Exciting XLM News Stellar Protocol 20 Update

Jake Claver

Big news for the Stellar Network and XLM! In this video, we'll dive into the details of the upcoming Stellar Protocol 20 update and what it means for the future of this cryptocurrency.  #xlm #stellar #lumensxlm   Find more from Jake Claver by visiting the links below:  🖥Websites🖥 Digital Ascension Group - https://www.digitalfamilyoffice.io Beyond Broke Mastermind - https://mastermind.beyondbroke.com  Social media Twitter -   / beyond_broke   Linkedin -   / jacobclaver   TikTok -   / jakeclaverqfop   Facebook -   / jakeclaverqfop

Transcript

00:00Today is the day the vote goes live on Stellar's network to upgrade to protocol 20 and launch the

00:09Soroban smart contracts. So over the past two years the Stellar Development Foundation and

00:16the wider Stellar community have worked tirelessly to bring smart contract functionality to Stellar's

00:22network which will usher in new capabilities and opportunities that will work with all of

00:27the existing functionality. So today we've reached the milestone. Stellar Development Foundation

00:34and the maintainers of the key Stellar SDKs or software development kits have announced the

00:41release of the full suite of software that supports protocol 20 which will bring Soroban smart contracts

00:49to Stellar. With these technical pieces now in place Stellar's network validators will vote on the main

00:55net to upgrade to protocol 20 which should give the ecosystem time to prepare by installing the

01:02relevant software. Protocol 20 will mark the most transformative upgrade to Stellar's network to

01:08date. Reserve the network's performance security and sustainability. What they're going to do is a

01:15slow rollout of this. So they'll continue to increase the throughput of these smart contracts over time

01:21and it'll be a phased approach and this is the main reason that they didn't just roll hooks out onto the XRPL

01:29on their main net because these smart contracts they can break things. So today the network's validators

01:37will cast their votes and if they approve the upgrade the Stellar network will immediately switch over

01:43from protocol 19 to protocol 20. So this again is after two years hundreds of thousands of lines of code

01:51and over 150 projects that we know of have been deployed on the test net. So the upgrade will mark an era

01:58for new smart contracts for Stellar's blockchain and their tech stack. One that delivers productivity

02:05through basically like batteries in included developer experience and it'll be built to scale

02:12right. So again this is a phased out approach so it's not like a zero to 100. There will be phases

02:20and because of this a lot of the functionality that people are looking for on the dApps and some of the

02:26greater throughput that some of these smart contracts will require it's not going to be available right out of the

02:31gate. But it's the first step in a huge transition for Stellar's network to be able to have smart

02:38contract capability on it and you know all of the wonderful things that we want to come to the

02:42network which is real world assets and the tokenization of financial products. You know we've got

02:48discussed yesterday Stronghold and what they're building on the network so this will allow DeFi

02:53and dApps for their banking services they're providing clients. So a whole new scope of things that

02:59weren't ever available before on Stellar's network will be available with Soroban. So excited to bring

03:05this to you guys. I thought it was a cool development. If you haven't yet please like subscribe

03:10and we'll see you on the next one.

03:29I'll see you guys next time.

03:35Bye.

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