Wednesday, May 29, 2024
HomeCryptocurrencyStellar (XLM) Announces Plans to Roll out Smart Contracts in 2022

Stellar (XLM) Announces Plans to Roll out Smart Contracts in 2022

Stellar (XLM) has announced plans to roll out smart contracts by the end of 2022.

In a video shared on 25th January, Justin Rice, the head of Stellar Development Foundation (SDF), said smart contracts will bring a new suite of products and services to the Stellar ecosystem.

Read Also: Stellar (XLM) Proposes Entirely New Method of Executing Smart Contracts

Justin Rice noted:

“There’s a lot of work to be done to get there, but at SDF we’re committed to researching and shepherding the development of the code and creating community engagement around an implementation.

The goal is to have Stellar remain one of the most accessible networks for developers so they can deliver high quality and safe applications to their users, while also allowing it to adapt and respond to the competitive blockchain landscape.”

Read Also: In Partnership with Stellar Development Foundation, Tribal Credit Raises $40M in Hybrid Debt Round

Stellar is an open network for storing and moving values. XLM, its native token, is basically used as a bridge currency between two fiats currencies when moving money across the border.

In a series of tweets on 26th January, Tomer Weller, the vice president of tech strategy at Stellar Development Foundation, outlines the estimated time for smart contracts implementation on the network:

 “We’re aiming for a feature-complete test network by the end of 2022. Ultimately, the ecosystem will decide if and when to turn on smart contracts on Stellar.”

Read Also: Stellar Development Foundation Moves to Take Over MoneyGram

<

Stressing the reason for smart contracts implementation, 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.”

It can be recalled that in October 2021, the SDF announced a new partnership with the payments giant MoneyGram to leverage Stellar blockchain in order to facilitate cross-border payments.


Follow us on Twitter, Facebook, and Telegram

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
RELATED ARTICLES

Latest News & Articles