Stellar Network, the leading player in the blockchain field, will undergo a fundamental improvement that contributes to its remarkable ecosystem. Protocol 21, the latest upgrade in Stellar’s unique technology lineup, focuses on its recently launched smart contract, Soroban. After a successful validator vote on February 20, 2024, the Stellar network commenced preparation for another protocol vote, which is coming up on June 18, 2024.
In the event that the Stellar public network validators vote in favour of Protocol 21, five CAPs (Core Advancement Proposals) will become active on the network’s Mainnet, paving the way for significant progress for the network’s functionality. The purpose of these guidelines is to make operations efficient, to save on costs, and to improve the security and performance of the Stellar network.
The coming enhancements to these CAPs include passkey signing support, updating the state archive system, and lowering the transaction costs of smart contracts. Notably, CAP-0051 will enable secp256r1 proofing of Stellar’s smart contracts via the exported host interface. This capability enables the use of passkeys for smart contract transaction signing, a departure from the traditional use of passphrases or signing keys.
CAP-0053 updates improve contract instance life and code duration, which will provide Soroban smart contracts with the possibility of a long-term association with their hosting functions. The other proposed CAPs prioritize the preservation of cost-efficiency in Soroban transactions. CAP-0054 facilitates the cost model of starting up virtual machines; CAP-0055 involves linking by reducing the number of host functions linked at installation time; and CAP-0056 targets the cost of transactions by allowing cached Wasm modules to be used by transactions.
The scheduled upgrade of the Protocol 21 Project in the testnet is planned for May 14, 2024. To start with, we will use the multichain testnet until the mainnet is launched. The step primarily aims to implement necessary modifications and guarantee the smooth operation of all functions during the large-scale deployment of the update.
The upcoming June vote is not only formal but also highly prospective, with the potential to propel Stellar to new heights. The implementation of Protocol 21 can boost the Stellar network in its entirety to another level, enhancing its competitiveness in the sectors of blockchain technology that are constantly changing. This update aims to improve the network’s functionality and affordability, so users are not the only ones who will benefit from it.
It is expected that the successful implementation of Protocol 21 will be the cornerstone for Stellar while establishing its position as a top blockchain network. Stellar, with its increased capacities, pursues the path of consistent innovation and growth, which will, in turn, accelerate the adoption and development of the blockchain environment.