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Ethereum L2 StarkNet Processes More Transactions Than Bitcoin: Data

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Sat, 8/10/2022 - 15:24
Ethereum L2 StarkNet Processes More Transactions Than Bitcoin: Data
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StarkNet is one of the most technically advanced second-layer solutions for the Ethereum (ETH) network. Its founders Eli Ben-Sasson and Uri Kolodny explained how it helps second blockchain to scale.

Here's how StarkNet pushes barriers of Ethereum (ETH) scaling

In the last episode of The Defiant Podcast, the StarkWare co-founders sat down with Camila Russo to discuss how their network addresses the challenges of Ethereum (ETH) scalability.

The protocol employs ZK-STARKs, a proof system that allows the Verifier and Approver modules to interact in a secure, seamless and resource-efficient manner. This mechanism allows to "compress" transactions and reduce pressure on the Ethereum (ETH) mainnet without sacrificing security and privacy:

It allows you to make sure the right thing was done, even when no-one was watching

To employ the StarkNet solutions, cutting-edge DeFis (including the likes of Immutable X, dYdX, Sorare and so on) can use StarkEx, a System as a Service offering powered by custom APIs.

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Due to its impressive technical performance, unmatched security and negligible fees, StarkNet sees its adoption gaining steam: the ecosystem processes up to 6 million transactions per week, which is more than Bitcoin (BTC), the first cryptocurrency.

STARK token to be released over next months

To advance protocol decentralization, the StarkWare team is going to release the STARK token in coming months. The token will merge the benefits of a utility and a governance asset: STARK will be accepted for gas fees, protocol referendums, staking mechanisms and data availability solutions.

As covered by U.Today previously, StarkWare recently released Cairo 1.0, the first major upgrade to its own programming language Cairo.

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Sierra (Safe Intermediate Representation), an intermediate layer for transaction verification control, is among the key developments of the new release.

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