Protocol 17 Upgrade is Now Live on Stellar

Protocol 17 Upgrade is Now Live on Stellar
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Stellar’s development team announced that Protocol 17 upgrade is live on the mainnet blockchain. The new protocol went live on June 1st and brought some new features to the network.

The most important change is Asset Clawback that is focused on regulated assets launching on Stellar blockchain. Stellar suggest all stakeholders update their applications to the latest version. Those who don’t update the tools may encounter some errors. Protocol upgrades are vital improvements in the Stellar ecosystem that affect the blockchain and all applications on that.

More Opportunities for Issuing Tokens on Stellar

Blockchain projects stay alive and relevant with upgrades that improve the functionality and services on the network. The development teams try their best to add new features and improve the existing ones on the blockchains to support more use cases. Besides, updates show that a blockchain is alive and tries to become as practical as possible.

All of these result in more individual and business users coming to a blockchain. Stellar is one of the most active blockchains in terms of upgrades that publishes protocol upgrades to improve the network consistently. The new Protocol 17 upgrade is focused on businesses and regulated assets.

Protocol 17 Upgrade

Protocol upgrades happen based on proposals and votes in the community. The latest upgrade has received the votes and is now live on the mainnet. All of the users on Stellar blockchain should now update their tools and software to continue working on the blockchain normally.

As mentioned above, Protocol 17 comes with a new feature called Asset Clawback in Stellar. According to the announcement:

“Protocol 17 introduces a new feature – Asset Clawback – that is designed to allow businesses issuing regulated financial instruments such as money market funds, bonds, and equities to comply with regulatory requirements by demonstrating the ability to revoke assets in certain situations.”

Stellar network validators voted for the latest upgrade. Coting for or against the proposals is possible for everyone that runs a validating node on Stellar. Validators participate in the network for applying the transactions on the ledger, too.

Those who haven’t updated their Stellar-related software to the latest version may encounter errors in activities. These errors often happen when a user is trying to manage activities that have clawback flags or operations. It seems that most of the business-related Stellar software should upgrade their tools. Besides, many of them have been waiting for the Asset Clawback feature and will update to benefit from it.

If you are interested in this project and want to be informed about everything that happens, visit our Stellar news section


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