What is StarkNet? StarkNet an L2 solution built and developed on Ethereum. StarkNet uses Zk Rollup technology, allowing any dApp to operate and scale indefinitely without affecting the composability and security of Ethereum. So how will StarkNet work? What products will the project have? Join the Weakhand team to find out below in this article!
To understand more about StarkNet, people can read the following articles:
- Crypto Panorama 101 | Episode 3: What is Ethereum?
- What is Zk Rollup? Zk Rollup Solution Overview
- April StarkNet Ecosystem Update: Exploding with many exciting events
StarkNet Overview
What is StarkNet?
StarkNet is an L2 solution using Zk Rollup technology built and developed on Ethereum. StarkNet allows dApps to operate, operate, and expand indefinitely without affecting the composability of Ethereum and also enjoys additional security.
StarkNet contracts and operating systems are written in the Cairo programming language – supporting deployment and scaling of any use case and are not limited by any business logic.
Mechanism of action
The operating mechanism of Optimism will basically take place as follows:
- Step 1: Squencer is responsible for arranging transactions on StarkNet for a certain period of time into 1 block in addition to verifying the correctness of the transaction.
- Step 2: At the same time, Provers are responsible for creating transaction proof for all transactions included in a block by Squencer.
- Step 3: After successfully packaging the transaction into a block, this block will be sent to Ethereum.
- Step 4: At Ethereum, the network’s Validators will verify transaction evidence in the block instead of rechecking all transactions.
- Step 5: Successful verification of the block being included in the Ethereum main chain.
The difference with StarkNet is that the technology used is zkRollup and mainly ZK Proof evidence. This has created important features for the StarkNet network such as:
- Low transaction costs: StarkNet’s transaction costs are significantly lower than Ethereum. With upcoming upgrades and enhancements such as Volition and the implementation of EIP 4844, these transaction fees are expected to decrease even further.
- Developer-friendly platform: StarkNet provides an environment that allows developers to build decentralized applications using STARK and the Cairo programming language.
- High throughput and low latency: Upcoming Starknet releases aim to increase network throughput, reduce transaction latency, and reduce transaction costs.
StarkNet products
StarkNet built by StarkWare is an ecosystem of diverse products including:
- StarkEx: Is a scalable solution powered by Validium and zkRollup technology, providing high throughput, low gas fees, Ethereum-level security, self-management and fast integration. In fact, StarkEx belongs to StarkWare’s ecosystem.
- Cairo: The language allows programmers to scale and deploy dApps or smart contracts in any field. All protocols or dApps built on StarkNet will use Cairo.
- StarkGate: Lis an Ethereum – Starknet token bridge developed by StarkWare. Each supported token is linked to an L1 and L2 bridge contract that is communicating via Starknet’s messaging mechanism.
- SHARP: SHARP is a system that allows collecting a set of (different) Cairo Programs to create a proof for all of them, then putting this proof on Ethereum to have it verified by a STARK verifier, reducing gas fees of the transaction.
Development Roadmap
Above is StarkNet’s development roadmap in 2023:
- Q2/2023: Improved throughput and latency.
- Q3/2023: Reduce transaction costs.
- Q4/2023: Fee market, shortening blocks.
- Q4/2023: Improve block creation time to increase transaction speed.
During the development phase, StarkNet has had many updates such as:
- December 21, 2021: StarkNet introduces the next extended version StarkNet Layer 3. To better understand StarkNet Layer 3, people can refer to the article What is StarkNet L3? StarkNet L3 Models & Differences.
- January 23, 2023: To realize the Layer 3 vision StarkNet introduced the StarkNet Stack. To understand more about StarkNet StarkNet, people can refer to the article What is Starknet Stack? Tools to help Starknet compete fairly with other Layer 2s.
Core Team
Eli Ben-Sasson – Co Founder & President & Chairman of the Board
- 1993 – 2001: Eli Ben-Sasson majored in Doctor of Philosophy and computer science at the Hebrew University of Jerusalem.
- 2001 – 2005: Eli Ben-Sasson worked at the Massachusetts Institute of Technology (MIT) as a Researcher.
- 2010 – 2018: Eli Ben-Sasson started working at Technion – Israel Institute of Technology as Associate Professor of Technology and then in 2015 was promoted to professor here.
- October 2016 to present: Eli Ben-Sasson is Founding Scientist at Electric Coin Company.
- March 2018 to present: Eli Ben-Sasson and his colleagues founded StarkNetWare.
Uri Kolodny – Co Founder & CEO
- 1993 – 1996: Uri Kolodny also studied at the Hebrew University of Jerusalem, majoring in computer science.
- 1998 – 2000: Uri Kolodny continued studying at MIT Sloan School of Management.
- 2000 – 2006: Uri Kolodny and his colleagues founded OmniGuide, an MIT spin-off that produces the OmniGuide fiber, the world’s most precise optical laser scalpel, for minimally invasive surgery.
- 2006 -2007: Uri Kolodny was Co Founder & CEO of Timna, Timna developed an ultrasound-based therapy product for the cardiovascular market.
- 2009 – 2017: Uri Kolodny was also Co Founder & CEO of Mondria Technology Company Limited, a company developing a functional declarative programming language for data visualization.
- 2014 – 2022: Uri Kolodny is an Angel Investor at Newmetrix.
- September 2022: Uri Kolodny is a member of the Board of Directors at StarkNet Foundation.
- September 2022 to present: Uri Kolodny is Angel Investor at Anthro.
- November 2018 to present: Uri Kolodny is Advisor & Angel Investor at Certora.
- November 2017 to present: Uri Kolodny is Co Founder & CEO at StarkNetWare.
Michael Riabzev: Co-Founder
- Michael holds a PhD in Computer Science from the Technion Israel Institute of Technology.
- Michael has 14 years of software development experience at Intel and IBM. Michael has worked on hardware acceleration, cryptographic algorithms, GPGPU, SDN,…
- Michael has 14 years of software development experience, including at Intel and IBM research labs.
Alessandro Chiesa: Co-Founder and Chief Scientist
- Alessandro is a lecturer in the Department of Computer Science at UC Berkeley
- Co-inventor of the Zerocash protocol and author of Libsnark – the leading open source library for Succinct Zero Knowledge Proofs.
- Alessandro received his MSc in Computer Science and Mathematics and his PhD in Computer Science from MIT.
- Co Founder of Zcash.
Investor
StarkWare has successfully raised $282.5M through 7 funding rounds, valued at $8 from 33 investors.
- January 31, 2018: StarkWare successfully raised $6M in Seed Round from 11 investors.
- July 16, 2018: StarkWare successfully raised $12M in Funding round from Ethereum Foundation.
- October 28, 2018: StarkWare successfully called for $30M in Series A round from 18 investors, led by Paradigm and Sequoia Capital.
- March 24, 2021: StarkWare successfully called for $75M in Series B round from 8 investors, led by Paradigm.
- November 16, 2021: StarkWare successfully raised $50M in Series C round from 4 investors, led by Sequoia Capital.
- May 25, 2022: StarkWare successfully raised $100M in Series D round from 4 investors, led by Alameda Research, Coatue, Greenoaks.
- July 1, 2022: StarkNet successfully raised $9M in Funding Round from Alameda Research.
Tokenomics
Overview information about StarkNet tokens
There is currently no general information about the STRK token, the Weakhand team will add it when information is available.
Token allocation
- StarkWare Investors: 17%
- Core Contributors: 32.9%
- Community Provisions: 9%
- Community Rebates: 9%
- Research and Development: 12%
- A Strategic Reserve: 10%
- Donations: 2%
- Unallocated: 8.1%
Token Use Case
The STRK token will later be used for the following purposes:
- Used to pay transaction fees.
- Used to participate in project management.
- To stake.
Exchanges
Currently, the STRK token is not listed on any exchange, so everyone needs to pay attention.
Project Information Channel
- Website: https://www.starknet.io/en
- Discord: https://discord.com/invite/qypnmzkhbc
- Twitter: https://twitter.com/Starknet
- Youtube:
Summary
Above is information about the StarkNet project that the Weakhand team learned. The project is an L2 solution using Zk Rollup technology built and developed on Ethereum, allowing any dApp to operate and scale unlimitedly without affecting composability. and Ethereum’s security. The project raised a huge capital of $273M and was valued at $8B. This is also a good project for you to do Retroactive. The project is developing very strongly, please stay tuned for more!