Starknet stands out as a permissionless Validity-Rollup, alternatively known as a zero-knowledge rollup (ZK rollup) designed for Ethereum. It is a Layer 2 (L2) blockchain. Therefore, it empowers any decentralized application (dApp) to attain significant scalability for its computational needs while upholding Ethereum’s principles of composability and security.
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What Exactly is Starknet (STRK)?
Starknet, functioning as a Validity-Rollup (also known as ZK-Rollup) Layer 2 network, operates atop Ethereum. It facilitates substantial scaling for decentralized applications (dApps) without compromising security.
This scalability is achieved by consolidating transactions into an off-chain computed STARK proof, subsequently submitted to Ethereum as a single transaction. This approach leads to notably enhanced throughput, expedited processing, and reduced costs, all while maintaining the robust security inherent in Ethereum’s settlement layer.
How Does Starknet Scale on Ethereum?
Blockchains aim to uphold three fundamental attributes: security, decentralization, and scalability. However, this becomes a trilemma challenge, where achieving two of these attributes simultaneously in a given system often necessitates compromising on the third. Ethereum, for instance, prioritizes security and decentralization, which affects its scalability. The increase in Ethereum users leads to sluggish transaction speeds and elevated gas prices, impeding widespread adoption.
So, how can we enhance Ethereum’s scalability without compromising its security and decentralization? This is where Starknet’s Validity Rollup comes into play, offering a solution by combining Ethereum with Starknet to achieve significant scalability.
Starknet achieves scalability by moving transaction processing off the Ethereum Mainnet (referred to as off-chain), while still maintaining a summarized record of transactions on-chain. Transactions are grouped into batches, processed off-chain, and then condensed into a single on-chain transaction. Since transactions occur off-chain, preserving the integrity of transactions and their execution without the need for re-execution is crucial. Starknet addresses this challenge by leveraging STARK (Scalable, Transparent ARgument of Knowledge) proofs for verifiable computation. Subsequently, Starknet transmits only essential block and proof information to Ethereum, where it undergoes verification with minimal computational effort.
Features of Starknet
Unlimited Scalability
Starknet harnesses the capabilities of STARK technology to ensure computational integrity. By validating transactions off-chain through advanced mathematical and cryptographic methods, Starknet effectively surpasses Ethereum’s scalability constraints. Operating as a Validity Rollup, Starknet offers boundless scalability while upholding Ethereum’s standards of security and decentralization.
Enhanced User Experience
Furthermore, Starknet delivers efficient and user-friendly experiences by implementing Native Account Abstraction. All accounts are smart accounts, meaning their functionality is determined by developers rather than predefined by the protocol. This approach provides unparalleled flexibility in account management, enabling developers to tailor applications beyond protocol limitations to enhance user experience and security.
Thriving Ecosystem
Starknet’s rapid emergence as a thriving blockchain ecosystem is driven by its enthusiastic community of developers, users, and partners. With the Starknet Stack evolving at a remarkable pace, this dynamic collective has cultivated the most decentralized Rollup Stack, bolstering network security, censorship resistance, resilience, and transparency.
Unleashing Creativity
In addition, Starknet empowers developers to innovate and create impactful solutions. Through Cairo, Starknet’s native smart contract language, developers can expand the horizons of their applications by incorporating various business logic. Leveraging Cairo, developers can fully realize their vision on Starknet, unleashing creativity and pushing boundaries.
How Does Starknet Work?
The Starknet Sequencer
At the heart of Starknet lies the Starknet Sequencer. It plays a crucial role in overseeing transaction validation and execution, as well as proposing blocks. Primarily, Sequencers group transactions and process them collectively. They identify unsuccessful transactions, holding them back while allowing only successful ones to proceed and be included in a block. Notably, Starknet’s sequencers can handle a significantly higher number of transactions per second compared to Ethereum nodes.
The Starknet Prover
Meanwhile, the Prover is responsible for establishing the mathematical validity of block transactions by generating a STARK proof, ensuring their integrity. Blocks are organized into groups and processed concurrently. During this process, the Prover meticulously documents each transaction execution step, creating an Execution Trace, while also tracking changes in the system’s state, known as the State Diff.
Following this, an algorithm rigorously expands and mixes data from the Execution Trace. This critical step brings any issues to light, as even a single instance of bad data can contaminate the entire expanded dataset, making problems unmistakable. Subsequently, the Prover selects a set of random samples from this expanded data to create the STARK proof, which verifies the validity of thousands of transactions.
Secure Settlement on Ethereum
The STARK proof and State Diff are transmitted to Ethereum as a transaction, where an Ethereum node accepts them and unpacks the proof and State Diff. These components are then processed by two Ethereum smart contracts: the Verifier and Starknet Core. The Verifier contract dissects the proof and examines its samples. Any indication of problematic data within the proof’s samples results in immediate rejection by the Verifier. Once the proof’s validity is confirmed, it proceeds to the Starknet Core smart contract.
The Core contract validates the proof’s authenticity, confirms receipt of the State Diff, and updates the Starknet state on the Ethereum blockchain. This updated state is subsequently added to an Ethereum block, distributed across the node network for validation and voting. Once the block garners adequate votes, it attains “finalized” status, solidifying its position as an immutable component of Ethereum.
What are the Use Cases of STRK Tokens?
The Starknet token (STRK) serves as the primary means of facilitating network operations. It ensures network maintenance and security through staking for consensus, shaping Starknet’s values, and technological objectives through governance voting.
Transaction Fees: Initially, transaction fees on Starknet were exclusively paid in Ether (ETH). However, starting from version 0.13.0, users have the option to pay transaction fees using either STRK tokens or ETH.
Governance: Proposals aimed at enhancing Starknet may require a minimum token support threshold. Voting, whether done directly or through delegation, will be necessary for protocol changes crucial to Starknet’s liveness, security, and upkeep. Presently, significant updates to the Starknet Operating System mandate approval from token holders.
Where to buy STRK Token
You can find STRK Tokens here at MEXC! We are listing STRK/USDT in our Innovation Zone!
What is the Price of STRK Tokens?
The STRK Token is currently trading at MEXC with a live price of $1.73. You can check the live price of their token right here!
How to buy STRK Tokens on MEXC
You can buy STRK Tokens on MEXC by following the steps:
- Log in to your MEXC account. Click on [Spot].
- Search “STRK” using the search bar to see the available trading pairs. Take STRK/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of STRK you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy STRK] to confirm your order. You will find the purchased STRK in your Spot Wallet.
You can find a detailed guide on how to buy STRK Tokens here.
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