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Stellar has announced that the Soroban Smart Contracts upgrade is set to go live on testnet on 20 September. Until now, Stellar has not had a virtual machine that can execute custom code like other leading layer-1 blockchains, such as Ethereum, Solana, Aptos, and others. The Sorobon upgrade, therefore, will introduce a competitive smart contract language that could encourage more decentralization and innovation in the Stellar ecosystem.

Previously, the Stellar network could only support simple smart contracts known as Stellar Smart Contracts (SSCs). SSCs can track multiple on-chain transactions at once; however, the breadth of customization is limited when compared to other leading chains.

Stellars move to incorporate a more advanced smart contract language has been dubbed by far the biggest protocol upgrade yet. Soroban Smart Contracts will unlock greater versatility for developers on the Stellar blockchain, which could lead to a growing number of decentralized applications (dApps) being launched within the ecosystem.

The major Sorobon milestone follows a recent announcement from Stellar that unveiled a new look for the brand, intended to better connect the blockchain to the real world. Stellars new identity was initially met with disappointment from investors, but the price of XLM has since recovered after news broke about Sorobans testnet launch.

The price of XLM crashed in the aftermath of a recent announcement that it had changed its brand identity. It seems as though investors may have been disappointed that Stellar has moved away from its core follower base, and has instead targeted a different market entirely.

XLM fell 7.5% on the day the rebrand was announced and had been in a downtrend since 10 September, just before the rebrand was unveiled. Since yesterday, however, XLM has recaptured a key level of support at ~$0.117 and may be ready for further upside on low timeframes if it can hold this level.

Zooming out, XLMs Soroban upgrade could spark new life into the market. Its certainly a major development for the ecosystem, and investors will be watching keenly during the testnet phase hoping that it goes off without a hitch. The CoinCodex algorithm forecasts a slow reversal for XLM, highlighting a possible breakout in March 2024 that would mark the beginning of more bullish price action if it unfolds.

Ethereum (ETH) combined the ability to create complex smart contracts with distributed ledger technology to great effect when it first launched back in 2015. The widespread popularity of Ethereums transparency, accessibility, and immutability has made ETH the second most valuable cryptocurrency by market capitalization and the largest ecosystem of dApps by TVL.

Until now, Stellar (XLM) has not attempted to compete with Ethereum. The blockchain serves a different function and has different kinds of users primarily, Stellar aims for more equitable access to DeFi by creating real-world infrastructure that brings people on-chain, serving legacy financial institutions and other enterprise clients.

The move for Stellar to introduce a complex smart contracts language means that it will now support many of the same functions as other leading layer-1 networks, including Ethereum, but with greater connectivity to traditional finance systems.

Whether Stellar can compete with Web3s largest ecosystem remains to be seen, but the recent rebrand which included a helpful tone and a partnership with actor Idris Elba may indicate that it has plans to conquer mainstream markets instead.

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Soroban Smart Contracts to Launch on Stellar, Dubbed By Far The Biggest Protocol Upgrade Yet - CoinCodex

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Summary:Web3, the next generation of the internet, is disrupting traditional employment models through the use of decentralized applications (dApps) that run on blockchain technology. This transformation is attributed to the elimination of intermediaries, the ability to work for global companies without geographical restrictions, the automation of tasks through smart contracts, and the creation of decentralized autonomous organizations (DAOs). These advancements offer a more democratic, decentralized, and efficient way of working and doing business.

Introduction:Web3 is revolutionizing the employment landscape by introducing decentralized applications that leverage blockchain technology. This article explores how Web3 is disrupting traditional employment models by eliminating intermediaries, offering global work opportunities, automating tasks through smart contracts, and enabling the operation of decentralized autonomous organizations.

Main Points:1. Eliminating Intermediaries: Web3 platforms like Gitcoin, Upwork, and Ethlance allow freelancers to work for global clients and receive payment in cryptocurrencies, eliminating the need for traditional intermediaries and payment systems.2. Global Work Opportunities: Web3 enables remote workers and entrepreneurs to access a wider range of projects and clients without geographical restrictions through decentralized marketplaces like OpenBazaar and Origin Protocol.3. Automation through Smart Contracts: Smart contracts running on blockchain technology automate various tasks and processes, including payments, project milestones, and dispute resolution. This eliminates the need for traditional contracts and intermediaries, reducing costs and increasing efficiency.4. Decentralized Autonomous Organizations (DAOs): Web3 facilitates the creation of DAOs, which operate in a decentralized manner without traditional management structures. Members of DAOs make decisions about the organizations operations and future direction using tokens or cryptocurrencies.

Conclusion:Web3 is disrupting traditional employment models by offering a more democratic, decentralized, and efficient way of working and doing business. The elimination of intermediaries, access to global work opportunities, automation through smart contracts, and the operation of decentralized organizations are transforming the employment landscape. Embracing these changes will empower workers and businesses to take control of their careers and financial futures in the new economy.

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Revolutionizing Employment: Web3's Disruption of Traditional Models - Geeks World Wide

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Welcome to the fascinating world of smart contracts and Ethereum! In todays digital age, technology is continuously evolving, and the way we conduct business is changing rapidly. One significant technological advancement is the introduction of smart contracts, which have the potential to revolutionize traditional methods of agreement and execution.

Smart contracts are an innovative concept that combines computer programming, cryptography, and blockchain technology to create self-executing contracts with predefined conditions and outcomes. These contracts not only automate the agreement process but also ensure its integrity, transparency, and security.

At the heart of the smart contract revolution is Ethereum, a decentralized blockchain platform that enables the creation and execution of smart contracts. While Bitcoin focuses on digital currency, Ethereum takes it a step further by providing a programmable platform on which developers can build decentralized applications (dApps) and deploy smart contracts.

The concept of smart contracts is not entirely new. It was initially introduced by computer scientist and legal scholar Nick Szabo in the 1990s, who envisioned these digital contracts as self-executing protocols with the terms of the agreement directly written into the code. However, it is the emergence of blockchain technology, specifically Ethereum, that has made this concept a reality.

By leveraging the decentralized and immutable nature of blockchain, smart contracts on Ethereum allow for a trustless and tamper-proof execution of agreements. This means that once a contract is deployed on the Ethereum network, it cannot be altered or manipulated by any party involved, ensuring transparency and fairness.

Moreover, the automation and elimination of intermediaries brought about by smart contracts can result in significant cost savings and increased efficiency. Traditional contract execution often involves multiple intermediaries, lengthy legal processes, and the possibility of human error. Smart contracts aim to streamline this process, reducing the need for intermediaries and enabling speedy, error-free execution of agreements.

In the following sections, we will delve deeper into the workings of smart contracts in Ethereum, explore their benefits and applications, and discuss the potential risks and challenges associated with this emerging technology. So, lets embark on this exciting journey of smart contracts and discover the opportunities that Ethereum brings.

Smart contracts, as the name suggests, are computer programs that facilitate, verify, and enforce the negotiation and execution of contracts. These contracts are designed to automatically execute predefined actions once the specified conditions are met. Unlike traditional contracts, which require manual enforcement and intermediaries, smart contracts are self-executing and eliminate the need for third-party involvement.

Smart contracts operate on the principle of code is law. The terms and conditions of the agreement are translated into computer code, ensuring that the contracts execution is objective, impartial, and transparent. This eliminates ambiguity and reduces the risk of fraudulent activities and disputes.

The underlying technology that powers smart contracts is blockchain. A blockchain is a decentralized and distributed ledger that records all transactions and actions performed within the network. Every participant in the network has access to a copy of the blockchain, ensuring consensus and security.

Smart contracts function by using if-then statements. For instance, if X happens, then Y will be executed. The conditions and actions are programmed in the contract, and once the preconditions are met, the contract is automatically executed without any manual intervention.

One important characteristic of smart contracts is their immutability. Once deployed on a blockchain, a smart contract cannot be altered or tampered with, ensuring the integrity of the agreement. This immutability, combined with the decentralized nature of blockchain, makes smart contracts highly secure and resistant to hacking and fraud.

Smart contracts have the potential to revolutionize a wide range of industries, including finance, supply chain management, real estate, healthcare, and more. They can streamline and automate complex processes, enhance efficiency, reduce costs, and enable new business models.

Its worth noting that while smart contracts are powerful tools, they are not a substitute for legal contracts. While the code within smart contracts can define the terms of the agreement, it cannot address every legal scenario and jurisdiction-specific considerations. Therefore, smart contracts should be seen as complementary to legal contracts and should be drafted with legal expertise.

In the next section, we will explore Ethereum, the blockchain platform that facilitates the creation and execution of smart contracts.

Ethereum is a decentralized blockchain platform that goes beyond being just a cryptocurrency like Bitcoin. It is a programmable blockchain that enables the development and execution of smart contracts and decentralized applications (dApps). Ethereum was proposed by Vitalik Buterin in late 2013 and officially launched in 2015.

At its core, Ethereum provides a platform for developers to build and deploy decentralized applications and smart contracts. It features a Turing-complete programming language called Solidity, which allows developers to design and program complex smart contracts with various functionalities and logic.

Unlike Bitcoin, which primarily focuses on financial transactions, Ethereum is designed to support a wide range of applications beyond simple transfers of value. It provides a virtual machine called the Ethereum Virtual Machine (EVM) that can execute smart contracts across the network.

Ethereum operates on a decentralized network of computers called nodes, which collectively form a blockchain. Each node in the network maintains a copy of the blockchain and participates in validating and securing transactions. This decentralized nature ensures the integrity and security of the Ethereum network.

One of the key features of Ethereum is its ability to issue and manage its own cryptocurrency, called Ether (ETH). Ether is used to facilitate transactions and pay for computational resources on the Ethereum network. It serves as the fuel that powers the execution of smart contracts and incentivizes network participants.

Another significant aspect of Ethereum is its governance structure. Decisions regarding upgrades and changes to the Ethereum protocol are made through a consensus mechanism known as Ethereum Improvement Proposals (EIPs). This allows the Ethereum community to participate in shaping the future direction of the platform.

Ethereum has gained significant traction and popularity due to its versatility and potential applications. It has enabled developers to create decentralized applications that offer a wide range of services, such as decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, digital identity, and more.

Moreover, Ethereum has attracted the attention of industry giants and businesses looking to leverage blockchain technology. Many organizations have started exploring the use of Ethereum for various use cases, such as supply chain management, voting systems, and intellectual property rights management.

In the next section, we will dive into how smart contracts work in Ethereum, highlighting their unique characteristics and capabilities.

In Ethereum, smart contracts are created using the Solidity programming language and are stored on the Ethereum blockchain. They are self-executing contracts that automatically execute predefined actions when specific conditions are met.

When a smart contract is deployed on the Ethereum network, it is assigned a unique address, which acts as its identifier or location on the blockchain. This address allows users to interact with and invoke the functions defined within the smart contract.

Smart contracts on Ethereum are executed by the Ethereum Virtual Machine (EVM), a runtime environment that processes and executes the code written in Solidity. The EVM ensures that the smart contracts execution is consistent across all nodes in the network, achieving consensus.

Smart contracts are triggered by transactions sent to their address on the Ethereum blockchain. These transactions contain the necessary data and instructions for the smart contract to execute a specific function or update its state.

One important characteristic of smart contracts in Ethereum is their deterministic nature. This means that given the same inputs, a smart contract will always produce the same output. Determinism ensures that the execution of smart contracts is predictable and reproducible, which is crucial for maintaining consensus on the blockchain.

Smart contracts in Ethereum can store and update data within their internal state. This data can include variables, mappings, and arrays, allowing smart contracts to maintain and manipulate information relevant to the agreement or application they represent.

To interact with a smart contract on Ethereum, users can send transactions to its address, invoking the functions defined within the contract. These transactions can contain input parameters that modify the behavior or state of the smart contract.

Once a transaction invoking a smart contract function is sent to the Ethereum network, the transaction is included in a block. Miners on the network compete to validate and add the block to the blockchain. Once the block is added and confirmed, the smart contracts function is executed, and the changes in the contracts state are reflected on the blockchain.

In addition to executing actions based on predefined conditions, smart contracts in Ethereum can interact with other smart contracts and external systems. This allows for complex and interconnected decentralized applications to be built on the Ethereum platform.

Its important to note that executing smart contracts on the Ethereum network incurs a cost in terms of computational resources and transaction fees. These costs are denominated in Ether (ETH) and are paid by users interacting with the smart contract. This mechanism helps prevent abuse and ensures the efficiency and security of the Ethereum network.

Now that we have explored how smart contracts work in Ethereum, lets move to the next section where we will discuss the various benefits of utilizing smart contracts in the Ethereum ecosystem.

Smart contracts in Ethereum offer numerous benefits that have the potential to transform various industries and revolutionize traditional business processes. Lets explore some of the key advantages:

These benefits make smart contracts in Ethereum an attractive option for a wide range of applications. From financial services and supply chain management to healthcare and real estate, smart contracts have the potential to revolutionize how agreements are made and executed.

In the next section, we will explore some real-world examples of smart contracts in action on the Ethereum platform, showcasing the practical applications of this innovative technology.

Smart contracts in Ethereum have been utilized in various real-world applications, demonstrating the versatility and potential of this technology. Lets explore a few examples:

These examples only scratch the surface of the many possibilities and use cases for smart contracts in Ethereum. From healthcare and real estate to gaming and intellectual property rights management, smart contracts have the potential to transform various industries and reshape how agreements and transactions are conducted.

In the next section, we will discuss the risks and challenges associated with using smart contracts in Ethereum, highlighting the importance of careful planning and security measures.

While smart contracts in Ethereum offer numerous advantages, they also come with certain risks and challenges that need to be considered. Lets explore some of the key concerns:

Addressing these risks and challenges requires a combination of technical expertise, careful planning, and ongoing monitoring. Solid security practices, code audits, and rigorous testing can help mitigate the vulnerabilities and risks associated with smart contracts in Ethereum.

Despite these challenges, the benefits and potential of using smart contracts in Ethereum outweigh the risks. With the right precautions and a proactive approach to security, smart contracts can bring about significant improvements in efficiency, transparency, and cost savings, paving the way for a decentralized and trustless future.

In the final section, we will summarize the key points discussed and highlight the transformative potential of smart contracts in the Ethereum ecosystem.

Smart contracts in Ethereum are revolutionizing the way agreements are made and executed. These self-executing contracts, powered by blockchain technology, offer automation, transparency, security, and efficiency across various industries.

Ethereum, with its programmable platform and decentralized network, provides a fertile ground for the development and deployment of smart contracts. From decentralized finance (DeFi) and supply chain management to voting systems and digital assets, Ethereum showcases the versatility and potential of smart contracts.

However, its important to recognize the risks and challenges associated with smart contracts. Code vulnerabilities, regulatory compliance, scalability, privacy concerns, and the irrevocable nature of actions are factors that must be carefully considered and addressed.

Despite these challenges, the benefits of smart contracts in Ethereum are clear. They automate processes, increase transparency, reduce costs, enhance security, and eliminate the need for intermediaries. Smart contracts have the potential to reshape industries, streamline operations, and unlock new opportunities for businesses and individuals.

As the Ethereum ecosystem continues to evolve and mature, it is crucial for developers, businesses, and users to prioritize security, conduct thorough code audits, and stay informed about best practices. By doing so, we can harness the full potential of smart contracts and navigate the challenges that arise.

Smart contracts in Ethereum are not just a technological innovation; they represent a paradigm shift in how we approach agreements and transactions. With careful planning, robust security measures, and ongoing advancements, smart contracts have the potential to create a more transparent, efficient, and inclusive global economy.

So, lets embrace the power of smart contracts in Ethereum and explore the boundless possibilities that lie ahead in this exciting and transformative technology.

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Utilizing smart contracts built on blockchain technology, Decentralized Autonomous Organizations (DAOs) are introducing a fresh epoch of decentralized governance and collaborative processes. DAOs rely on smart contracts to enable trustless, transparent, and automated operations without centralized hierarchies.

At their core, smart contracts encode the parameters that allow DAOs to function self-governing. They translate rules, ownership rights, decision procedures, and controls into self-executing programmatic code. This establishes a transparent ruleset for asset custody, voting, proposal management, and other operations autonomously driven by the DAOs distributed members.

By automating organizational activities through blockchain-based logic, DAOs present a paradigm shift in how groups coordinate, govern, and create value. Smart contracts are the fundamental technical building blocks that provide the automation and decentralization underpinning this revolutionary governance concept. Their role in powering DAO operations offers a glimpse into the future decentralization of todays organizational constructs.

At their core, smart contracts allow for the encoding of rules and agreements that facilitate decentralized, automated decision-making and operations within DAOs. By translating governance processes directly into self-executing code, DAOs are pioneering radically transparent and permissionless organizational models that leverage trustless automation to coordinate and manage shared resources

DAOs function through smart contracts on protocols like Ethereum, enabling:

By automating governance, decision rights shift from hierarchies to diffuse, decentralized stakeholders. Member interests align around collectively owned and controlled assets.

Lets explore the intricacies of how smart contracts empower the functioning of DAOs and redefine the landscape of decentralized governance.

A core capability provided by smart contracts is the automation of governance and operations within decentralized autonomous organizations. Through their deterministic, self-executing logic, smart contracts allow the hard coding of an organizations rules, controls, and processes in a way that is transparent yet independent of subjective human intervention.

This trustless programmability enables DAOs to make collective decisions and manage shared assets based on predefined rules and incentives aligned with the interests of all network participants. By directly translating agreements into immutable code rather than relying on fallible centralized authorities, smart contracts allow the establishment of decentralized governance frameworks that provide a fair and level playing field.

Underpinning DAO operations are smart contracts immutable code running deterministically on blockchains like Ethereum. They enable:

With complex agreements directly translated into code, smart contracts allow for collectively managing resources at scale.

A core capability provided by smart contracts is the trustless execution of agreements, enabled by the decentralized security of underlying blockchains. Rather than relying on intermediaries, DAO transactions and rules encoded into smart contracts are autonomously validated and processed across decentralized networks. This disintermediation ensures governance decisions and operations occur with cryptographic security and transparency.

Additionally, immutability guarantees that once deployed, contracts cannot be maliciously modified, providing resilience against tampering with coded DAO rules and processes. Together, trustless execution and immutability allow DAOs to coordinate in a self-sovereign manner according to consistent, transparent, and incorruptible programmed logic.

An important capability provided by smart contracts is enabling equitable participation within decentralized autonomous organizations. By directly encoding transparent governance rules and procedures into immutable code, smart contracts ensure every member is treated fairly according to consistent, predefined agreements.

This standardization and automation of decision-making processes based on meritocratic incentives rather than subjective judgment fosters inclusivity. Individuals across diverse backgrounds and geographies can meaningfully contribute to and participate in the DAO on a level playing field. Smart contracts thus decentralize power and lower barriers that historically hindered permissionless innovation, allowing more voices to shape, govern, and benefit from collaborative ecosystems.

We are starting to see smart contract adoption across DAO models. Examples of DAO models include:

DAOs allow securely governing shared resources collectively through agreed-upon rules directly enforced via code rather than trusting individuals.

Uses of DAOs include:

However, limitations will always exist. The following are some of the challenges likely to arise:

Careful auditing, progressive decentralization, modular upgrading, intuitive interfaces, and maturing ecosystems will help overcome these.

Virtually any industry involving agreements, transactions, or governance can benefit from smart contracts and DAOs. Finance, supply chain management, healthcare, intellectual property rights, and energy are just a few examples. Their implementation can lead to streamlined processes, reduced fraud, and increased transparency.

Smart contracts are the driving force behind the operational functionality of DAOs, enabling autonomous governance, trustless execution, and equitable participation. The integration of smart contracts within DAOs revolutionizes decentralized governance by replacing centralized intermediaries with transparent and automated mechanisms.

As decentralized autonomous organizations continue to gain momentum, the capabilities unlocked by underpinning smart contracts stand to profoundly reshape a vast range of domains. Their trustless programmability promises to transform industries, communities, and economies by bringing decentralized, participatory decision-making into the mainstream.

DAO innovation foreshadows immense potential for recasting incentives and access based on transparency, collective rights, and automated governance. By codifying the rules of cooperation directly into unbiased software, this technology duo represents a momentous leap towards more transparent, inclusive, and collectively empowered organizational models across public and private spheres.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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How Smart Contracts Helps To Unlock the Potential of DAOs - The Coin Republic

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The crypto industry is far too focused on token prices rather than figuring out how smart contracts can be used to solve real-world business problems, according to Google Clouds Web3 lead.

In an interview with Cointelegraph, Google Clouds head of Web3, James Tromans, stressed the need to focus more on the business logic in the smart contract rather than the supply and demand dynamics of the token:

So I would like us to get away from all this talk about tokens and token speculation as if that is Web3 that is not Web3, Tromans added.

One of Google Clouds main blockchain services is its Blockchain Node Engine, offering users a self-hosted node to access blockchain data, conduct transactions, build smart contracts and run decentralized applications.

Tromans argued that blockchain and smart contracts can lead to innovation, lower operational costs and new revenue streams.

Despite the bear market, Tromans said Google Cloud has still seen strong demand from enterprises looking to integrate blockchain technology:

Most of this demand has come from the TradFi sector to solve basic finance and accounting problems, Tromans explained. But Google Cloud customers are increasingly looking at integrating blockchain-based solutions in digital identity and supply chain, he added.

Digital ID, in particular, has been a hot topic of debate in the Web3 world of late, with the recent launch of Worldcoin on July 24. The iris biometric cryptocurrency project was founded by OpenAI CEO Sam Altman in 2019.

Tromans however argues that blockchain tech won't likely see mass adoption, at least until user experience improves.

If the average end-user, who isnt a computer scientist, who doesnt understand blockchain, has to know about their private keys weve got it wrong. They have to be abstracted away, he explained.

When you load the Web browser, you're using a bunch of high tech capabilities like TCP-IP and HTTPS. None of these protocols mean anything to most people, Tromans added, suggesting that Web3 should strive for the same thing.

Tromans said Web3 developers will need to build frictionless solutions to help users recover private keys and help take care of their data for them to have a fantastic user experience.

Related: Google Cloud broadens Web3 startup program with 11 blockchain firms

When user experience is optimized, blockchain technology will solve problems in a range of industries, he said.

When Web3 hits mass adoption, we won't call it Web3. We'll just call it the web again, he said.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

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Web3 is about solving business problems, not token prices: Google ... - Cointelegraph

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