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StarkNet is a Layer 2 validity rollup on Ethereum using STARK proofs for scalability. It uses the Cairo language and offers native account abstraction.
StarkNet operates as a Layer 2 validity rollup over Ethereum, designed to provide massive scaling while maintaining the network's security [2]. It functions by producing STARK proofs off-chain and sending them on-chain, enabling fast transactions and low costs for users and developers [2]. The platform is currently live on Mainnet and utilizes the Cairo programming language for its smart contracts and operating system [2].
Key takeaways
StarkNet leverages the STARK cryptographic proof system to validate off-chain transactions, a method the project claims overcomes Ethereum’s scalability limitations [3]. This technology allows the network to process computations off-chain and roll them into a single proof submitted to Ethereum, minimizing the load on the main network [4]. Unlike some scaling solutions, StarkNet is not EVM compatible; instead, it uses the Cairo programming language to achieve maximum efficiency for STARK-based scaling [2]. The underlying STARK Prover technology has been battle-tested in production, having settled over 400 million transactions and over $1 trillion worth of trades on Ethereum Mainnet via the StarkEx engine [2].
The Starknet Foundation stewards the ecosystem's growth by providing tools, resources, and support to builders [1]. It supports developers through grants and programs aimed at increasing adoption and making the network accessible [1]. For specific application needs, developers can utilize Starknet Appchains, which are instances of the network that allow for custom configurations such as block size, latency, and fees [2]. Additionally, the network has introduced "Provisions," a program allowing users, builders, and Ethereum contributors to claim rewards for helping advance the ecosystem [2].
StarkNet aims to reduce gas consumption and enhance transaction speeds for decentralized applications, positioning itself as a significant component of the Ethereum ecosystem [4]. By offering Native Account Abstraction, the platform provides developers with the flexibility to customize user experiences and security beyond standard protocol constraints [3]. As the network continues to decentralize through permissionless sequencers and provers, it seeks to ensure censorship resistance and allow anyone to verify the chain with low hardware requirements [2].
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Starknet is a decentralized application platform built on top of the Ethereum blockchain, utilizing StarkWare's zero-knowledge proof technology to improve scalability.
StarkWare has raised a total of $163 million in funding.
The current valuation of StarkWare is $8 billion as of May 2022.
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The purpose of Starknet is to allow developers to build scalable and secure decentralized applications.
StarkWare's zero-knowledge proof technology is a type of non-interactive zero-knowledge proof that compresses information to address the scalability problem of the blockchain.