Soroban Receives $100 Million To Accelerate Stellar Smart Contract Adoption
The Stellar Development Foundation (SDF), a non-profit organization focused on the growth of the Stellar blockchain, has launched a $100 million fund to accelerate the native adoption of smart contracts. Soroban, the smart contract platform that builds on the Stellar network, will incentivize funds among developers to create new tools and applications to improve network performance.
In opposition to the current market situation and the worst posture of the law enforcement sectors, blockchain developments continue to make headlines on an almost daily basis. As the crypto winter begins to fade, the increasing number of developments in the blockchain space can be attributed to crypto prices skyrocketing to new highs.
However, developers around the world can now interact with the Soroban ecosystem through projects like Sorobanathon: First Light. And the project was also launched on Futurenet, getting experts around the world to build, comment, test, submit a tutorial, etc., and get motivated with rewards. The team behind the Sorobian Fund aims to design cost-effective, advanced and efficient financial products on the Stellar blockchain.
Vice President of the Stellar Development Foundation (SDF), Tomer Weller, who leads the Soroban Project, expressed in a statement;
We built Soroban because, as developers, we didn’t see the kind of smart contract platform we wanted to work on in the market. We’ve seen friction in other networks and our answer is Soroban, smart contracts designed for a battery-included developer experience, scale and reliable access to financial rails through the Stellar network.
Soroban brings rust-based smart contract platform to Stellar
Soroban is a different kind of smart contract platform that relies on building with WASM and Rust. The ecosystem will focus on programming less power-sucking calculations for financial services products to reduce gas costs than other cryptocurrency projects. In addition to these ongoing tests by world experts, Sorobon will undergo several phases of testnets before officially rolling out to the mainnet in the first half of 2023.
The SDF initially showed its intentions to bring the Turing-complete smart contract platform to market in March of this year, and this fund for adoption comes as part of the total mandate of the SDF which has allocated $17 billion of XLM towards that end.
And as the traction for web 3 technology has yet to be completed, the fund will help to explore and attract software engineers to enter the blockchain space that will serve the growing demand for builders in web 3 projects.
Speaking about web 3 technology, Justin Rice, Vice President of Ecosystem at Stellar Development Foundation, noted;
The number of developers coming to build on the web3 has been growing faster than ever, but to compete with more established industries, we need more talented builders who come to blockchain and cryptography. With the Soroban Adoption Fund and programs like Sorobanathon: First Light, we hope to encourage more developers to innovate with us.
Featured image from Pixabay and chart from TradingView.com