Starknet Connects Bitcoin and Ethereum on a Single Network Layer

Starknet Connects Bitcoin and Ethereum on a Single Network Layer

user avatar

by Giorgi Kostiuk

2 years ago

Starknet aims to create a single layer-2 network that connects the two largest blockchains—Bitcoin and Ethereum. This will enhance transaction speed and bolster security in decentralized finance.

Starknet's Bitcoin Integration Goals

The Starknet Foundation's roadmap outlines the use of Bitcoin as a settlement layer to scale transactions from 13 to thousands per second. This aims to introduce new financial products and improve Bitcoin's liquidity while maintaining its security.

Strategic Steps for Implementation

To achieve these objectives, Starknet is advocating for OP_CAT, a Bitcoin update that allows setting spending conditions and employing zero-knowledge proofs for transaction verification. As a temporary alternative, BitVM allows executing smart contract logic without altering Bitcoin's base layer.

Community and Expert Support

The Starknet Foundation launched the BTCFi Season program to expand Bitcoin's financial use cases and partnered with Xverse wallet to integrate DeFi. StarkWare, the core technology provider, moved part of its treasury into Bitcoin to create a strategic reserve. Ethereum co-founder Vitalik Buterin supported the plan, noting its potential to enhance crypto payments despite current limitations like those in the Lightning Network.

The integration of Bitcoin and Ethereum on Starknet's platform opens new avenues for decentralized financial applications and may represent a significant advancement towards scalable and secure cryptocurrency payments.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

SEC Proposes New Custody Framework for Crypto Assets

The SEC has proposed a new custody framework for investment advisers and registered funds dealing with crypto assets, allowing for potential self-custody and the use of state trust companies as custodians.

user avatarArif Mukhtar

FINMA Approves First Swiss Retail Bitcoin ETF

Switzerland's financial regulator, FINMA, has approved its first retail ETF that invests directly in Bitcoin, allowing retail investors to gain regulated exposure to Bitcoin.

user avatarMaria Gutierrez

EIP7906 Proposal Considered for Enhancing Ethereum Transaction Safety

The Ethereum Foundation is considering EIP7906, which proposes a readonly post-transaction frame to evaluate changes and events before accepting transaction outcomes.

user avatarDavid Robinson

Ethereum Foundation Investigates Enhancements to Transaction Safety

Researchers at the Ethereum Foundation are examining native transaction assertions to enhance transaction safety and reliability in digital asset markets.

user avatarAndrew Smith

Ethereum Developers Delay Glamsterdam Upgrade on Hoodi Testnet

Ethereum developers have postponed the Glamsterdam upgrade initially scheduled for the Hoodi testnet on October 26, with no new activation date provided.

user avatarJacob Williams

Samsung and Solana to Enable Cross-Border USDC Transfers in Samsung Wallet

Samsung and Solana announced plans to integrate cross-border USDC transfers into Samsung Wallet, targeting 82 million US Galaxy devices.

user avatarZainab Kamara

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.