Starknet (STRK) is an advanced L2 scaling solution designed to support the growing AI and Ethereum ecosystems. Users can create, trade, and execute web3 AI programs on Starknet eliminating scalability issues and reducing fees for users. Here”s everything you need to know about Starknet and how it could help to drive a new era in AI assistance and blockchain efficiency.
Starknet is a popular L2 scaling solution that continues to expand its community. Currently, the platform has +$984M TVL, +40K active accounts, and a growing social media presence. Keenly, the network’s position as one of the first to focus on the emerging web3 AI market positions it strongly moving forward.
What Problems Does Starknet (STRK) Attempt to Fix?
Starknet tackles several issues facing the blockchain and AI sectors. The network helps reduce the development of onboarding issues via an educative approach. There are lots of helpful documents, videos, and examples in the developer’s hub. These tools help to speed up the dapp creation process and ensure interoperability.
Source – Starknet Homepage
Inefficiency
The developer-centric approach enables Starknet to emphasize the options that programmers require. This strategy includes both technical and financial aspects of operations. As such, the low cost and scalability of Starknet make it a smart option for those seeking to build complex Dapps.
Lack of Scalability
Scalability concerns have long caused issues within the Ethereum ecosystem. Layer 2 solutions such as Starknet provide innovative ways to prevent congestion and enhance performance. Specifically, Starknet leverages Validity Rollup protocols to ensure unlimited scalability for the community.
Lack of L2 Developer Cohesion
There is a lack of cohesion when discussing the L2 development community. There are many different L2 solutions. However, a focus on single blockchains limits their interoperability. Starknet provides a flexible solution that helps to organize and guide developments in the L2 space.
Benefits of Starknet (STRK)
The network introduces a host of benefits that make it a smart option to consider. For one, it provides a straightforward, user-friendly interface. Additionally, the platform was created to integrate a wide array of coding and business logic solutions.
Privacy
Privacy-focused users will find that Starknet uses the most advanced blockchain privacy protocols. The network integrates zero-knowledge rollup (ZK rollup) tech as part of this strategy. This technology enabled networks to confirm transactions without sharing specific details of the account.
Passive Returns
Users can stake their STRK tokens to secure low-risk passive rewards. The staking calculator makes it easy to see how much and when your rewards will arrive. Notably, staking helps both the user and the network. It reduces circulating supply and increases functionality, which helps create more demand for assets.
How Does Starknet (STRK) Work?
Starknet operates as a permissionless Validity-Rollup L2 scaling solution. The platform integrates the compatibility of Ethereum and other crucial aspects to help new developers onboard seamlessly. Additionally, you can code in EVM-based languages.
Starknet uses Cairo as its native smart contract language. This highly capable language supports advanced DeFi and Web3 features and is a secure option for developers seeking to create immersive dapps. Cairo supports configuration and enables developers to leverage the full capabilities of Starknet.
Starknet (STRK) Appchains
Starknet Appchains are purpose-built subnetworks that provide superior flexibility. Developers can create these sub-chains in minutes while customizing aspects such as fees, consensus mechanism, block size, latency, and more.
STARK technology
At the core of the Stark Net network is the STARK protocol. This advanced scaling solution enables off-chain transaction validation. These validations, called STARK proofs, get bundled and sent to the mainnet in a manner that reduces their required bandwidth considerably. This structure reduces congestion.
Native Account Abstraction
In the Starknet ecosystem, everyone uses a smart account. These accounts can be set up to behave in certain ways depending on your requirements. Developers can leverage this feature to streamline their operations and manage multiple accounts easier.
Provisions
One of the coolest features that Starknet brings to the market is the Provisions rewards program. These rewards get distributed to community members who help to drive awareness and expand the functionality of the Starknet. This approach incentivizes the community to participate and share exciting developments with others.
Additionally, it provides a unique way for the project to distribute STRK tokens to the community. It also allows token holders to gain access to governance options and more.
Token (STRK)
The main utility token for the network is STRK. This advanced digital asset empowers users to interact with the entire suite of Starknet tools. You can use STRK to pay gas and transaction fees, trade it for other assets, or use it to leverage advanced AI models and tools.
Consensus
Starknet is a Proof-of-Stake (PoS) network. This style of decentralized system doesn’t require miners or expensive equipment to participate. Users stake their tokens in network wallets to secure these platforms. This approach provides a more open and democratic method of securing blockchains.
Governance
Starknet is a decentralized protocol that leverages community governance systems to retain cohesion. The platform integrates a weighted voting system that allows anyone to stake their STRK tokens. The system gives more weight to your vote based on the amount of tokens you stake. This strategy ensures that vested parties get a say in the network’s future developments.
How to Buy Starknet (STRK)
Currently, Starknet (STRK) is available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
The Kraken exchange offers trading access to over 190 countries including Australia, Canada, and Europe, and is our most recommended exchange for USA residents. (Excluding New York & Washington state)
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. Restrictions may apply, depending on location.
Starknet (STRK) – L2 Solutions for the AI Blockchain Movement
Starknet serves a crucial role as a scalable and interoperable blockchain solutions provider. The L2 has superior performance when compared to L1 options and enjoys full interoperability with the ERC ecosystem. These factors and many more make Starknet an interesting project to watch moving forward.
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