Starknet is a permissionless, zero-knowledge, validity-rollup blockchain that has been created on Ethereum. The Layer 2 blockchain has its own unique tools that enable dApps developers on Ethereum to scale their operations without compromising their security or other features. Additionally, it has a STRK coin that works as the native token for governance, staking, and the purchase of services within the network.
The project has received positive feedback from different industry players for its transparency, the uniqueness of the solutions, and its objects. STRK coin is also available on various cryptocurrency exchanges.
A Bit About Starknet
Starknet can be described as a zero-knowledge roll-up blockchain on Ethereum. It is essentially a layer 2 blockchain that has been created to work with other dApps created on the Ethereum network. Therefore, it is a utility tool for dApps on Ethereum that helps them do more without compromising the blockchain's security and composability.
Being a layer 2 blockchain, it operates its cryptographic proof system while still enjoying all the features that are set on the parent blockchain. Therefore, it is able to improve some issues dApps developers face when using Ethereum without moving them away from the parent network. On the other hand, the STARK token enables users of this blockchain to purchase, make transactions, and pay for the services they get within the network.
Starknet stands for scaling, enhancing output, and usage. It was built to remove the limits most dApps developers on Ethereum faced while trying to get more usage for their solutions. The team behind the formation of the solution is made up of professionals in the dApps and cryptographic disciplines. It also gives developers out there a chance to improve their performance with a set of tools.
There is also a Starknet Foundation in place to manage the development of the solution and coordinate with developers who wish to improve the delivery of the solution. All improvements, once accepted, are added to the blockchain to improve its performance.
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Starknet is a permissionless validity roll-up cryptographic solution built on Ethereum. It is a blockchain on its own, different from most of the dApps built on the network, but at the same time, it works with them smoothly. To make this possible, its contracts as well as the operating system are built on a custom-built programming language called Cairo. However, it works with dApps built on Python and is working towards working with Rust.
Starknet uses the STARK proof system (Scalable Transparent Argument of Knowledge), which enables speedy verification of computation data to ensure that it is correct and accurate in a trustless manner. Its cryptography provides polylogarithmic resources for verification without applying additional tools that may consume additional time.
On the other hand, STARK was created by Starkware Technologies to enable transactions within the blockchain. It uses the same trustless system for verification without requiring additional tools on Ethereum. There is also a bridge to enable transactions with the Ethereum blockchain.
Utility of Starknet?
STRK is used for governance in the Starknet network. Coin owners get a chance to participate in the decisions made within the blockchain to ensure that they do not deviate from the ultimate goal. Second, the coin is used in the staking process, especially where voting is taking place. Apart from this, it is used for the purchase of services and the payment of transaction fees.
The Starknet solution is used by dApps developers on Ethereum to scale up their transactions without being throttled. It is popular with developers who wish to have dApps that have a huge capacity to serve large markets.
There are several benefits that come with owning STRK. First, the coin holders enjoy a very low fee for transactions compared with what they would pay for similar transactions on Ethereum. Second, it enables them to use Starknet resources to scale up their operations with ease. There are several tools on this blockchain that can be utilized with the use of the token.
Third, STRK owners enjoy the industry-leading security features and resources offered by Ethereum. They are able to build dApps on Ethereum and scale them on Starknet. The blockchain also gives them the ability to transfer resources from Ethereum and pay just a fraction of the entire cost.
Starknet Price details
ETH Contract address: 0xCa14007Eff0dB1f8135f4C25B34De49AB0d42766
›› Details & Tokenomics
Advantages of Starknet
+ STRK has low transaction costs compared to Ethereum+ The trustless system makes it easy to scale operations without compromising security
+ Starknet allows the transfer of resources from its blockchain to Ethereum
+ Starknet works with all dApps on Ethereum that meet its compatibility requirements
+ STRK coin has been doing well on the cryptographic market
Disadvantages
- STRK is a niche coin that is relevant to dApp developers- There has not been a huge uptake of the coin compared to the leading ones
- Starknet is bogged down by cost issues on Ethereum
- It does not support dApps on other blockchains
- Starknet is still polishing its solutions
Costs
▪ Rated at 9/10There is a small charge that comes with transacting with the STRK token. The cost varies with the congestion in the network, as is the case with Ethereum. However, the general costs are usually less than 0.001% of the amount transacted on the network. Note that if you use the bridge to transfer resources to and from the Ethereum blockchain, you will be charged a higher gas fee. Besides, there is a limit to the gas fee you can pay based on the amount of resources you wish to move when rolling up your app.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9/10
The source from Starkware Technologies has received positive feedback from the cryptographic world. There are several reasons for this. First, the blockchain is based on Ethereum, one of the most trusted networks in the cryptographic world. Therefore, it is believed to be secure.
Second, Starknet offers a solution for dApps developers who wish to scale on Ethereum but are limited by the security features put in place. Many of them welcomed a solution that would remove these limits without exposing them to new security challenges.
Third, the development process of this solution has been transparent. This has enhanced trust among different players in the dApps marketplace.
FAQ
Where can I buy STRK coins?
You can buy STRK from several leading cryptocurrency exchanges, such as Binance, LBank, OKX, Bitget, and Toobit. Like all other coins on these exchanges, you can trade it with other coins and buy more with fiat payment methods.
Can I transfer resources from Ethereum to this blockchain?
Yes, it is possible. You need to have both Starknet and Ethereum-compatible wallets. Then use the StarkGate Bridge to connect both wallets. Once the wallets are connected, you can deposit coins from either wallet and transfer them to the other one. However, note that there are gas fees for these transactions.
History of Starknet
March 2018 - Starkware Technologies is formed to offer solutions on Ethereum
August 2018 - An L2 blockchain development starts by Starkware Technologies
August 2021 - The coin is launched
March 2022 - Starknet starts receiving funding to create a rollup solution for dApps providers.
February 2024 – Starkware Technologies gets partners to create a Starknet scalability solution on Ethereum. This led to the launch of STRK.
Screenshots from Starknet
More sites where to buy/sell/trade Starknet
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
Remember to never risk money that you can not afford to loose. Crypto currencies is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
Starknet details and tokenomics
