The Soroban Smart Contracts Platform allows developers to create blockchain apps such as non-fungible tokens (NFTs), games, and decentralized finance (DeFi) apps. This expansion beyond cryptocurrency payments positions Stellar as a direct competitor to Ethereum, which has dominated the decentralized applications space for the past decade.
One game that has already embraced Stellar is Litemint.io, an instant IO-style PvP card battle game where trading cards are NFTs. The release of Soroban marks a significant milestone for the Stellar network, enabling developers from around the world to create, deploy, and interact with decentralized applications on its blockchain.
During the two-year testing phase of Soroban, over 190 projects across various sectors participated in testing its capabilities. Stellar highlights the advantages of speed and scalability that Soroban brings to the table. With the $100 million Soroban Adoption Fund, the Stellar Development Foundation aims to incentivize and support projects that leverage the smart contract capabilities of the network.
Tomer Weller, the VP of product at The Stellar Development Foundation, stated that Soroban allows decentralized applications to seamlessly integrate into the global financial market without compromising speed or scalability. Stellar is committed to delivering tools and technology that power a next-generation financial system, one that is decentralized and ready for real-world use.
While Stellar’s ambitions are lofty, beating Ethereum won’t be an easy feat. Ethereum currently dominates the decentralized applications space, with three of the five largest blockchain games running on its platform. Additionally, Ethereum holds $57 billion in locked funds, accounting for approximately 58% of the decentralized finance market share.
However, Ethereum has long been plagued by scalability issues, both in terms of cost and speed. Stellar, on the other hand, has established itself as a scalable blockchain platform, trusted by organizations like the United Nations and MoneyGram for their crypto-related services.
Stellar’s Soroban Smart Contracts Platform is poised to disrupt the status quo in the blockchain industry. By offering a faster, cost-effective, and secure alternative to existing smart contract platforms, Stellar aims to drive global economic empowerment and financial inclusivity. Developers interested in exploring Soroban can find more information on the Stellar website.
In conclusion, Stellar’s $100 million investment in the Soroban Smart Contracts Platform demonstrates its determination to compete with Ethereum. By expanding its capabilities beyond cryptocurrency payments, Stellar aims to attract developers and foster innovation within its ecosystem. While Ethereum currently reigns supreme in the decentralized applications space, Stellar’s focus on scalability and real-world applications could position it as a formidable challenger. Only time will tell if Stellar can truly outperform Ethereum and reshape the future of blockchain technology.
