Starknet indeed one of the most Hyped and trending project of 2024. With Lots of Drama and confusion sticked with starknet it's very important to understand the technology and why it's important in Ethereum Scalability. Let's Dive into it...
TL;DR
Fast & Affordable: Starknet is like an express lane for Ethereum, making transactions super speedy and affordable.
Secure : It leverages Ethereum's security, ensuring your transactions are safe and sound.
Versatile : Handles all sorts of applications, from DeFi to games, like a well-equipped restaurant.
Open & Decentralized: Anyone can join the party, making it a truly decentralized network.
Starknet is a Layer 2 scaling solution for the Ethereum blockchain, aimed at solving the network's current limitations of high transaction fees and slow processing times. It achieves this through a technology called Validity Rollups, also known as Zero-Knowledge Rollups (ZK-Rollups).
Massive Scalability: Processes transactions off-chain using STARK proofs, enabling significantly faster and cheaper transactions compared to Ethereum mainnet.
Ethereum Security: Leverages the security of Ethereum by submitting proof of correct computation back to the mainnet, ensuring transactions are valid and tamper-proof.
General Purpose: Supports a wide range of applications, from DeFi and NFTs to gaming and social networks.
Composability: Maintains Ethereum's composability, allowing applications to easily interact with each other.
Decentralized: Operates as a permissionless network, controlled by its users and validators.
Explain It Simply ,
Imagine Ethereum as a popular bakery with delicious treats but long lines to buy them. Each order (transaction) requires the baker (network) to carefully craft (validate) your treat from scratch. This gets slow and expensive during peak hours.
Starknet is like a high-tech oven next door. Instead of waiting in line, you submit your order electronically (off-chain). The oven uses clever algorithms (STARK proofs) to bake all the treats at once, then sends a single "proof of deliciousness" to the main bakery. The baker quickly verifies the proof and everyone gets their tasty treats instantly and affordably!
🍪 Starknet ($STRK) Moonsheet 🚀
🔸Total Supply: 10B
🔸Initial Supply: 728M (7.3%~)
🔸The Latest Price: $0.8
🔸Pre-Market Price: $2 ( AEVO)
🗓 Listing: 02.20 13:00 (UTC)
🗓 Airdrop Claim: 02.20 12:00 (UTC)
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