StarkNet (STRK) is a Layer 2 scalability solution and development framework for Ethereum, aiming to address the network's scalability limitations while maintaining its security and decentralization. Developed by StarkWare, StarkNet utilizes zero-knowledge proofs (ZKPs) to enable high throughput and low-cost transactions on the Ethereum blockchain.
STRK, the native utility token of Starknet, is the mechanism for paying fees to support network operations, which can also be used for governance, and staking to enhance network security.
Starknet's validity rollup streamlines Ethereum by off-chain transaction processing, lightening the Layer 1 (L1) blockchain's load. Transaction integrity is upheld through STARK (Scalable, Transparent ARgument of Knowledge) proofs, ensuring secure, off-chain execution without redundancy.
While Ethereum champions decentralization, Starknet tackles congestion-induced transaction costs. Its L2 scaling solution, coupled with validity rollup and STARK cryptographic proofs, promises a quicker, cost-effective approach to process large transaction volumes.
StarkNet also offers a developer-friendly environment and toolset for building and deploying dApps on the platform. Developers can write smart contracts in familiar programming languages such as Solidity and leverage existing Ethereum tooling and infrastructure, making it easy to onboard developers and integrate with existing Ethereum ecosystems.
