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- Stellar Foundation makes a compelling case for Soroban, and why it should be prioritized similarly to platforms such as Ethereum and Solana.
- The Soroban smart contract is attempting to compete with Ethereum as it caters to a wider audience despite being a newbie on the market.
Soroban, according to Stellar’s definition, is a developer-friendly Rust-based smart contracts platform. The smart contract was not only designed for sensibility but also for scalability. The smart contract is already live on a test network known as Futurent. It also integrates with and works alongside the Stellar blockchain network. designed for scale and sensibility.
In a recent blogpost, Stellar has detailed multiple reasons why the smart contract should hold as much importance as the likes of Ethereum and Solana, despite their popularity and larger adoption levels. When it comes to the best platform for specific use cases, that also supports a specific goal and value, Stellar wants the ecosystem to consider Sobran for a variety of reasons.
Although Stellar maintains that Soboran might not be the answer for every smart contract developer or entrepreneur, the foundation is certain that the smart contract is a compelling choice to consider when looking to build a blockchain-based project. The blogpost read.
Let’s start with the obvious tech differences. Ethereum uses the Ethereum Virtual Machine (EVM) runtime environment, and contracts are built using the Solidity programming language (for the most part, you can also use Vyper or Yul), while Soroban uses the WebAssembly (WASM) runtime environment and supports contracts written in a broader range of languages such as Rust, C, C++, Go, AssemblyScript, and more.
Soroban seeks to disrupt the real-world and fintech finance ecosystem
Additionally, it was revealed that its mission since conception, has been centered around bringing financial access to everyone across the globe. This inclusive approach is one that Soroban also follows. While EVM was created mainly for the Ethereum blockchain, WASM was created for broader interoperability. This makes it possible for WASM to be utilized in many different environments like web browsers, server-side applications, and other blockchain platforms. The blog spot further added.
The same interoperability distinction can be applied to Solidity versus Rust. Solidity was explicitly designed for writing smart contracts on the Ethereum blockchain, while Rust is a general-purpose programming language that, while great for smart contract development, can also be used for web development, systems programming, and more.
Asides from being an inclusive technology, the Soroban smart contract also serves the greenfield ecosystem and the real-world tech ecosystem.
Ethereum currently boasts a large number of assets on the network, along with many fiat-backed stablecoins. It is however worth noting that the stablecoins on the network are backed by popular fiat currencies and CBDCs. Stellar on the other hand is more focused on worldwide reach with a more expansive range of fiat-backed stablecoins such as Circle’s USDC and Euro Tempo (EURT) issued by Tempo.
