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Stellar public network successfully upgrades to Protocol 11; three massive changes announced

Stellar public network will complete an upgrade to Protocol 11, with new and improved additions to the network as of June 10, 2019,  1600 UTC. Jed McCaleb, Co-founder of Stellar, tweeted,

Quote:“Enough validators have armed an upgrade to Stellar Protocol 11 on Monday at 16:00 UTC that it is locked in now! If you run a node or use an SDK, make sure you’ve upgraded before that happens.”

According to a blog published by the Stellar Development Foundation, there are three main changes that were brought forth with this new update; Better transaction pricing, improved network capacity, and the introduction of buy offers.

Transaction pricing was such that when transactions exceed network’s capacity, transactions that offer a higher fee per operation make it onto the ledger. However, in the new update, with a version of a VCG auction, users can enter the maximum fee he/she is willing to pay, but the lowest possible fee will be charged during normal network conditions.

Surged pricing for Stellar kicks in when the network reaches capacity, which is determined by the Stellar Consensus Protocol. The capacity is usually set 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.

After the update, validators can vote on the number of ledger operations instead of assuming the worst-case scenario, which will allow them to throttle network activity with finesse. The blog further added,

Quote:“In fact, five minutes after the vote to upgrade to Protocol 11, validators will convene for a second vote, where they are expected to set the operations/ledger limit to 1000. That’s a lot higher than the current average, and throughput on the network will increase dramatically.”

The new update adds an option called ManageBuyOffer, which will allow users to set actual buy offers and even specify the number of assets one is willing to buy and is willing to pay for. In addition to the above, the “manageoffer” has been renamed to “manageselloffer”.

by Akash Girimath