Stellar Lumens LIKEs New Funding Initiatives For Developers, This Is The Goal!

Crypto XLM, Stellar Lumens. (Photo; Doc. Cryptoast)

JAKARTA The agency behind the crypto Stellar Lumens (XLM), the Stellar Development Foundation (SDF) recently introduced a new funding initiative. This is intended to encourage develop developers in developing the smart contract platform Soroban, which will start airing on October 11 on Futurenet.

According to SDF, a nonprofit that supports Stellar's network development, the funding initiative aims to attract more developers to the network as demand for Web3 developers and researchers exceeds supply with significant margins.

Although several crypto companies have cut employment amid the bearish market, demand for developers remains high and is gradually separated from short-term market trends.

The Stellar Development Foundation states that the smart contract platform Soroban brings a smart-contract Turing-complete to the Stellar blockchain, enabling developers to build new financial service lines on the network.

Tomer Weller, vice president of technology strategy at SDF, explained that Soroban was created to address other blockchain network "swisting".

When we look at what's out there in today's market, the smart contract landscape consists mostly of solutions that are patched together, peppered with a variety of tools, difficult to implement, and most importantly, quite expensive. That makes us want to build something better, "said Weller.

Now developers can start experimenting with smart contracts platforms because Soroban has been broadcast on Futurenet and has the ability to reward them for their efforts. SDF has set aside $100 million to encourage the use of Soroban, and the first incentive program will seek input by identifying GitHub's problems, providing code examples, and providing lessons.

"While Soroban will go through several trials before launching in early 2023, Soroban has been designed taking into account ease of use and simplicity," Weller added.

Founded in 2014, Stellar Network initially focused on cross-border payment initiatives. The network has processed 2 billion operations since its inception. About 7.2 million users are actively using the Stellar Network, with about US$3.4 billion in the circulating Stellar (XLM) token.

At the time of writing, XLM is trading at Rp1,738. The performance price has decreased by 2.8 percent in the last 24 hours. The crypto ATH was deposited on January 3, 2018, at that time it broke the price of Rp11,808 per coin, based on Coingecko data.