Stellar To Develop Smart Contracts In 2022

The growth path of Stellar in 2022 includes network expansion, new innovations, and increasing compatibility. One feature that Stellar plans to develop in 2022 are smart contracts. Stellar revealed the news about bringing smart contracts into their ecosystem through Twitter. Besides its statement, it added a video of the Vice President of Ecosystem, Justin Rice, who explained more details about smart contracts on Stellar.

In addition, Rice noted that members of the Stellar Development Foundation are looking into new routes and possibilities for further advancement of their ecosystem. They are searching to identify the prospects they may provide for the development of Stellar and its ecosystem. He went on to say that smart contracts are likely to be the next step for Stellar in 2022. However, he acknowledged that there is still a lot of work to be done in the blockchain area.

Innovation

From the perspective of innovation, Stellar seems to be very promising regarding new advancements, such as smart contracts. As stated in its blog post, the advent of smart contracts will assist in strengthening the ecosystem. Moreover, it will provide developers with more scope for new cutting-edge technologies. Additionally, Stellar’s main objective continues to be one of the most accessible networks for developers. It enables them to design and distribute secure and high-quality apps to end consumers worldwide.

Stellar’s team highlighted in its article that the introduction of smart contracts will not represent a deviation from the network’s core ideals. Furthermore, the post and video both emphasized that Stellar was intended for the future of cryptocurrency payments. Henceforth, smart contracts on Stellar must remain safe and scalable without the need for high network fees.

Furthermore, Rice added that, although smart contracts are not a new concept, Stellar might establish them in a different method. This is possible only if they study and learn about the most recent implementations in the market. As a result, there would be an introduction of a new utility that does not already exist.

A Decision By the Whole Community

In its 2022 plan, the Stellar Development Foundation notes that they took their decision by collaborating with the Stellar community. This way, they would develop a smart contract implementation for the network. Yet, the statement also clarifies that the community will aid the Stellar Development Foundation in taking a decision. In regards to this, they would establish such implementation only after receiving feedback from Stellar’s broad network of developers.