What Is StarkNet?
In the era of blockchain technology, there has been a notable rise in computational systems that prioritize transparency and accountability. However, these systems often face challenges in balancing decentralization, scalability, and security—a dilemma known as the "Blockchain Trilemma," as articulated by Vitalik Buterin. StarkNet, a novel solution, aims to address this trilemma by providing a fully accountable, decentralized, scalable, and secure system. Positioned as a layer 2 network built on top of Ethereum, StarkNet enables any decentralized application (dApp) to achieve extensive computational scalability while retaining the composability and security levels associated with Ethereum. This is made possible through its utilization of STARK, a highly secure and scalable cryptographic proof system.
StarkNet, developed by StarkWare in Israel, operates as a layer 2 Validity Rollup for Ethereum. It distinguishes itself with high throughput and cost-effective transactions, all while upholding the security standards of Ethereum's layer 1. The key to StarkNet's scalability lies in its strategy of replacing the resource-intensive layer 1 computation with lighter and more economical layer 1 verification. This is achieved through the utilization of off-chain computed STARK proofs.
To ensure the foundational security of StarkNet, it relies on the STARK cryptographic proof system. Despite the maturity and security of STARK technology, StarkNet is striving to evolve into a public resource akin to Ethereum or the Internet. This transition necessitates the ongoing decentralization of its governance, operations, and development. The StarkNet Foundation, along with the StarkNet Token, plays a crucial role in facilitating this process.
The StarkNet Foundation operates independently as a non-profit entity, dedicated to advancing and sustaining StarkNet as a public resource. To effectively deploy network resources for maintenance, development, and expansion, the foundation initially holds 50.1% of the token supply. This strategic allocation aims to support the ongoing growth and decentralized evolution of StarkNet.
What is Stark?
STARKs function as proof mechanisms, ensuring the integrity of computational processes. They enable one party to convincingly demonstrate to another that a specific computation has been carried out correctly and accurately.
The StarkNet Token, known as STRK, was released on the Ethereum blockchain in November 2022. As of the current date, it is not yet available for purchase. This token serves dual purposes: covering transaction fees and facilitating involvement in the StarkNet protocol and project governance. Presently, fees within the platform are settled using Ethereum (ETH). However, the StarkNet development team intends to shift towards utilizing STRK for transaction fees in the future.
Why Starknet Is Beneficial
StarkNet's primary advantage lies in its ability to significantly enhance the scalability of decentralized applications (dApps) without compromising other critical elements, such as Ethereum's composability and security.
Unlike zkSync and similar Zero-Knowledge (ZK) rollups, StarkNet takes a different approach by not being a "zkEVM." This means that smart contracts, which power popular Ethereum decentralized applications like Uniswap and OpenSea, must use StarkNet's unique programming language called Cairo. Cairo is specifically optimized for ZK rollups, resulting in significantly reduced computation costs. This uniqueness introduces novel blockchain possibilities, including the development of real blockchain games, which were previously unachievable.
Using Starknet
To engage with the StarkNet ecosystem, obtaining a StarkNet wallet is necessary. Currently, the project is supported by wallets such as Braavos and Argent X. As StarkNet progresses towards achieving complete permissionlessness, it will empower developers, users, and StarkNet nodes to undertake a wide array of actions.
StarkNet provides distinct roles for participants within its network:
1. Sequencers: Similar to Ethereum miners but without the proof-of-work element, anyone can operate as a sequencer, proposing new blocks and batching transactions.
2. Provers: Individuals have the opportunity to set up a prover, generating proofs for the validity of new blocks.
3. Developers: Enjoying permissionless deployment, developers can release their smart contracts on StarkNet.
4. Users: Users have the autonomy to send transactions without the risk of censorship due to the decentralized nature of StarkNet.
If you're enthusiastic about the decentralization aspect of StarkNet and wish to actively participate, you can join the StarkNet community through platforms like Discord and the community forum.
Dapps On Starknet
StarkNet facilitates the deployment of diverse decentralized application (dApp) projects. Utilizing the Cairo programming language, it enables the execution and handling of various business logic on the StarkNet platform. Notable dApps already present on StarkNet include:
AMM
@EkuboProtocol (UniV4-style AMM)
@mySwapxyz (V2 & V3 AMM)
@SithSwap (v2 AMM & stablepools)
@JediSwap (v2 AMM)
@10kSwap (v2 AMM)
@AstroSwapreal previously StarkEx (v2 AMM)
@starkswap (v2 AMM)
@StarkDefi (v2 AMM )
Tools
@StarkscanCo (explorer)
@0xvoyageronline (idem)
@starkcompass (idem)
@OKLink (idem)
@viewblock (idem)
@DefiLlama (stats)
@StarkenDefi (Debank like)
@starkrevoke (open source revoker)
@artemis__xyz (stats)
@l2beat (stats & informations)
Wallets
Bridges
StarkGate by @StarkWareLtd
DEX aggregators
@0xPawa (inactive project)
Money markets
Social projects
@xfamtech (Friend Tech like)
NFT marketplaces
(by @dolvenlabs & @StarkGuardians)
@Flex_strk (by @RYG_Labs)
@Element_Market (multichain)
Gaming projects
Loot Survivor (by @LootRealms )
@influenceth (Limited release)
@Shoshin_gg (by @topology_gg )
NFT based projects
Starknets Future
The StarkNet cryptocurrency project actively seeks new partnerships, and one notable collaboration involves Chainlink. In February 2023, Chainlink Price Feeds became accessible on the StarkNet testnet, marking a significant achievement in providing reliable oracle services to StarkNet developers. This collaboration, supported by SpaceShard's technical assistance, is part of the Chainlink SCALE program. StarkNet tokens will cover specific operational expenses for Chainlink oracle nodes, supplying StarkNet with a range of Data Feeds and other oracle services. The goal is to expedite the platform's growth and long-term adoption by both developers and users. The StarkNet development team consistently updates the platform and introduces new features aligned with its roadmap, indicating a promising future for this innovative project.
Thanks for Reading!
To stay updated on Starknet and its activities, be sure to follow them on their social media platforms. There’s always more to learn!
Discord: https://discord.gg/qypnmzkhbc
Twitter: https://x.com/starknet?s=21&t=c2gIwmZeotUvM7Y6jCsBjg
Website: https://www.starknet.io/en
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