Starknet
Starknet is a decentralized, scalable, and secure ZK rollup solution.
Starknet is a Layer 2 (L2) scaling solution for the Ethereum network created by the StarkWare team. It addresses the scalability challenges of Ethereum by enabling faster and cheaper transactions compared to the mainnet.
While Starknet is often referred to as a “zero-knowledge” (ZK) rollup, its builders prefer the term “validity rollup.” This avoids the confusion associated with the ZK phrasing, which can misleadingly imply that privacy features are a necessary component.
In reality, the primary goal of this genre of L2 is enforcing the validity of transactions, not necessarily their privacy.
Key takeaways
- Starknet employs its own specialized virtual machine, the Cairo VM, instead of the Ethereum Virtual Machine (EVM), showcasing the flexible design space available to L2s.
- Starknet’s use of advanced cryptographic proofs known as STARKs ensures high security and low transaction costs.
- The L2 also offers native support for account abstraction (AA), which provides various streamlined functionalities for developers and users alike.
What is Starknet?
When a transaction is initiated on Starknet, it is first received by the sequencer, a key component responsible for collecting and ordering transactions.
The sequencer then processes these transactions off-chain, creating a batch of transactions that are then executed together. The results of these executions are aggregated into a single proof.
This proof is generated by the prover, another critical component of Starknet. The prover uses the Cairo programming language to generate STARK proofs, which are then submitted to the Ethereum mainnet for verification.
How does Starknet work?
Starknet stands out due to its unique combination of scalability, security, and developer flexibility.
By leveraging STARK proofs, Starknet ensures the highest level of security while significantly reducing transaction costs. Its native support for account abstraction and customizable appchains further enhances its appeal, offering developers the tools they need to build sophisticated, scalable apps.
Why Starknet?
The Starknet app ecosystem is currently comprised of over 120 unique projects.
How to invest in Starknet?
The native token of Starknet is STRK. At the time of this guide’s latest update, STRK was trading around $0.60 per token with a market capitalization of approximately $780 million.
Top Starknet projects
- AVNU – a decentralized exchange catering to Starknet
- Argent – a popular Starknet wallet
- Cartridge – builders of the Starknet onchain game engine Dojo
- Influence – a fully onchain space strategy game
- Layerswap – a fast bridge that supports Starknet
- Realms.World – an onchain gaming ecosystem
More about Starknet
Bankless Starknet Profile
Hunt Airdrops on Starknet
Conclusion
Starknet is a powerful scaling solution for the Ethereum network that addresses the scalability challenges of the mainnet. With its unique combination of scalability, security, and developer flexibility, Starknet offers a promising solution for the development of decentralized applications.
FAQs
Q: What is Starknet?
A: Starknet is a decentralized, scalable, and secure ZK rollup solution.
Q: How does Starknet work?
A: Starknet aggregates numerous transactions off-chain and posts condensed batches to Ethereum using validity proofs.
Q: Why should I invest in Starknet?
A: Starknet offers a promising solution for the development of decentralized applications, with a growing ecosystem of over 120 unique projects.
Q: How do I invest in Starknet?
A: The native token of Starknet is STRK, which can be purchased or sold on various cryptocurrency exchanges.
Q: What are some of the top Starknet projects?
A: Some of the top Starknet projects include AVNU, Argent, Cartridge, Influence, Layerswap, and Realms.World.
