- Stellar introduces Soroban, its newly launched smart contract platform, overcoming a delay caused by a bug.
- Soroban distinguishes itself by employing Rust and WebAssembly rather than Solidity, emphasizing simplicity, security, and scalability.
- The platform boasts additional attractions for developers, including low fees and independent resource pricing.
- Despite the launch, XLM's price remains unaffected, currently standing at $0.1137, experiencing a daily decline of 5%.
- However, there's potential for a significant uptrend, with a projected 75% rally to reach the high of $0.1972 recorded in July 2023.
Stellar (XLM), a prominent competitor to XRP, is poised for a significant boost as the Stellar Development Foundation (SDF) introduces smart contract functionality to the Stellar network. The newly launched smart contract platform, named "Soroban," has undergone over a year of testing and development, marking a pivotal moment for Stellar.
Smart contracts, a cornerstone of contemporary blockchain networks, have played a crucial role in the success of platforms like Ethereum. Stellar is now set to capitalize on this trend with Soroban, offering simple, secure, and scalable smart contracts. Notably, Soroban distinguishes itself by supporting the Rust and WebAssembly programming languages, known for their performance and compatibility.
Stellar's smart contracts boast features like predictable fees and independent resource pricing, providing users with cost transparency and mitigating concerns about network congestion and price fluctuations.
Soroban, with its Protocol 20 upgrade successfully implemented by Stellar network validators, introduces new smart contract capabilities. This marks the initial phase of Soroban's rollout after being tested on the Stellar testnet in October 2022. The platform is designed to be user-friendly, allowing developers to create and launch smart contracts on the XLM network through a web interface or a command-line tool. Additionally, Soroban offers a library of templates and examples to facilitate efficient development.
Despite a delay caused by a bug discovered in Stellar Core in January 2024, subsequently fixed, the SDF is now pushing forward with a $100 million funding initiative to support projects utilizing XLM smart contracts.
While XLM has yet to react significantly to these developments, currently trading at $0.1137, technical analysis suggests potential for a bullish rally. Trading charts indicate a bullish pennant formation, with a likely breakout to the upside. If the cryptocurrency manages to hold above $0.1, a 75% rally from the current price is anticipated, aiming to retest the $0.1972 high from July 2023.
It's essential to note that cryptocurrency investments are inherently volatile, and readers are encouraged to conduct thorough research and make informed financial decisions. The provided information aims to be accurate and up-to-date, but readers should be cautious and aware of the inherent risks associated with cryptocurrency markets.
