What is cryptocurrency and blockchain Starknet?
L2-network Starknet is being developed by the Israeli company Starkware Industries, established in 2018. Among the founders of the project are the famous cryptographer Eli Ben-Sasson, professor at the University of Technion and co-author of Stark technology, who also previously participated in the creation of anonymous cryptocurrency ZSSASH. Mikhail Ryabtsev (co-author of ZK-Stark), Uri Kolodny and Alessandro Keshz (co-founder Zcash) are also widely known in the crypto community.
From January 2018 to May 2022, several rounds of financing passed, at which the companies managed to collect a total of $ 273 million.
The first commercial use of ZK-Stark technology was Starkex in June 2020. This is a local scaling solution to Ethereum as part of specific decentralized applications that are already successfully used by Dydx, Rhino, Sorare and Immutable platforms.
The next stage in the development of the project was the launch of the alpha version of the main Starknet network at the end of 2022.
It is assumed that in the future the Starkex platform will become the “third level” of the project, deployed on top of Starknet for specific Defi protocols to simplify and reduce the cost of their use.
How works and how the Starknet network works?
Starknet is not requiring ZK-Rollup resolutions, in which smart contracts are written in its own Cairo programming language.
How to start using Starknet?
Although the Starknet network is still in a state of alpha version, it is publicly available for users. To start working in it and use launched Defi applications, you need:
- install the Argent X wallet in the form of an expansion of the browser and register in it;
- Open the StarkGate cross-bridge and translate ETH from Ethereum or one of the available L2 networks (Optimism, Arbitrum, and T.P.) – this requires simultaneous connection of the AGENT X and METAMASK wallets;
- Connect Agent X https://gagarin.news/news/us-national-network-of-prosecutors-to-fight-crypto-crimes/ to any of the available Defi or NFT applications and make transactions there, confirming them in the wallet and paying for the commission in ETH.
What are the prospects of Starknet?
As of October 2022, 3-6 million transactions per week are processed on the Starknet network, which is an indicator of high user activity.
By the end of 2022, Starkware plans to take steps towards Starknet decentralization: software for launching sequences and checking transactions will become publicly available. It is assumed that financial incentives will be launched for evidence, sequences and operators of full nodes that will begin to receive part of transaction commissions.
Also, after launching the STRK token, coordination and control mechanisms will be developed by Tao.