Starknet is a scaling solution for Ethereum, utilizing off-chain computations and zk-STARK proofs, enabling faster and cheaper transactions.
What is Starknet?
Starknet is a Layer 2 solution that enhances Ethereum's scalability by offering high throughput and low gas fees. It shifts heavy computations off the Ethereum mainnet and verifies their validity using cryptographic STARK proofs.
How does Starknet work?
As a Layer 2 network, Starknet processes transactions off-chain and then settles them on Ethereum. This system includes two key components: the Sequencer, which executes transactions, and the Prover, which generates cryptographic proofs. By utilizing zk-STARK, Starknet ensures security and privacy.
The STRK Token and its purpose
STRK is the native token of Starknet, intended for governance, staking, and transaction fee payments. The initial supply of STRK is capped at 10 billion tokens, with 50.1% allocated to the Starknet Foundation for resource allocation and ecosystem development.
Starknet aims to evolve into a fully decentralized public good, providing users with access to cheaper and faster transactions within the Ethereum ecosystem through the STRK token.
