- tellar network set to vote on protocol upgrade
- Stellar launched the 13th version of its core protocol five days ago
- Fee bumps will alter how transactions work on Stellar
Stellar Lumens News Today – Stellar has released the number 13 version of its core protocol. The network launched the initiative on June 13. It has now announced that Stellar validators will vote on whether the network should be upgraded on June 18 or not. Stellar is supported by the nonprofit organization called the Stellar Development Foundation (SDF).
Just like XRP, Stellar doesn’t use a Proof-of-work (PoW) or Proof-of-Stake (PoS) algorithm. Rather, it uses a unique approach to tackle the Byzantine generals problem known as FBA (the Federated Byzantine Agreement). Stellar’s original whitepaper written by David Mazieres indicates that “the FBA attains robustness via quorum slices.
The Protocol changes Are Focused on Three Basic Core Advancement Caps
Now that Stellar has announced its next protocol upgrade, it is safe to say the new system will introduce several changes to the network. It will also offer many benefits. As of April 30, Stellar’s Protocol 13 changes have been merged and launched in an easily accessible Stellar Core v13.0.0 update. There’s also a testnet running on the Protocol 13 already. The main Stellar public network can only upgrade after validators have set their nodes to choose Protocol 13.
If a good number of the validators choose not to do this, the newly launched Core Advancement protocols won’t be added to the Stellar network. Stellar’s protocol changes are focused on three key CAPs, including CAP – 15 (Fee bumps), CAP – 18 (Fine-grained control of asset authorization), and CAP – 27 (First-class multiplexed accounts).
The Benefits of the Protocol 13 Updates
Fee bumps will alter the way transactions are done on Stellar’s network. Transactions presently currently need a source account to pay fees. Each transaction has sequence numbers associated with them. Transactions implement a strict ordering rule for processing transactions per user account. The goal is to prevent double-spending.
Additionally, fee bumps will let Stellar users pay existing transaction fees without managing a sequence number or re-signing a transaction. This has some ramifications for apps built on the Stellar Blockchain. With the fine-grained asset control solution, Stellar users will now be able to control the number of regulated assets other users can hold.
They will also be able to control the conditions that they may use to trade (buy or sell) more. Take an example, non-custodial exchanges can pay transaction fees for a Stellar user without having an idea of their sequence number. This implies that non-custodial exchanges and wallets will be able to set higher fees for carrying out faster and easier remittances under the fee bump model.