What is Starknet (STRK)? Information, History and Analysis

Starknet (STRK) is a layer 2 blockchain platform developed by StarkWare. With advanced STARKs technology, Starknet promises significant improvements for the blockchain industry.

In this article, AZCoin will help you learn about Starknet and all the relevant information regarding this project!

What is Starknet (STRK)?

StarkNet is a Layer 2 scaling solution for Ethereum, developed to enhance scalability, security, and performance for decentralized applications (dApps). Utilizing zk-Rollups technology, StarkNet performs transaction verification off the Ethereum main chain, reducing network load and increasing transaction speeds.

Development team, investors and project partners

Development team

The StarkNet development team is primarily composed of individuals from StarkWare, including influential figures in the blockchain industry:

• Eli Ben-Sasson: Co-founder and CEO of StarkWare.
• Oren Katz: Chief Operating Officer at StarkWare.
• Avihu Levy: Serving as Chief Product Officer (CPO) of StarkWare.

In addition, StarkWare also has a team of 40 members who are talented engineers with extensive experience in the blockchain field.

Project investor

Investors in the StarkNet project include Paradigm, Intel Capital, Sequoia, Atomico, DCVC, Wing, Consensys, Multicoin Capital, MetaStable, Floodgate, Polychain, Coinbase Ventures, Collaborative Fund, Scalar Capital, Semantic Ventures, and many other organizations.

Starknet Partner

StarkNet has collaborated with numerous major industry partners to expand its influence, such as OKEx, Chainlink, ConsenSys, etc. This collaboration has helped StarkNet to grow robustly and diversify applications on its platform.

StarkNet’s main products

Here are some key products of StarkNet:

• StarkEx: This is a specialized Layer 2 scaling tool using StarkWare’s zk-Rollups technology to provide scalability for decentralized applications. StarkEx has been deployed in various applications such as DeversiFi, dYdX, and Immutable X.
• Cairo: This is a programming language designed specifically for writing scalable smart contracts using STARKs proofs. Cairo enables developers to efficiently build applications running on StarkNet.
• StarkNet Alpha: This is the testing phase of the StarkNet main network, allowing developers and users to experience and test StarkNet’s features. This phase helps identify and fix bugs, as well as improve performance before the official launch.
• StarkNet Wallets: These are cryptocurrency wallets that support StarkNet, allowing users to store and manage their assets on the StarkNet network. These wallets typically integrate features such as fund transfers, asset management, and participation in decentralized applications running on StarkNet.
• StarkNet Bridges: These bridges facilitate the transfer of assets and data between the Ethereum Layer 1 and StarkNet Layer 2 networks in a seamless and secure manner. These bridges play a crucial role in ensuring interaction and flexibility between the two network layers.

Outstanding features of Starknet

StarkNet boasts several notable features that provide advantages and potential for the project moving forward:

• High Transaction Processing Speed: Leveraging STARKs technology and the Cairo programming language, StarkNet can handle thousands of transactions per second, surpassing many other blockchain networks.
• Low Transaction Costs: StarkNet’s StarkEx technology significantly reduces transaction costs on the Ethereum network. By processing transactions off-chain, StarkEx lowers transaction fees, making decentralized applications more accessible.
• Scalability: With StarkNet, transactions can be processed quickly and at much lower costs compared to Ethereum Layer 1. This helps alleviate network congestion and transaction costs.
• Transparency: Unlike other scaling solutions using zk-SNARKs, STARKs do not require a trusted setup, enhancing system transparency and reducing security risks.
• Ethereum Compatibility: StarkNet is designed to be fully compatible with Ethereum, allowing existing decentralized applications (DApps) on Ethereum to integrate and deploy easily on StarkNet.
• Community and Development: StarkNet has a vibrant and active developer community, with numerous projects and applications being built on the platform. StarkWare, the company behind StarkNet, also enjoys partnerships and support from major organizations in the blockchain industry.

Basic information about STRK token

Technical specifications of STRK token

• Token Name: Starknet
• Symbol: STRK
• Blockchain: Starknet
• Token Standard: ERC-20 (planned)
• Contract: To be updated…
• Type: Utility, Governance
• Total Supply: To be updated…
• Circulating Supply: To be updated…

STRK token allocation

• Core Contributors: 32.9%
• StarkWare Investors: 17%
• Grants: 12%
• Strategic Reserve: 10%
• Community Provisions: 9%
• Community Rebates: 9%
• Unallocated: 8.1%
• Donations: 2%

What is the STRK token used for?

Similar to Core coin, StarkNet’s token STRK is used for the following purposes:

• Transaction fees: Paying transaction fees on the StarkNet network.
• Governance: Participating in network governance decisions.
• Staking: Securing and stabilizing the network, earning rewards.
• Payment for services: Paying for services and products within the ecosystem.
• Development incentives: Incentivizing developers and new projects building on the StarkNet platform.

Where to buy and sell STRK tokens?

Currently, the STRK token can be traded on several of the world’s best crypto exchanges. Users can trade STRK on decentralized exchanges like Uniswap and SushiSwap, or on reputable centralized exchanges such as Binance, Coinbase, and Kraken.

Where to store STRK tokens?

The STRK token is an ERC-20 token, which means you can store it in any wallet that supports ERC-20 tokens, including MetaMask and Ledger Nano S. If you prefer to store STRK tokens online, be sure to choose a trustworthy wallet and follow the necessary privacy policy to mitigate risks.

The end

Above is an overview of Starknet, a promising layer 2 blockchain project utilizing advanced STARKs technology. I hope this article has helped you gain a clearer understanding of the project and make informed decisions before considering participation.