In 2023, Starknet is prioritizing performance improvements to increase throughput, lower latency, and reduce transaction costs. The spotlight is on layer-2 blockchain protocols that have brought major improvements to various platforms and services operating in the Ethereum ecosystem. Zero-knowledge proofs have played a crucial role in the roll-out of these protocols, with Starknet leading the way.

In order to cater to the anticipated surge in users and developers, StarkWare, the company responsible for the scaling platform, has revealed its intentions to bolster its layer-2 network. Cointelegraph spoke to Eli Ben-Sasson, the co-founder and president of StarkWare, who shared the significant highlights from the 2023 roadmap for Starknet.

Increasing throughput and reducing latency are major areas of focus for performance improvements. The objective is to achieve considerably higher transactions per second (TPS) than Ethereum's mainnet, while keeping gas costs low. To achieve this goal, the team is set to release Starknet v0.12.0 soon, after a six-month development sprint involving the transition of the development stack to a Rust-based Sequencer.

“The most important thing is for builders and developers to have high throughput so that they can really build. Starknet is about increasing the computational abilities of Ethereum and we just want to provide this raw power to the hands of developers.”

In addition, StarkWare has made its programming language compiler Cairo open-source, which is intended to facilitate the development of decentralized applications (DApps) powered by zk-rollup and validity proofs. Ben-Sasson emphasized that Starknet is still aiming to achieve the ambitious goal of processing at least 10 times the throughput of Ethereum while keeping the cost at a tenth of the price.

“We're often experiencing practical TPS or gas usage that is orders of magnitude greater than what Ethereum can deal with. I'm very confident that this will also be replicated on Starknet.”

StarkEx, another layer-2 scaling engine developed by StarkWare, has demonstrated its ability to deliver significant TPS on decentralized exchange dYdX, processing up to 54 transactions per second at times. This is a significant improvement compared to Ethereum's average TPS of around 10 to 12. Starknet's improved scaling capabilities, combined with the ability to process larger transactions, bode well for the network's future.

“We're going to roll out Volition, which allows users to opt as to whether they want their data on or off-chain and this will be part of the base layer of the Starknet system.”

Reducing transaction costs is another priority for Starknet, and this will be addressed by targeting the cost of storing data on Ethereum's mainnet. Ben-Sasson revealed that the release of off-chain data availability will complement Ethereum's in-development improvement proposal 'Proto-Danksharding' EIP-4844, which aims to provide cheaper transactions.

“Market mechanisms are a very good way to solve this. Blockchain didn't invent this, blockchains adopted this from just the conventional world. That's how you prioritize resources and allow users to signal this.”

In addition, Starknet is aiming to achieve faster finality by implementing shorter and fixed interval block times on the network. A fee market will also be introduced to prioritize network resources based on users' willingness to pay for transactions, following the model of conventional market systems. Several other Ethereum layer-2 protocols are also adopting zk-rollups to enhance their efforts to provide faster and cheaper transactions on the smart contract blockchain network.

#gas #Ethereum #staketoearn #blockchain #dyor

source: cointelegraph

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ethereum gas fees begins to decline after memecoin hype pushes it to new heights.ETH’s prices remain stable, velocity begins to surge.

Ethereum’s gas prices declined, while interest in Ethereum NFTs waned as well.

ETH’s price remained unaffected despite the beacon chain mishap.

Ethereum’s [ETH] high gas prices have always been a subject of discussion in the crypto sector. Over the last few days, due to the hype around memecoins, gas prices on the Ethereum network surged.

However, after the memecoin hype died down, gas fees on Ethereum declined. Over the last few days, the average gas price paid by Ethereum users fell from 155.84 ETH to 77.85 ETH.

Source: Y charts

How was ETH impacted?

This decline in gas prices could attract more users to the Ethereum network. Inasmuch, an increase in activity was observed.

However, at press time, activity on the Ethereum network declined, as indicated by the low gas usage on the network. Another indicator of low activity was the decline in NFT trades.

Source: Santiment

The decline in gas prices could thus improve the sentiment around Ethereum. Due to the beacon chain debacle, people’s perception of the protocol has turned negative.

Some bumps in the road

Developers have come out and explained the reasons as to why the issues on the network occurred. According to one of the developers, Potuz, the Ethereum network experienced a 25-minute loss of finality due to several valid but untimely attestations being broadcast. This stressed consensus clients, especially those on weaker hardware, causing them to struggle while following the chain.

To address this issue, Prysm has released a fix that ignores attestations with known old targets to prevent CPU stress and memory bloat. This maintains safety, as the ignored attestations will be processed as soon as the chain is seen.

These developments didn’t have an immense impact on ETH’s price. In the past few days, ETH’s prices remained relatively stable. The velocity of ETH, during this period, increased, suggesting that the frequency with which ETH was being traded grew.

However, network growth fell, indicating that interest in new addresses in ETH had fallen.

Source: Santiment

source: ambcrypto

image source: ai

#ETH #Ethereum #gas #marketcap #BTC

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.