The Ethereum blockchain is currently able to process approximately 15 transactions per second. This is very low compared to newer blockchains, such as Polygon and Solana, which can perform thousands of transactions per second.
This results in Ethereum users facing considerable network congestion, long waits for processing transactions, and very high gas fees.
Starknet is able to securely process and “ Roll-up” batches of user and dApp transactions and then process them as one single transaction on the Ethereum mainnet.
This results in quicker transactions and considerably lower gas fees for Ethereum users.
Starknet saves Ethereum from having to check and verify the validity of every single transaction within the roll-up as this is achieved off-chain using secure cryptography called STARK.
Starknet is referred to as a Zero-Knowledge or zk-Rollup solution for the Ethereum Blockchain.
It is anticipated that transactions could reach 100,000 per second using Starknet Technology on the Ethereum Blockchain.
It is expected that a lot of apps and dApps for Web3.0 will be built on top of Starknet in the future.
Starknet will have its own token called STRK deployed on the Ethereum Mainnet though this is yet to be launched.
The Starknet token will be used for paying transaction fees, participation in the Starknet protocol, and participation in governance.
Starknet was developed by StarkWare, who also develops StarkEx, a standalone permissioned Validity-Rollup.
Other projects offering solutions to speed up and reduce blockchain transactions:
The StarkNet token will have a total supply of 10 Billion.
32.9% of which will go to StarkWare and its employees and consultants, and StarkNet software developer partners.
17% will go to Starware Investors. There will be a 1 -year cliff and 3 years linear vesting.
9% is allocated to Community Provisions for those who performed work for StarkNet and powered or developed its underlying technology
9% is allocated to Community Rebates in StarkNet Tokens to partially cover the costs of onboarding to StarkNet from Ethereum.
12% is allocated to Research & Development to develop, test, deploy and maintain the StarkNet protocol.
10% Strategic Reserve to fund ecosystem activities that are aligned with the Foundation’s mission.
2% Donations to highly regarded institutions and organizations.
8% to the Foundation’s unallocated treasury to further support the StarkNet community in a manner to be decided by the community.
Co-inventor of the STARK, FRI and Zerocash protocols and a Founding Scientist of the Zcash Company. Over the years he held research positions at the Institute for Advanced Study at Princeton, Harvard and MIT, and, most recently, was a Professor of CS at Technion.
Co-founded several technology companies, among them OmniGuide (an MIT spinoff developing optical fibers for endoscopic surgery), and Mondria (developer of tools for visualization of big data). Previously, Uri also served as an EIR with two Israeli VC firms, and as an analyst at McKinsey.
Investors / Partners
- Software Mansion
- Node Guadian
- POLYCHAIN CAPITAL
- TIGER GLOBAL
- SCALAR CAPITAL
- CONSENSYS VENTURES
- COINBASE VENTURES