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Project Venus is the latest program in the Stellar community with a focus on DeFi platforms in this blockchain. It used unique features for serving the growing needs in the DeFi industry.
The most important feature in this project is its smart contract engine. It’s the result of a proposal by Tyler van der Hoeven. The new smart contract engine is called TSS (Turing Signing Servers). Script3 is the team that works on this proposal to provide a DeFi protocol for Stellar at the end.
Providing DeFi Protocols for Stellar
Developing and providing DeFi protocols for blockchains is becoming a must in the blockchain industry. Many communities are trying to make their blockchains more comprehensive in the age of decentralized finance. Stellar is one of the most active ones. Many teams and firms in the Stellar community work on DeFi protocols, especially smart contracts to create a practical environment for developers. When the blockchain becomes ready for developers to build and distribute DeFi platforms, we can expect more users to come to the blockchain.
Tyler van der Hoeven wrote a proposal in May 2020 and introduced a smart contract engine for the Stellar blockchain. It’s called TSS or Turing Signing Servers. The Script3 team started to work on the proposal and made TSS ready. SDF and JST Capital joined them later and completed the offering, which got the name, Project Venus. According to Script3, it’s a DeFi FX short-term forwards protocol as a proof of concept for TSS-based DeFi protocols. The announcement continues:
“TSS is a network of servers (called turrets) that store smart contracts and will build and sign transactions according to uploaded smart contract specifications at a user’s request. Users can upload smart contracts to any turret, and the turret will create a keypair that it will use to sign transactions generated by this smart contract then return the public key of that keypair to the user.”
Project Venus continues the plans for providing a good experience for DeFi developers. It has two main objectives. Initially, the project should be vetted as secure and functional. Besides, it has to add short-term forward contract capabilities to the Stellar blockchain. The second one helps the Stellar community solve one of the biggest challenges of financial services on the blockchain.
Solutions like TSS and Project Venus help Stellar move faster toward the Defi industry. This blockchain has a considerable history of supporting traditional financial institutions. With the new offerings, we can expect it to be able to connect decentralized and traditional centralized finance together.