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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Stellar To Deploy Smart Contracts By End Of 2022? XLM Reacts To The Upside

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
stellar xlm crypto altcoin bitcoin

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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

Stellar XLM XLMUSDT
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 XLM’s ecosystem and use cases.

As Weller clarified, the SDF aims for a “feature-complete test network” for that period. However, he believes “the ecosystem” 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 isn’t new to Stellar. It’s been core to the protocol with a built in DEX from the get go (before “DEX” was popularized), and AMM functionality became available in ‘21.

The logical step of that development is to support the introduction smart contracts, Weller said, and take DeFi on Stellar to “the next level”. These capabilities could aid the network and its ecosystem to fulfill the vision of the SDF by lowering “the barrier of entry”.

In addition, developers working on this network will be able to create products with “trust-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 “off-the-shelf that fits the bill”.

In that sense, he claimed they are currently looking into existing networks and “learning a lot” to evaluate the components that “work”. 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 Ukraine’s 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 “robust toolset” 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.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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