What is Starknet?
Starknet is a next-gen Layer 2 network that works as a Validity-Rollup, or zk-rollup, on Ethereum. Created by StarkWare Industries, a blockchain company from Israel, Starknet aims to fix Ethereum's scaling problems. Ethereum struggles with balancing security, decentralization, and scalability. Starknet steps in to help dApps grow without losing security.
Fully launched in February 2022, Starknet is a permissionless Layer 2 network, meaning anyone can build on it. It bundles many transactions into an off-chain STARK proof, which is then verified on-chain. This method boosts throughput, speeds up processing, and cuts transaction costs. StarkWare, the brains behind Starknet, has raised $261 million and was valued at $8 billion in a Series D funding round in May 2022.
How Starknet Works
Starknet uses a special proof system called zk-STARK, short for zero-knowledge scalable transparent argument of knowledge. This tech is key to verifying transactions without exposing private data, boosting privacy and security.
The zk-STARK system works by creating proofs that the Ethereum Mainnet can quickly verify. It has two main parts: the Starknet Sequencer and the Starknet Prover. The Sequencer groups multiple transactions into one batch, while the Prover makes a STARK proof for the whole batch. This proof is then posted on the Ethereum blockchain for transparent and secure verification.
By moving transaction processing off the Ethereum Mainnet but keeping a summary of transactions on-chain, Starknet effectively tackles Ethereum's scalability issues. This results in higher throughput and lower costs, making it a solid choice for scaling decentralized apps.
Components of Starknet
Starknet's magic happens thanks to two main players: the Sequencer and the Prover. These two are like the dynamic duo, ensuring everything runs smoothly and securely.
Starknet Sequencer
Think of the Starknet Sequencer as the traffic cop of transactions. It handles the validation and execution of transactions, grouping them together for a smoother ride. Unlike Ethereum nodes, the Sequencer can juggle way more transactions per second, making Starknet a speedster in the world of decentralized apps.
The Sequencer makes sure transactions get processed quickly and proposes new blocks to add to the chain. It's the backbone of the network's efficiency and reliability.
Starknet Prover
Now, the Starknet Prover is the brainiac of the operation. It ensures every transaction is mathematically legit by generating a STARK proof. This proof is like a detailed receipt of every step taken during transaction execution, creating an Execution Trace and noting changes in the system's state, known as the State Diff.
The STARK proof and State Diff get sent to Ethereum, where the Verifier and Starknet Core smart contracts take over. The Verifier checks the proof, tossing out any dodgy data, while the Core contract confirms the proof's authenticity and updates Starknet's state on Ethereum.
By providing a rock-solid mathematical guarantee of transaction validity, the Prover keeps the network secure and trustworthy. It's crucial for maintaining transparency and trust within Starknet.
In a nutshell, the Starknet Sequencer and Prover team up to supercharge the network's scalability, security, and efficiency, making it a powerhouse for decentralized applications.
Starknet Token (STRK)
What's STRK All About?
Starknet, a permissionless Layer 2 network running as a zk-rollup on Ethereum, is gearing up to launch its native token, STRK. Deployed on Ethereum in November 2022 and STRK has a total supply of ten billion tokens.
What Can You Do with STRK?
STRK isn't just another token; it's the lifeblood of the Starknet network. Here's what you can do with it:
- Pay for Transactions: Use STRK to cover transaction fees on Starknet. This keeps things running smoothly and securely.
- Have a Say: Hold STRK and you get to vote on proposals and decisions that shape Starknet's future.
- Stake and Earn: Stake your STRK tokens to help secure the network and earn some rewards while you're at it.
The launch of STRK is a big deal for Starknet, giving users and developers a solid way to interact with the network. As Starknet grows, STRK will be right there, playing a key role in its success.
