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Stellar Development Foundation: US$100M to support native smart contracts



 The Stellar Development Foundation (SDF) is the non-profit organization behind the Stellar Network and has launched a new funding initiative to encourage developers to work with the smart contract platform Soroban, which officially launched on October 11th on Futurenet.


Soroban brings Turing-complete smart contracts to the Stellar blockchain. Developers can use it to build new financial service tracks on the network, according to SDF. Tomer Weller, vice president of technology strategy at SDF, said Soroban was designed to overcome the "friction" found in other blockchain networks. In an email to Cointelegraph, Weller explained:


"When we looked at the market, the smart contract landscape consisted mostly of solutions that were pieced together, riddled with tools of varying quality, difficult to implement and, to top it all off, quite expensive. This led us to create something to develop something better."

With the launch of Soroban on Futurenet, developers can test the smart contract platform and even get possible rewards for doing so. The foundation has committed $100 million to support the launch of Soroban. The first incentive program asks for feedback through code samples, tutorials, and identifying GitHub issues.


SDF said the new funding initiative aims to attract more developers to the Stellar network. Currently, the competition for Web3 developers and researchers far exceeds the supply available. While several crypto companies have laid off employees due to the bear market , the demand for skilled workers remains high and is gradually decoupling from short-term market trends.


Stellar is one of the oldest and most established blockchain projects and was founded in 2014 by Jed McCaleb . Before Stellar, McCaleb founded the Bitcoin 

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