What is Starknet (STRK)?

StarkNet is a super smart way to make blockchain networks, especially Ethereum, much better. It helps them handle lots of transactions without getting too slow or expensive. 

It does this by using something called Zero-Knowledge Rollups, which lets it do thousands of transactions off the main blockchain before putting them all together into one big transaction. This saves a lot of money and keeps the network running smoothly, making it easier for everyone to use blockchain apps.

StarkNet, a decentralized Validity-Rollup (also called a "ZK-Rollup"), functions as an L2 network atop Ethereum. This setup allows any decentralized application (dApp) to expand its computational capacity limitlessly while maintaining the composability and security of Ethereum. 

StarkNet achieves this

through its utilization of the STARK cryptographic proof system, renowned for its safety and scalability. Contracts and the operating system (OS) within StarkNet are coded in Cairo, facilitating the deployment and scaling of diverse use cases, regardless of their business logic.

What is STRK Token?

The introduction of the StarkNet Token (STRK) through the StarkNet Provisions Program signifies a significant step in StarkNet's journey towards decentralization. With an initial distribution of over 700 million STRK tokens to nearly 1.3 million addresses, this program is part of a larger initiative to allocate 1.8 billion STRK (18% of the total supply) to the community. 

This widespread allocation underscores StarkNet's dedication to involving its diverse user base, which includes developers, users, and contributors from various sectors, in the governance and operation of the network.

STRK serves as a payment method for transaction fees on the StarkNet network. This feature allows users to select between paying fees in STRK or ETH, providing flexibility and potentially reducing costs for network interactions. By integrating STRK as a fee payment option, StarkNet aims to enhance user experience and promote broader adoption of its platform.

What is the history behind Starknet?

Starknet emerged from the collaboration of Eli Ben-Sasson and Uri Kolodny, aimed at addressing Ethereum's scalability limitations. Drawing on insights from various blockchain and mathematics experts, they developed STARK, a cryptographic proof offering significant scaling potential. Initially, STARK was exclusively available as a paid solution for corporate clients. However, the team later opted to introduce a permissionless variant to enhance accessibility.

In 2021, they introduced Starknet as a user-friendly iteration of their technology, enabling anyone to experiment with and understand STARK. Presently overseen by a board of seven directors, Starknet's team comprises professors specializing in mathematics and science, alongside individuals with experience in prominent crypto projects like Zcash and Nethermind.

What is the working mechanism of Starknet?

Starknet functions as a Layer 2 blockchain solution built upon Ethereum, enhancing Ethereum's scalability through zero-knowledge rollup technology. Utilizing zero-knowledge proofs, Starknet can validate transaction integrity on Ethereum without the need for excessive metadata and proofing steps. These proofs are consolidated into a single "rollup" block, enhancing efficiency.

To ensure a secure and efficient system, Starknet incorporates the following features:

• STARK Technology: Starknet employs STARK cryptographic proofs to verify transactions, relying on polylogarithmic verification for security and compactness. This approach enables Starknet to swiftly process crucial transactions while maintaining high-security standards.

• Starknet Sequencer: Acting as an organizer for transactions, the Starknet sequencer initially validates transactions from the mempool and executes them to ensure Ethereum compatibility. Transactions that pass through the sequencer are fully recognized on Starknet's Layer 2 chain.

• Starknet Prover: Leveraging STARK technology, the Starknet Prover converts sequencer proofs into valid blocks. Transaction proofs are consolidated into a rollup, and the Prover facilitates verification transfer to the Layer 1 chain.

What are the main features of Starknet?

Starknet offers a range of services beyond facilitating transactions on the Ethereum blockchain. Here's a breakdown:

• DApps Support: Developers creating DApps on Starknet receive assistance and promotion. These DApps cover various areas like NFTs, gaming, DAOs, and DeFi. Engaging with these applications can qualify you for the Early Community Member Program, offering extra rewards.

• Wallet Compatibility: Starknet supports multiple wallets tailored for seamless interaction with the blockchain. These wallets come with integrated Starknet features, enabling automatic fee payments and asset transfers within the system.

• StarkGate: Acting as a bridge between Starknet and Ethereum, StarkGate facilitates the transfer of ETH and ERC-20 tokens between the two ecosystems. This integration simplifies project development on Starknet and access to Ethereum functionalities.

• Bridges & Onramps: While primarily Ethereum-compatible, Starknet aims to expand its compatibility with other chains in the future. Various bridges on Starknet facilitate cross-chain communication, allowing token transfers between different blockchain systems.

• Block Explorers, Indexers, and Enhanced API: Starknet offers enhanced APIs for developers to explore transactions and understand the core infrastructure. These tools provide valuable insights for developers and investors alike.

• Full Nodes and RPC Services: Individuals interested in supporting Starknet Foundation can run a node, contributing to the blockchain ecosystem while enjoying financial benefits.

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