What is the StarkNet: Ethereum's New Concept Explained
Millions of people are tapping into the Ethereum network monthly to get into blockchain games, access the Defi ecosystem, and engage in transactions directly with one another. However, Ethereum’s explosive growth comes with scalability challenges. Luckily, L2 solutions have emerged to tackle Ethereum’s scaling problems. Keep reading to find out more about StarkNet– one of the most effective solutions out there.
Table of Contents
What Is StarkNet?
StarkNet is a permissionless decentralized Validity-Rollup that relies on zero-knowledge technology to bundle masses of transactions quickly and cheaply on the Ethereum blockchain. Zero-knowledge is a form of cryptography that can show that something is true, not requiring any additional private information. The idea is that StarkNet produces a proofs system called STARK off-chain and then verifies them on-chain.
Why Choose StarkNet?
StarkWare, an Israeli firm that has built Starknet, has raised $273 million in funding. To find out how Starknet is getting buzz, let’s discuss the main factors that make it stand out from other Layer2 solutions out there. So, as we have already noticed, Starknet is powered by zero-knowledge technology (ZK in crypto speak). The technology provides users with faster transactions and computations than any other solution. A competing technology Optimistic rollups, for instance, requires a long proof challenge period– minimum 1 week, better 2.
Moreover, StarkNet promises to reduce transaction costs 100 times without compromising Ethereum’s composability and security. As a Layer2 solution, StarkNet processes big batches of transactions off-chain and then writes the data of those transactions on the Ethereum blockchain.
And finally, the StarkNet L2 solution provides users with a fully composable experience with general smart contracts. This means that dAaps deployed on StarkNet can communicate and work with each other.
The Difference Between StarkNet and Cairo
Cairo is the first Turning-complete programming language that scales decentralized applications utilizing STARK(succinct non-interactive argument of knowledge). This StarkNet’s native language is stateless, so users don’t have native access to storage. Likewise, users have native access neither to other Cairo programs nor to the Layer1 state.
StarkNet VM, on the other hand, provides smart contracts with a persistent state to access and modify. It enables smart contracts to interact with other contracts and store variables. Users write and deploy smart contracts in the StarkNet operating system (Cairo is the programming language users utilize to write those smart contracts).
What Is The Difference Between StarkNet And Starkex?
Starkex is a permissioned Layer2 scalability engine– StarkWare’s another product built to address the specific needs of apps. It uses STARK-proof technology to make available massive scaling.
StarkNet is a permissionless, general-purpose network that relies on ZK technology. In StarkNet users can write their own smart contracts, communicate with other contracts, and many more, just like Ethereum.
StarkNet, a decentralized permissionless STARK-powered Layer2 Rollup built by StarkWare, has emerged to change Ethereum’s landscape for the better. Currently, depending on the complexity of transactions, users have to pay more for gas costs. So, StarkNet promises users to transact at little to no cost while maintaining all the safety measures of Ethereum Blockchain. Let’s discuss the main point once more to make sure you are ready to make your Ethereum experience cheaper, more secure and more quickly:
- Starknet is powered by zero-knowledge technology that provides users with faster transactions and computations than any other solution.
- Zero-knowledge is a form of cryptography that can show that something is true, not requiring any additional private information.
- It processes big batches of transactions off-chain and then writes the data of those transactions on the Ethereum Mainnet.
- Starknet has a great potential to provide users with “100x lower transaction fees” without compromising Ethereum’s composability and security
- StarkNet supports general computation based on the first Turning-complete programming language Cairo which scales decentralized applications utilizing STARK.
Of course, no one can surely state, that StarkNet can enable users to avoid skyrocketing costs of transactions once and for all. But one thing we are sure of: StarkWare is moving its products in that direction.