Stellar (XLM) Unveils Soroban: A Developer-Focused Smart Contract Platform

10 July 2024

in XLM

Reading Time: 2 mins read

Stellar (XLM) has announced the launch of Soroban, a smart contract platform designed with developers in mind, focusing on performance, sustainability, and security. These foundational pillars aim to support the creation of scalable, efficient, and secure decentralized finance (DeFi) applications, according to Stellar.

Performance and Security

Building new financial systems capable of handling billions or even trillions of dollars in transactions requires a robust and secure platform. Soroban addresses these needs by prioritizing security as a core design principle. The platform aims to make writing secure smart contracts the default path for developers.

XRP Rival Stellar (XLM) Skyrockets 140% in Volume Amid XRP Mania

30 July 2024

Is the Stellar (XLM) 23.60% Fibonacci Retest the Best Buy?

30 July 2024

Soroban’s security foundation is built on Rust, a programming language renowned for its safety features. Rust’s memory safety guarantees and extensive tooling help catch potential issues early in the development process, reducing the risk of vulnerabilities.

[crypto-donation-box]

Eliminating Reentrancy

One of the critical security features of Soroban is its decision to disallow reentrancy, a feature that, while useful in general programming, can be dangerous in financial applications. Reentrancy attacks have been responsible for some of the largest hacks in blockchain history. By eliminating reentrancy, Soroban significantly reduces the attack surface, making the platform safer for developers and users alike.

Granular Authorization

Soroban also implements an authorization-required framework that simplifies security while preventing misuse. Unlike traditional smart contract platforms that often use broad authorizations, Soroban allows contracts to request specific, limited permissions. This granular approach reduces the attack surface and protects users from potential exploits by malicious contracts.

The platform’s authorization model is designed to be easy to use, with minimal code required to implement security measures. For example, a single line of code ensures that only the rightful owner can initiate a token transfer, dramatically simplifying the development of secure applications and reducing the chances of developer error.

Future Prospects

With Soroban, Stellar aims to provide a secure and efficient foundation for developers to build innovative DeFi applications. By focusing on performance, sustainability, and security, Soroban seeks to address the critical challenges faced by developers in the blockchain space, enabling them to concentrate on building features rather than constantly worrying about potential vulnerabilities.

As the DeFi sector continues to grow, platforms like Soroban that prioritize security and developer experience are likely to play a crucial role in shaping the future of decentralized finance.

Image source: Shutterstock

Credit: Source link