Starknet (STRK)

What is Starknet (STRK)?

Launched in February 2022, Starknet is an advanced Layer 2 scaling solution designed to enhance Ethereum network by providing increased transaction throughput and reduced gas costs addressing scalability issue.

It operate on top of Ethereum main chain inheriting security and decentralization of Ethereum while enabling faster and more affordable transactions. This makes it an attractive option for developers looking to scale their applications efficiently.

Starknet employs zero-knowledge rollups utilizing STARK (Scalable Transparent ARguments of Knowledge) technology. This method allows for batch processing of transactions off-chain before finalizing them on Ethereum blockchain.

Zero-knowledge rollups using STARKs provide a unique advantage as they do not require a trusted setup and can ensure data privacy and security at high computational efficiency levels.

Theoretically StarkNet aims to achieve 1 million TPS (transactions per second) positioning it as potential game-changer in blockchain scalability.

This level of throughput could vastly improve efficiency of decentralized applications and make blockchain technology feasible for high-volume industries like finance and social media where speed and cost have been major barriers to adoption.

Since 2021, Coin-Labs.com has partnered with Bybit and is few of the highest-ranking of affiliate program contracts.
Therefore, if you sign up for Bybit through the button above, you will get the most discounted fee benefit and participation in a bonus event offering up to $500.

The Origins of Starknet

Starknet was founded by StarkWare Industries Ltd founded in 2018 by a team of experts including Eli Ben-Sasson, Michael Riabzev, Uri Kolodny, and Alessandro Chiesa. The company focuses on developing scalability and privacy solutions for blockchains through innovative cryptographic technologies.

Since its inception StarkNet was able to raise significant funding across multiple rounds, securing over $160 million from various high-profile venture capital firms and over $12M from Ethereum.

This financial backing has enabled StarkNet to advance its technology significantly, focusing on scaling solutions that maintain security and integrity of blockchain while improving transaction speeds and reducing costs.

The support from investors not only underscores potential of StarkNet’s technology to transform blockchain landscape but also reflects strong confidence in its team’s ability to execute their vision.

Starknet’s Technological Foundation

STARK proofs are a form of zero-knowledge proof technology that enables verification of information without revealing information itself or requiring trusted third party. They are known for their scalability and transparency making them wellsuited for public blockchain environments like Ethereum.

While similar to zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) another form of zero-knowledge proof STARKs do not require trusted setup.

This absence of trusted setup means that STARKs eliminate need for an initial private information setup that could be a security risk if compromised. Additionally STARKs are potentially more quantum-resistant than zk-SNARKs offering further layer of future proofing against evolving computational capabilities.

Starknet’s Network Architecture

Roles of sequencers and provers in the Starknet ecosystem

In Starknet ecosystem sequencers play crucial role in aggregating and ordering transactions before they are batched into single proof. Sequencers collect transactions from users order them to prevent conflicts and prepare them for next stage of processing. This role is vital for maintaining efficiency and speed of network.

Provers, on the other hand are responsible for generating cryptographic proofs (STARK proofs) for transactions batched by sequencers. These proofs validate correctness of computations without revealing actual data or state of transactions.

Provers ensure that all transactions adhere to network’s rules and are computationally correct maintaining integrity and security of network.

Transactions on Starknet undergo several steps before finalization:

1. Transaction Submission: Users submit transaction to network.
2. Sequencing: Collect and order these transactions to prevent double-spending and ensure network consistency.
3. Proof Generation: Provers take sequenced transactions and generate a cryptographic proof specifically STARK proof that attests to validity of these transactions.
4. Proof Verification: This proof is then submitted to main Ethereum network for final verification and recording.

Starknet’s Integration with Ethereum

By batching multiple transactions into a single proof known as STARK proof Starknet enhances Ethereum’s scalability. This method drastically reduce data that needs to be processed and stored on Ethereum mainnet.

By batching transactions Starknet minimizes gas fees and network load associated with individual transaction verifications on Ethereum blockchain.

The interaction between Starknet and Ethereum’s network is facilitated by Verifier smart contract. This contract resides on Ethereum blockchain and is responsible for verifying STARK proofs submitted by Starknet.

Once proof is submitted the Verifier contract check its validity ensuring that all transactions within proof comply with Ethereum network rules and are free from errors or malicious activity. This step is crucial as it bridges Starknet’s Layer 2 scaling activities with the security and immutability of the Ethereum mainnet.

STRK Tokenomics

The STRK token serves as native cryptocurrency for Starknet ecosystem. It play crucial role in maintaining and operating network particularly in regards to transaction processing and network governance. STRK is used to pay for transaction fees within Starknet incentivizing validators and sequencers to process and secure transactions efficiently.

STRK currently has circulating supply of 728 million tokens representing about 7.28% of total supply. This controlled release into circulation is strategic supporting network’s long-term sustainability and stability.

As more tokens gradually enter market they can help maintain network and facilitate its operations ensuring that validators and sequencers are incentivized properly to secure and process transactions efficiently. This method of distribution ensures that the network remains robust and capable of handling increased demand and activity over time.

STRK Token Distribution

The total supply of STRK tokens is set at 10 billion STRK. This supply cap ensures a deflationary structure over time. The strategic distribution is designed to align the interests of stakeholders with the long-term success of the Starknet ecosystem.

Tokens allocated to shareholders, employees, and core contributors of StarkNet come with four-year lock-up period starting with a one-year cliff. This means that for the first year no tokens are released.

After first year STRK begin to be distributed linearly across remaining three years. This lock-up period is intended to align long-term interests of stakeholders with developmental and operational goals of Starknet.

Starknet’s Decentralization Proposal

Roadmap toward decentralization is focused on gradually reducing central point of control within network’s operation and governance.

This process is intended to enhance network resilience and distribute governance across broader set of participants which is crucial for achieving truly decentralized network.

Role of the StarkNet Foundation in token distribution and ecosystem support

The StarkNet Foundation play critical role in token distribution process ensuring that tokens are released according to predetermined schedule and conditions. Moreover foundation is instrumental in supporting ecosystem through funding development projects community initiatives and partnerships that drive the adoption and use of Starknet.

The foundation’s activities are crucial for maintaining health and growth of the ecosystem fostering supportive environment for developers, users, and other stakeholders.

How to Purchase STRK Tokens

In order to purchase STRK you should first choose have to choose an exchange where it is listed. While choosing exchange make sure it is reputable and offer secure transactions.

Almost all top-tier exchanges including Binance, Coinbase, Bybit, Kraken and many more support trading of STRK. Once you select an exchange you will need to sign up and create an account. During this process users undergo verification procedure often known as ‘Know Your Customer’ (KYC) which may require you to submit identification documents.

After account is verified you can deposit funds using methods supported by exchange such as bank transfer or credit card. When you are done with setting up account and depositing funds go to trading section and search for STRK and place your buy order either as a market order or limit order to buy at predetermined price.

Recommendations on storing and managing STRK tokens securely

For storing STRK it is recommended to use wallet that provide both security and accessibility. Hardware wallets such as Ledger or Trezor offer robust security by storing tokens offline.

For easier access and management software wallets compatible with StarkNet can be used but always ensure they support ERC-20 token standard. Remember to keep private keys secure and consider multi-factor authentication for added security of your wallet and funds.

Starknet’s Impact on Scalability

StarkNet addresses Ethereum scalability challenge by implementing zero-knowledge rollups particularly using STARK technology.

This method allow it to process transactions off-chain and then record them on Ethereum in batches significantly reducing load on main chain and lowering transaction costs while maintaining high security and data privacy.

Comparison with other Layer 2 solutions

Unlike many Layer 2 solutions that use Optimistic Rollups StarkNet use of STARK-based Zero-Knowledge Rollups does not require trusted setup and offers quantum resistance setting it apart from competitors.

This technology allow for more scalable and secure transaction processing compared to solutions like Optimism and Arbitrum which depend on different underlying technologies and security assumptions.

Starknet’s Developer Ecosystem

Blockchain offers range of tools and resources designed to facilitate developers in building and deploying dApps. This include comprehensive documentation developer tutorials and active community support forums.

The ecosystem is enriched with developer toolkits and APIs that integrate seamlessly with Ethereum making it easier for developers to migrate or build on StarkNet.

Cairo, the native smart contract language of Starknet provide powerful feature that enhance creation of secure and efficient smart contracts.

It is designed to work seamlessly with STARK proofs offering developers flexible and expressive programming environment that supports wider range of computational requirements than typical blockchain programming languages.

Engaging with Starknet

Individuals can engage with platform ecosystem by participating in community discussion contributing to open-source projects or developing applications on platform.

Developers are encouraged to explore Starknet capabilities and consider building dApps that leverage its scalability and security features. Additionally Starknet provide mechanism for community governance allowing token holders and active community members to participate in decision-making processes.

This includes proposal and voting on network upgrades and changes which help ensure that network evolve in alignment with community need and values.

Future Developments and Roadmap

Future developments in Starknet are expected to further enhance its scalability solutions integrate more advanced cryptographic techniques and expand utility of STRK within network.

Looking ahead in future StarkNet may consider transitioning to Proof of Stake (PoS) protocol, aligning with broader Ethereum network upgrades as rumors arise.

This would involve significant change in how transactions are validated and how network security is maintained potentially increasing efficiency and reducing network carbon footprint.

Conclusion

In the end I would say StarkNet as Layer 2 scaling solution using zero-knowledge proof particularly STARK technology plays a pivotal role in enhancing scalability and efficiency of Ethereum network.

By processing transaction off-chain and batching them into single proof for Ethereum main chain significantly reduces load and costs associated with transaction on Ethereum.

This approach not only accelerate speeds but also maintain high security and decentralization standards that are hallmarks of Ethereum.

I believe  Starknet is positioned to have profound impact on blockchain space. Its ability to scale efficiently while ensuring data privacy and security is expected to drive wider adoption especially among enterprises and decentralized application requiring high throughput.

As more developers utilize Starknet for scalability solutions it could become key player in broader adoption of blockchain potentially leading to new standards in how blockchain networks handle capacity and speed challenges.

We Coin-Labs.com provides only objective information about Starknet (STRK).
Therefore, we are not responsible for the investment decision in Starknet (STRK) and the resulting loss.

Starknet (STRK) Basics

Here are some factors that investors should consider before investing in Starknet (STRK).

Cryptocurrency Features	Starknet (STRK) ()
Publisher or Developers
Headquarters (Registration Number)
Symbol
Platform
Published Date (CMC Registration)	2024-10-02
Max Supply	958,691,258,152,859

Reliability Score of Starknet (STRK) in 2024

These are indexes mesuring the investment reliability of Starknet (STRK) conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 0 Exchanges
Number of Available Pairs Worldwide	1 Pairs
Market Cap of the Cryptocurrency	6,683,329 USD (Rank #1295)

The table above shows the result of investment suitability evaluation for Starknet (STRK).
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Starknet (STRK) Price

Here are the price and recent trading volume of Starknet (STRK). (Data of 2024-10-03 00:15:00)

Price Items	Price and Trading Volume of Starknet (STRK)
Starknet (STRK) Price	0.000 USD
Price Change 24h	-5.48%
Price Change 7d	-4.99%
Trading Volume 24h	11 USD
Trading Volume Change 24h	-82.47%

Cryptocurrency Metadata

You can check the development status and social media information of Starknet (STRK) through the links in the table below.

Metadata Source	URL
🌎 Official Website
📖 White Paper
🛰️ Source Code (GitHub)
🐦 Twitter
🤖 Reddit
🎺 Message Board

Where to Buy Starknet (STRK)

Here are the top ten world crypto exchanges where traders can buy Starknet (STRK) in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Not listed
Coinbase	Not listed
Kraken	Not listed
KuCoin	Not listed
Bitfinex	Not listed
OKX	Not listed
Huobi	Not listed
Bitstamp	Not listed
Bybit	Not listed
Gate.io	Not listed

Frequently Asked Questions