In a series presenting the most important giant cryptocurrency projects and promising currencies, we will provide you with a complete detail about Starknet and the STRK currency, which can be profitable for all investors or traders in the STRK token, and this is after you read this article in its entirety and decide whether it deserves to be a STRK currency. In your wallet or after you know everything about Starknet as is the case with: ERN, OMNI, W, CKB, CORE, SAGA, BB, REZ, NOT, ENA and TNSR.
What is Starknet?
Starknet is one of the Layer 2 (L2) solutions to increase transaction speed and reduce transaction costs on the Ethereum network. There are several ways to achieve this, the most common of which are zk-rollups or zero-knowledge rollup. There are two main types of rollups: zk-rollups and optimism. Both types perform some off-chain calculations to relieve pressure on the mainnet, and then collect several transactions to authenticate them on Ethereum. This method helps reduce the fees paid by users.
Traditionally, zk-rollups were based on zk-SNARKS technology, but Starknet introduced a new technology called zk-STARK. This technology relies on two main components: serialization and provers, to mathematically validate transactions and create a STARK proof, which is used to communicate with smart contracts on the Ethereum network to formally authenticate transactions. Starknet also uses its own programming language called âCairoâ to facilitate the development of applications on the network.
Initially, Starknet allowed network fees to be paid using Ethereum's ETH token. But now it has added the STRK token as an alternative payment method. STRK is used not only to pay transaction fees, but also for staking and governance purposes, which helps maintain and develop the network.
How does Starknet work?
Starknet runs on a technology that uses a zero-knowledge algorithm called zk-STARKs to improve the efficiency and integrity of transactions on the Ethereum network. It offers many advantages such as low transaction costs, high speed and efficiency, and ease of use for developers. It relies on a programming language called âCairoâ and âcomputational abstractionâ technology to provide a safe and easy environment for building decentralized applications. The âVolitionâ feature also allows developers to regulate data availability at the Ethereum main or Starknet level, which helps reduce costs and enhance efficiency. Finally, the payment process is facilitated for new users through the âPaymasterâ concept.
To understand more, Starknet features several features designed to enhance its functionality and ease of use:
Low costs: Transactions on Starknet are much cheaper compared to the Ethereum mainnet thanks to the efficient off-chain processing enabled by zk-STARKs.
Speed ââand Efficiency: Upcoming releases will focus on improving transaction speed and cost efficiency, contributing to the development of decentralized transaction processing.
Developer-friendly: Starknet provides an easy-to-use environment for building decentralized applications using its proprietary programming language âCairo,â simplifying the development process and accelerating innovation within the ecosystem.
âCairoâ programming language: Starknetâs native language for creating STARK-based smart contracts, providing a secure and convenient platform for developers to build scalable and secure dApps.
Account Stripping: Account stripping allows smart contracts to handle funds without users needing to give up control of their funds. This is implemented at the protocol level, allowing the use of different signing schemes while ensuring user security and self-preservation of assets.
Volition: This feature enables developers to regulate the availability of data on Ethereum (L1) or Starknet (L2), reducing costs and enhancing efficiency.
Paymaster: This concept offers a way for users to choose how to pay transaction fees and supports gas-free transactions to enhance accessibility, making it easier for new users to join Starknet.
These characteristics make Starknet a cutting-edge platform suitable for developers and users looking for efficient and secure solutions for decentralized transaction processing.
Details about STRK coin
Thanks to innovative layer 2 technology built on zk-STARKs, Starknet offers faster, cheaper and more secure transactions on Ethereum. As the backbone of the Starknet ecosystem, the STRK token serves multiple core functions, including paying fees for network operations, co-signing consensus, and influencing governance decisions.
Like other blockchain-based networks, Starknet users must pay fees in order to submit and process transactions. The flow of transaction fees helps provide the economic incentives that drive network usage. STRK can also be used to participate in community management of the protocol. This is done by âwrappingâ STRK into a 1:1 vSTRK (STRK vote), allowing the user to vote or designate another user â a delegate â to vote for them. The vSTRK file can then be decomposed into STRK to be used for other purposes.
Finally, when the STRK token was first released in February 2024, there were plans to use it as part of a future Proof of Stake (PoS) network. However, Starknet had not yet moved from âSequencer + Proverâ to the PoS protocol, so this use of STRK was still theoretical.
The STRK token facilitates transactions by providing a way to pay fees on the network, and can also be used for governance and staking.
Buy, sell and trade STRK coin or token via the Binance platform:
Register on the Binance platform
Visit the Binance website and click on the âSign Upâ button to create a new account if you do not already have one. Follow the steps to complete the registration and identity verification process.
Account insurance
Once the account is created, make sure to activate 2-step verification and set a strong password to ensure the security of your account.
Deposit
Deposit the coin or cryptocurrency you wish to use to buy STRK to your Binance account. Click on âWalletâ, then âDepositâ and choose the currency you wish to deposit. Use the generated deposit address to transfer the coin from your external wallet to Binance.
Search for STRK
Once you receive the funds in your account, go to the âTradeâ section and find the STRK/cryptocurrency trading pair you deposited. For example, you can search for STRK/USDT.
the purchase
Click on the appropriate pair to trade, then go to the Orders section. Choose an order type (such as market or limit) and enter the amount of STRK you wish to purchase. Click on the âBUY STRKâ ââbutton to submit your purchase request.
Monitoring and selling
Once your buy order is executed, the amount of STRK you purchased will appear in your Binance wallet. You can monitor price fluctuations and sell STRK when the price reaches a profitable level for you. Go to the Orders section and follow the same steps to place a sell order.
Always remember that it is important that you conduct the necessary research and analysis before deciding to buy or sell any digital currency. It is also wise to store cryptocurrencies in an approved wallet, preferably a private wallet with a strong password and two-step verification to ensure security.
