Starknet: A Layer-2 scaling solution for Ethereum

Starknet is rapidly gaining traction as a leading Layer-2 solution for Ethereum, offering unparalleled scalability, swift transaction speeds, and minimal gas fees. Let’s explore the intricacies of this innovative platform, its underlying zk-STARK technology, the burgeoning ecosystem, the STRK token, and the project’s immense growth potential.

What is Starknet?

Starknet is a Layer-2 solution built on the Ethereum platform, employing advanced ZK-Rollup technology to process transactions off-chain and verify them on-chain. This allows it to inherit Ethereum’s security while ensuring fast transaction speeds and low gas fees.

So, what is ZK-Rollup? It’s a scaling method that enables “rolling up” hundreds of transactions into a single transaction on the main blockchain. Zero-Knowledge proofs are used to verify the validity of these transactions without revealing any details about them.

Starknet is developed by StarkWare Industries, an Israel-based technology company. StarkWare is also behind other notable products like StarkEx and StarkGate.

Core technologies of Starknet

Cairo programming language

Cairo is a Turing-complete programming language specifically designed for writing smart contracts on Starknet. This language allows developers to create decentralized applications (dApps) with high complexity and superior scalability.

Advantages of Cairo

Efficiency: Cairo is optimized to execute complex computations, accelerating transaction processing speed.
Flexibility: Cairo allows developers to freely implement complex business logic.
Scalability: Cairo is designed to support a large number of transactions without impacting performance.

Disadvantages of Cairo

Difficulty: Cairo is a relatively new and challenging programming language to learn, requiring developers to have in-depth knowledge.
Community: The Cairo developer community is still small, making it difficult to find support and documentation.

zk-STARK

zk-STARK (Zero-Knowledge Scalable Transparent Argument of Knowledge) is an advanced Zero-Knowledge Proof technology developed by StarkWare. zk-STARK enables this layer-2 solution to generate proofs verifying transaction validity without disclosing transaction information.

Advantages of zk-STARK

High Security: zk-STARK offers a higher level of security compared to other Zero-Knowledge Proof technologies.
Superior Scalability: zk-STARK can handle a large volume of transactions at low cost.
Transparency: zk-STARK does not require a trusted setup, increasing transparency and censorship resistance.

Sequencer and prover

This layer-2 solution works based on two main components: Sequencer and Prover.

Sequencer: The Sequencer is a network node responsible for collecting, ordering, and executing transactions on Starknet. It acts as a transaction “coordinator,” ensuring sequentiality and preventing conflicts.
Prover: The Prover is responsible for generating zero-knowledge proofs to verify the validity of transaction blocks created by the Sequencer. These proofs are then sent to Ethereum for final verification.

The combination of Sequencer and Prover allows Starknet to achieve high performance and strong security.

Starknet ecosystem

The Starknet ecosystem is experiencing a period of rapid growth, with a diverse array of projects spanning various domains. Here’s a glimpse into this thriving ecosystem, highlighting key projects and their potential for growth:

DeFi (Decentralized Finance)

Starknet is becoming an attractive destination for DeFi projects, capitalizing on its advantages of transaction speed and low costs. Some notable DeFi projects on Starknet include:

Nostra: A lending and borrowing protocol allowing users to borrow and lend digital assets. Nostra offers competitive interest rates and a user-friendly experience.
Ekubo: A decentralized stablecoin designed to maintain a stable value against USD. Ekubo utilizes an algorithmic mechanism to ensure stability and transparency.
zkLend: A lending protocol secured by zero-knowledge proofs, enabling users to borrow and lend assets without revealing personal information. zkLend provides high privacy and security for users.
JediSwap: An AMM (Automated Market Maker) allowing users to exchange tokens easily and efficiently. JediSwap offers high liquidity and low transaction fees.
mySwap: Another AMM with cross-chain trading functionality, allowing users to exchange assets between Starknet and other blockchains. mySwap opens up opportunities for connectivity and interaction between different ecosystems.
10KSwap: An AMM focused on user experience with a simple and easy-to-use interface.

NFTs (Non-Fungible Tokens)

Starknet supports NFT projects, allowing users to create, buy, sell, and trade unique digital assets.

Mint Square: A popular NFT trading platform on Starknet, offering a variety of NFT collections and convenient trading features.
Briq: A creative NFT project allowing users to build virtual structures by combining “briqs” (bricks). Briq offers an engaging experience and metaverse development potential.
Aspect: An NFT marketplace focused on digital art, providing a space to showcase and trade unique artworks.

Gaming

Starknet provides an ideal platform for blockchain games, thanks to its scalability and low costs.

Influence: A space strategy game with a player-owned economy. Influence allows players to explore the universe, build empires, and compete with each other.
The Ninth: A collectible card game with engaging gameplay and stunning graphics. The Ninth offers a unique gaming experience on the blockchain.

Infrastructure

Bridges: Bridges like StarkGate and Orbiter Finance connect Starknet to Ethereum and other blockchains, facilitating asset transfer between networks.
Wallets: Crypto wallets like Argent, Braavos, and Cartridge support Starknet, helping users store and manage digital assets securely and conveniently.

Growth potential

The Starknet ecosystem is in its early stages of development but shows strong growth potential. With the support of StarkWare Industries and the developer community, Starknet could become one of the leading Layer-2 ecosystems.

Factors driving the growth of the Starknet ecosystem:

zk-STARK technology: Provides superior scalability and high security.
Cairo programming language: Flexible and efficient for dApp development.
Dynamic community: Many developers and users are interested in Starknet.
Support from StarkWare: Investment in research and development, support for projects in the ecosystem.

STRK Token and Airdrop

The STRK token is the native token of Starknet, playing a crucial role in the operation and development of the ecosystem. The STRK airdrop is a highly anticipated event, offering an opportunity to own tokens for early users and contributors to Starknet.

Detailed information about the STRK token

Token name: Starknet Token
Ticker: STRK
Blockchain: Starknet
Total supply: 10,000,000,000 STRK

Token allocation

Early contributors: 20.04%
Investors: 18.17%
StarkWare: 10.76%
Grants: 12.93%
Strategic reserve: 10%
Provisions (Airdrop): 9%
Rebates: 9%
Foundation treasury: 8.1%
Donations: 2%

Uses of the STRK token

STRK is designed with multiple uses, creating strength and sustainability for the Starknet ecosystem:

Governance: STRK holders have voting rights on protocol changes and upgrades, ensuring decentralized and transparent development.
Transaction fees: STRK will be used to pay transaction fees on Starknet, replacing ETH in the future. This reduces reliance on Ethereum and optimizes costs for users.
Staking: Users can stake STRK to participate in network security, transaction validation, and earn block rewards. Staking encourages community participation and enhances the security of project.

STRK Airdrop

Starknet has implemented the STRK token airdrop program, distributing 7% of the total supply (equivalent to 700 million STRK) to over 1 million eligible wallets. This initiative serves as a gesture of appreciation towards early users and a catalyst for ecosystem development.

Airdrop eligibility criteria

Starknet applies various criteria to ensure the airdrop reaches the right audience, including:

Early users: Using dApps on Starknet, having a minimum trading volume and ETH balance.
Community members: Actively participating in community programs, contributing to the development of project.
Developers: Contributing source code, building applications, improving the protocol.
StarkEx users: Using applications on StarkEx, StarkWare’s previous scaling platform.
EIP proposers: Proposing improvements to Ethereum (EIP – Ethereum Improvement Proposal).
ETH stakers: Participating in ETH staking, supporting the development of Ethereum.
GitHub developers: Actively contributing to open-source projects on GitHub.

Claiming STRK tokens

Users can check airdrop eligibility and claim STRK tokens on the official Starknet website.

Significance of the airdrop program

Fair Token distribution: The airdrop ensures STRK is widely distributed to the community, avoiding the concentration of power.
Attracting users: The airdrop encourages new users to join project, experience applications, and contribute to the ecosystem.
Enhancing brand recognition: The airdrop creates a buzz in the crypto community, helping Starknet gain wider recognition.

The STRK airdrop is a significant event, marking a new development step for Starknet. Owning STRK not only brings economic benefits but also allows users to participate in the governance and development of one of the most potential Layer-2 solutions today.

Development Roadmap and team

Starknet’s development Roadmap

The project is on a strong development path with a roadmap focused on the following key objectives:

Improving network performance: Optimizing infrastructure and core components to increase transaction processing speed and reduce latency. The goal is to provide a smooth and efficient user experience.
Reducing transaction fees: Continuing research and implementing solutions to minimize gas costs for users. This will make Starknet more attractive for applications requiring low costs.
Enhancing interoperability: Improving connectivity and interoperability with Ethereum and other blockchains. This will expand application possibilities and attract more users to the Starknet ecosystem.
Community development: Building and expanding the community of developers and users. Organizing events, workshops, and hackathons to attract talent and drive ecosystem growth.
Decentralization: Moving towards a decentralized governance model, empowering the community to participate in decision-making and Starknet development.

Some notable updates in the recent development roadmap:

EIP-4844 (Proto-danksharding) integration: EIP-4844 is an Ethereum upgrade aimed at reducing data storage costs. Integrating EIP-4844 will significantly reduce transaction fees and increase scalability for Starknet.
Launching the “Transactions fee market”: Allowing users to adjust gas fees to prioritize their transactions. This mechanism helps the network operate more efficiently during peak times.
Implementing volition mode: Providing users with choices regarding the level of security and transaction costs. Volition Mode helps optimize the user experience based on specific needs.

Development team

Starknet is developed by StarkWare Industries, a leading technology company with a team of experienced professionals in cryptography, blockchain, and computer science.

Key members

Eli Ben-Sasson: Co-founder and CEO of StarkWare. He is a renowned computer scientist with significant contributions to the field of Zero-Knowledge Proofs.
Oren Katz: COO of StarkWare. He has extensive experience in managing and developing technology products.
Avihu Levy: CPO of StarkWare. He is responsible for the product direction and development strategy of this layer-2 solution.

In addition, StarkWare brings together a team of talented and passionate engineers who contribute to the continuous development of project.

With a clear development roadmap and a team of experienced professionals, Starknet is gradually asserting its position as a leading Layer-2 solution, contributing to the growth of the Ethereum ecosystem.

Advantages of Starknet

Superior scalability: zk-STARK technology allows Starknet to process a large number of off-chain transactions without impacting performance. This helps it address the scalability challenge for Ethereum, enabling fast transaction speeds and the ability to meet the growing needs of users.
High security: zk-STARK is one of the most advanced zero-knowledge proof systems available today, providing a higher level of security compared to other technologies. This layer-2 solution inherits Ethereum’s security while being further enhanced by zk-STARK, protecting users from attacks and fraud.
Low transaction fees: Processing transactions off-chain significantly reduces gas costs for users. This makes Starknet an attractive platform for applications requiring many transactions, such as DeFi and GameFi.
Strong development team support: StarkWare Industries, the developer of project, has a team of experienced professionals in cryptography, blockchain, and computer science. This support ensures the sustainable development and continuous upgrades of it.
Growing ecosystem: Despite its young age, its ecosystem is growing rapidly with the emergence of many DeFi projects, NFTs, Gaming, and other applications. This growth shows Starknet’s huge potential in attracting
Transparency and censorship resistance: zk-STARK does not require an initial trusted setup, which increases the transparency and censorship resistance of the solution.

Disadvantages of Starknet

Cairo programming language is new and difficult to learn: Cairo is a relatively new programming language, requiring developers to have in-depth knowledge and invest time in learning. The Cairo developer community is still small, which can make it challenging to find support and documentation.
Limited ecosystem diversity: Compared to other Layer-2 solutions like Arbitrum and Optimism, the Starknet ecosystem is not yet diverse in terms of the number and types of projects. This can limit choices for users and developers.
Dependence on Sequencer: Currently, Starknet still relies on a centralized Sequencer to process transactions. Although StarkWare plans to decentralize the Sequencer in the future, this is still a point to consider in terms of security and censorship.
Compatibility: This solution is not compatible with EVM (Ethereum Virtual Machine), which can make it difficult to migrate existing applications on Ethereum to Starknet.

Starknet is a promising Layer-2 solution addressing the scalability challenge for Ethereum. With its advanced zk-STARK technology, flexible Cairo programming language, and growing ecosystem, it promises to be an essential platform for decentralized applications in the future.

The STRK token airdrop program is attracting community attention, creating momentum for ecosystem development. With a clear development roadmap and a strong team, Starknet has the potential to become one of the leading Layer-2 solutions.

Are you ready to explore the world of Starknet? Join Blockchain Global Network to learn more about the project and participate in the community today!