StarkNet

StarkNet is a permisisonless Layer 2 network that leverages the Validity-Rollup (ZK-Rollup) protocol with the intent of introducing scalability without having to address any issues of security. It operates off-chain and performs transactions more quickly and at less expense than on the Ethereum main chain. This approach uses STARK (Scalable Transparent Argument of Knowledge) proofs to guarantee the computational purity as well as scalability of the P2P network.

Project Goals and Objectives

StarkNet is a hopeful for solving the problems of scalability and security by adopting STARK technology for building dApps. They include supporting high throughput low cost transactions and to ensure the platform’s composability and security remains intact. Through this project it will be possible to give developers the tools they need to create sophisticated dApps in a relatively easy way, consolidating an ecosystem for the development of a great number of applications and services.

Tokenomics

STRK is used in the operation of the StarkNet network and is considered to be the native token of the network. StarkNet Foundation will mint 10 billion STRK tokens at launch and will control 50.1% of this supply, which would be used to further the development of the network. STRK is employed for staking and rewarding StarkNet participants who participate in governance and will be validating the network’s functionality.

ICO Information

Currently, the information about Initial Coin Offering is not disclosed to the public and hence, officially, there is no ICO of StarkNet. The project is mainly aimed at development and ecosystem expansion, which have covered many topics with strategic partners and communities. Concerning the latest developments in funding and token distribution, it is wiser to turn to the information provided by the Starknet Foundation.

Technology Features

StarkNet relies on STARK proofs to provide scalability and security in its smart contract platform. It also uses its own programming language Cairo for writing smart contracts and empowers developers to code business logics. Some of the features are backed by the network such as Native Account Abstraction to enhance account management for superior user experiences. Through the design of StarkNet, scaled dApps can be provided while at the same time adhering to all of Ethereum’s composability and security guarantees.

Team and Leadership

Starknet Foundation finally provided a CEO for itself in June 2023 as it hired Diego Oliva as the first CEO of the foundation. Oliva has the experience from the Facebook company where he worked as a regional director for Europe, the Middle East, and Africa region. He has also been a co-founder and chief executive at Glue Home, an IoT startup, and as a member of the board of Just Eat. His leadership is expected to propel the growth of StarkNet ecosystem and network, and generally coordinate the decentralization of the same.

Roadmap

The timeline has a few biggest goals that relate to scalability, performance, and usability of StarkNet. Some major updates filed under this category are incorporation of STRK, staking, stateful compression and an improved mempool. Subsequent versions, including 0.14.0, expect further calibrations in the network including 2-second blocks, new fee market, and distributed sequencer. Some of these continuous improvement works will assist in placing StarkNet as one of Ethereum’s leading scalability solutions.