- Validators are set to vote Upgrade to Protocol 11 on June 10, 2019
- The Stellar community should expect better transaction pricing, improved network capacity, and more accurate introduction to buy offers
On June 10, 2019, Stellar’s validators will support upgrade network to Protocol 11. The upgrade will come with some changes and improvements. Here are the significant upgrades that users, developers, and businesses should expect.
Better Transaction Pricing
After having rebranded itself in March 2019, the Stellar Lumens community is looking forward to Protocol 11 upgrade due June 10.
As of now, transaction fees on XLM network is fixed, and users are required to submit the amount that they want to pay to incorporate their transactions to the ledger. They have to pay what they specify or bear the risk of being squeezed out by surge price in case the fee is meager.
After the upgrade, however, a version of a VCG auction will take over the fixed fee. This move allows one to choose the maximum price he/she is ready to pay but get the most minimal charges.
Improve Network Capacity
Surge pricing will be applied only when the Stellar network hits the maximum capacity which is set by validators via a poll on ledger limits as part of SCP. They set it high enough for a system to accommodate the increasing activities but low enough to enable nodes with slower connectivity and access to lower-end hardware maintain.
Currently, it is almost impossible to strike this balance. Due to this, validators poll on the volume of transactions per ledger, which is an inaccurate and highly volatile metric.
Conversely, after the upgrade, validators will vote based on the operations-per-ledger limit leading to accurate control of network activity. Five minutes after the vote, validators will convene for the second poll where they are likely to increase the operation/ledger limit to 1000. This is a considerable rise which will lead to a dramatic increase in throughput on the network.
The Introduction of Buy Offers
The upgrade to Protocol 11 also introduces a new operation that helps users and financial institutions to launch “buy offers” more accurately than in the past.
As of now, “manage offer” is the only operation for placing an order on Stellar’s decentralized exchange (DEX). It expresses an offer according to what one is ready to sell in exchange for an asset.
The upgrade to Protocol 11 will introduce “ManageBuyOffer” as the new operation used to submit the exact buy offers. One can use this operation to specify the highest number of assets to purchase and the amount they are ready to pay.