- Stellar Development Foundation has officially joined the Bytecode Alliance to further the use of WebAssembly (Wasm).
- WebAssembly’s capabilities extend beyond blockchain, primarily into browser functions.
- While many blockchain networks use Ethereum Virtual Machine (EVM), Stellar’s recent pivot to Wasm indicates a divergence in their approach.
In a recent reveal, Tomer Weller, the Stellar Development Foundation’s product leader, shared that the foundation is now a member of the Bytecode Alliance. This alliance is a central force in advancing WebAssembly, or Wasm for short.
WebAssembly presents a robust alternative to the Ethereum Virtual Machine (EVM), the main engine supporting the Ethereum system. But Wasm’s strengths aren’t restricted to blockchain alone. Its versatility shines in non-blockchain functions, especially those in browsers.
Many major blockchain systems, such as Ethereum, BNB Smart Chain, and Avalanche, are powered by the EVM. This virtual system is primarily designed to operate smart contracts. Yet, there are blockchain networks that see potential in Wasm and are adopting it.
The Stellar system, which started in 2014 focusing on payments, underwent a significant transformation in 2022 when it embraced smart contracts. Stellar’s decision in April 2022 to use Wasm as its core engine wasn’t arbitrary. The foundation’s developers noted EVM’s expensive storage and running costs, which, in their view, posed challenges to scalability and made transactions pricey.
The team’s conviction to use Wasm was further reinforced by its origins in browser app development, which they saw as beneficial for blockchain-like demanding environments.
Much of Wasm’s growth and success can be attributed to the efforts of the Bytecode Alliance. This nonprofit group includes notable online powerhouses such as Amazon, Cisco, Intel, and Microsoft. When Stellar opted for Wasm, the only blockchain entity in the alliance was Dfinity of Internet Computer.
Weller, in his statement, emphasized the alignment of Stellar with the Bytecode Alliance. He feels this union allows Stellar to influence the standards and tools in the Wasm developer world. Weller stressed Stellar’s goal to not merely represent but also actively support the wider blockchain developer society. With Stellar on board, he envisions the alliance will cater more to both blockchain and non-web apps, with a focus on smart contract platforms.
Stellar Foundation Summary
The Stellar Development Foundation, the driving force behind the renowned Stellar blockchain, recently took a significant step forward in its commitment to supporting global financial connectivity. The foundation announced an ambitious $30 million investment fund aimed at catalyzing innovation in the domain of decentralized finance.
Stellar’s blockchain, known for its proficiency in streamlining international financial transactions, acts as a bridge connecting banks, payment channels, and users around the world. At its core is the digital currency, lumens (XLM), which serves as the medium for both transactions and account settlements on the network. Conceived by innovator Jed McCaleb, Stellar’s genesis was notably bolstered by contributions from fintech leader Stripe, among other donors.
A primary objective for Stellar is to offer a lifeline to emerging economies, providing them with the tools to reduce both the expense and delay associated with cross-border payments. A key feature setting Stellar apart from its peers is its consensus algorithm, known as SCP, coupled with a decentralized exchange system. With lumens (XLM) not only acting as a transactional token but also as a potential investment avenue, it piques interest from various quarters of the financial sector.
To enhance its footprint and further promote its vision, the foundation’s newly launched investment fund will actively match contributions, concentrating its efforts on bolstering app developers that harness the power of the Stellar blockchain.
