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Starknet (STRK): Making Ethereum Faster, Cheaper, and Safer With zk-STARKs

Starknet (STRK): Making Ethereum Faster, Cheaper, and Safer With zk-STARKs

2024-02-21 | 5m

What is Starknet (STRK)?

Starknet (STRK) is a layer-2 blockchain that uses Validity Rollup, also known as a zero-knowledge rollup (ZK rollup) to allow dApps to achieve unprecedented scalability while maintaining Ethereum's security standards. Starknet wants to empower individuals to freely implement and utilize any desired social function on the blockchain. Anchored in core principles such as lasting broadness, neutrality, and individual empowerment, Starknet fosters a culture of inclusivity, transparency, and autonomy.

How Starknet (STRK) Works

Starknet uses zk-STARKs, or Zero-Knowledge Scalable Transparent Argument of Knowledge. This technology provides a powerful way to verify the integrity of off-chain computations while preserving user privacy.

In practical terms, Starknet employs zk-STARKs to produce succinct and transparent proofs of computational integrity. These proofs enable off-chain services to execute various transactions and computations efficiently, without burdening the Ethereum mainnet. Once these computations are completed off-chain, a single zk-STARK proof is generated and posted on-chain to validate the accuracy of the computations. That’s how zk-STARK can ensure the security and integrity of the entire process while not burdening Ethereum.

Starknet boasts a plethora of features designed to enhance its functionality and usability:

● Low Costs: Transactions on Starknet are significantly cheaper compared to Ethereum's mainnet, thanks to the efficient off-chain processing enabled by zk-STARKs.

● Speed and Efficiency: With upcoming releases focused on optimizing transaction speed and cost-effectiveness, Starknet continues to push the boundaries of what is possible in decentralized transaction processing.

● Developer-Friendly: Starknet provides developers with a user-friendly environment for building dApps using its native language, Cairo. This simplifies the development process and accelerates innovation within the ecosystem.

● Cairo: Cairo serves as Starknet's native language for creating STARK-based smart contracts, offering a safe and convenient platform for developers to build scalable and secure dApps.

● Account Abstraction: Account abstraction allows smart contracts to handle funds without users needing to give away control of their funds. Starknet implements account abstraction at the protocol level, allowing for diverse signing schemes while ensuring user security and self-custody of assets.

● Volition: This feature empowers developers to regulate data availability on Ethereum (L1) or Starknet (L2), further reducing costs and enhancing efficiency.

● Paymaster: Starknet introduces the concept of a Paymaster, allowing users to choose how to pay for transaction fees and supporting gasless transactions for enhanced accessibility. This helps new users onboard Starknet.

STRK Goes Live on Bitget

With its innovative Layer 2 technology built on zk-STARKs, Starknet offers faster, cheaper, and more secure transactions on Ethereum. As the backbone of Starknet's ecosystem, the STRK token serves multiple essential functions, including paying fees for network operations, participating in staking for consensus, and influencing governance decisions.

Bitget, a leading crypto exchange known for its top-notch security, user experience, and customer service, provides an ideal platform for trading STRK. With Bitget's robust security measures and user-friendly interface, investors can trade STRK with confidence, knowing their assets are safe and accessible.

STRK has officially been listed on Bitget as of February 20. To commemorate this occasion, Bitget is hosting a series of special campaigns and events, offering participants the chance to win exciting prizes. For further details on the listing and the various special events, click here to learn more.

How to Trade STRK on Bitget

Step 1: Go to STRKUSDT spot trading page

Step 2: Enter the amount and the type of order, then click Buy/Sell.

For detailed instructions on how to spot trade in Bitget, please read The Uncensored Guide To Bitget Spot Trading.

By harnessing the power of zk-STARKs and fostering a community-driven governance model, Starknet paves the way for a more scalable, efficient, and privacy-preserving future on the Ethereum blockchain. With its array of innovative features and unwavering commitment to its mission and values, Starknet is a beacon of progress in the world of decentralized technologies.

Trade STRK on Bitget now!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.