Folks at Script3 are bringing DeFi protocols on Stellar and it will be implemented with Turing Signing Servers (TSS). Script3 developers have partnered with Stellar Development Foundation and JST Capital for Project Venus.
What are Turing Signing Servers? These servers / turrets store smart contracts which are used to build and sign transactions according to smart contract at user’s request.
Developers can upload smart contracts to any turret which will create a key pair that is used to sign transactions. It then returns public key of that keypair.
Incredible to see such mature projects being built by such intelligent and genius teams on the Turrets protocol ❤️ https://t.co/UE6FSygGSB
— Tyler van der Hoeven (@tyvdh) July 21, 2021
What does this means for end users? Thanks to Project Venus, users will be able to enjoy trust-free DeFi protocols on Stellar network without need of any on-chain virtual machine. This means there fees will remain the same on Stellar network and ensure congestion free network.
Project Venus promises to add short term forward contract capabilities to Stellar which has been long asked by many financial institutions that want to build on Stellar.
Turing Signing Servers are different from smart contract engines that are currently being used in DeFi ecosystems.
You can clearly see the difference between Ethereum’s and Stellar’s implementation of DeFi.