What is StarkNet
StarkNet is a fast, secure, and scalable blockchain solution that uses zk-rollup technology to achieve high-performance and low-cost transactions. StarkNet is developed by StarkWare, a company focused on blockchain scaling and privacy solutions.
Team
StarkNet was developed by the StarkWare team, who also developed StarkEx and STARKs. StarkEx is another scaling solution for Ethereum, but it is designed for a specific application. StarkNet, on the other hand, is designed for general purposes.
StarkWare received funding from the Ethereum Foundation as well as top investors including Paradigm, Sequoia, and Vitalik Buterin. Since its launch in November 2021, StarkNet has been operating to provide users with a fast, secure, and low-cost trading experience.
StarkNet Features
- StarkNet is a permissionless Layer 2 network where anyone can deploy their own smart contracts on the chain through specific programming code.
- Since the security of the Layer 2 extension scheme itself is inherited from the Ethereum main chain, there is no need to sacrifice security and it can also make the transaction efficiency of the overall network more efficient.
- The zk-STARK used by StarkNet is one of the zero-knowledge proof systems. The environment in which STARK generates transaction proofs is safe and trustworthy, and the workload for calculating the proofs is much smaller than that of Ethereum, so the scalability is also high.
- Cross-rollup chain services such as StarkNet and zkSync will become increasingly important and will be able to significantly reduce the risks of liquidity providers on the chain.
- Even though StarkNet itself is not compatible with EVM (such as BNB Chain, Polygon and other networks), Ethereum applications will be able to deploy Ethereum applications to the StarkNet network faster through Kakarot
StarkNet Ecosystem
End Words
Scalability has been a frequent topic of discussion in the blockchain space over the past few years. Clearly, many widely used blockchains are not intrinsically optimized to continuously improve technology and applications. In this article, we gave an overview of the StarkNet blockchain. StarkNet is working to address major pain points in existing blockchains by leveraging its architecture and a new approach that focuses on performance, scalability, and user operability. It can be said that with the development and maturity of StarkNet, the new ecology will gradually unfold, and there will be different operating experiences and huge opportunities.
