Protocol 11 Improvements
On Monday June 10, validators will vote to upgrade the network to Protocol 11. In advance of that vote, the stellar team wants to talk through some improvements introduced in that version of the protocol, and to let the community know what they mean for developers, users, and businesses building on Stellar.
The three main changes that will occur are the following:
- Better transaction pricing
- Improved network capacity
- The introduction of buy offers
When the team talk about better transaction pricing, this is referred to fees and how they will be fixed: people will be able to submit the amount they were willing to pay to add their transaction to the ledger. You can pay the fee you specified, or, if that fee was too low, ran the risk of getting clutched out by surge pricing.
Capacity is determined by validators, who vote on ledger limits as part of SCP. Preferably, they set it high enough to allow the network to support an increasing volume of activity but low enough to allow nodes with access to lower-end hardware and slower connectivity to keep up.
In addition to pricing and network adjusting improvements, Protocol 11 also leads a new operation that allows users and financial institutions to express buy offers more intuitively and accurately than before will a new exiting tool.
ManageBuyOffer, will be the perfect gizmo to submit actual buy offers. With it, you can specify the maximum amount of an asset that you are willing to buy, and the amount you’re willing to pay for it.
David Esser, Senior Product Manager of Cardano, joined the Cardano Effect podcast in an episode where he talked about:
- His background, how he came to IOHK and how he collaborates with the rest of the Cardano project team
- Some insights on the development processes used within the project
- How IOHK’s research and formal methods approach gets translated into real code
- The different development eras of Cardano from Byron to Basho, and how these fit together
- How Atala fits into the story
David also shared the news that the first staking testnet is coming in June – starting with a small, closed pool of trusted stake pool operators. This will be a minimum viable product as the first iteration and we’ll be adding out more functionality and more operators over the next 3-4 months.
The Cardano Effect hosts on the podcast also point to the Best Practices stakepool channel on Telegram 36 as a place to go to get more involved.
In addition, Cardano is being developed as a decentralized public blockchain protocol and smart contracts platform that is fully open source. It is a collection of base layer protocols that will enable an ecosystem of decentralized applications to develop, facilitating the peer-to-peer.
The Cardano project is being developed and supported by three independent entities in a collaborative approach: IOHK, Emurgo and Cardano Foundation.