impending June vote holds significant promise, as the successful implementation of Protocol 21 has the potential to catapult Stellar to new heights in the blockchain landscape. This update is set to enhance the network’s functionality, affordability, and overall competitiveness in the rapidly evolving blockchain technology sector, benefitting users and stakeholders alike.
A Future Steeped in Innovation
By solidifying its position as a leading blockchain network, Stellar is poised to leverage the enhanced capabilities ushered in by Protocol 21 to drive continuous innovation and growth. This strategic trajectory not only accelerates the adoption and evolution of the blockchain ecosystem but also cements Stellar’s reputation as a trailblazer in the industry.
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