The Stellar network is on the verge of a revolutionary upgrade that could redefine its ecosystem: the Protocol 21 upgrade.
The Stellar network is on the verge of a revolutionary upgrade that could redefine its ecosystem: the Protocol 21 upgrade.
The update comes after the successful mainnet launch of Soroban, Stellar’s smart contract platform, following a successful validator vote on February 20, 2024.
Now, almost three months later, the Stellar network is preparing for another protocol vote. On June 18, 2024, Stellar Public network validators will vote on whether to upgrade the network to Protocol 21 which, if approved, will allow five new Central Advance Proposals (CAPs) on the Stellar Mainnet.
These five CAPs provide several exciting new features, including support for access key signing and an update to state files, as well as cost savings for smart contract transactions.
These include CAP-0051, smart contract host functionality or secp256r1 verification, which enables secp256r1 verification of Stellar smart contracts via the exported host interface.
Acceptance of this CAP will enable secp256r1 verification, allowing developers to create contracts that include access keys to sign smart contract transactions instead of using passphrases or signing keys.
CAP-0053 enables time-to-live (TTL) extension for contract instances and contract code through Soroban’s independent smart contract host functions.
The other three CAPs use different ways to keep Soroban transactions affordable.
They include CAP-0054: Soroban Refined VM Instantiation Cost Model refines the cost model for virtual machine (VM) instantiation.
CAP-0055: Soroban optimized binding reduces overhead costs by binding to fewer host functions during virtual machine (VM) instantiation.
CAP-0056: Soroban intra-transaction module caching reduces overhead costs by caching parsed Wasm modules within Soroban transactions.
The Testnet upgrade to Protocol 21 is scheduled for May 14, 2024, and Mainnet voting will take place on June 18, 2024.
As the countdown to the update continues, anticipation continues to build within the Stellar community and beyond. With its potential to usher in a new era of innovation and growth, the upcoming update represents a defining moment in Stellar’s journey and could set the stage for even greater achievements in the months and years to come.
