🔔 Introduction:
I see many people talking about @Starknet, and indeed this project is quite good. When Layer 2 is mentioned, people generally think of scaling Ethereum, but Starknet is not just about scaling Ethereum; it also tries to enable Bitcoin to run smart contracts. Sounds a bit far-fetched, right? But it's really happening.
1️⃣ Project Introduction:
We all know that Ethereum is powerful but expensive, and Bitcoin is secure but clunky (mainly because it lacks smart contracts). Starknet aims to break this barrier. It is based on STARK technology, which can be simply understood as packaging a large number of transactions and processing them off-chain, then sending only the results back to the Ethereum main chain for validation, making it fast and cheap.
Moreover, Starknet can now interact with Bitcoin simultaneously. Through a technology called ColliderVM, it has begun to bring smart contracts into the BTC domain. In concrete terms, Bitcoin now has the opportunity to run DeFi and dApps.
2️⃣ Core Features:
🔸 STARK Technology: This is the main highlight of Starknet, capable of packaging a large number of transactions, processing them off-chain, and then throwing a proof onto the Ethereum mainnet. This reduces the pressure on the mainnet, naturally increasing speed.
🔸 Native Account Abstraction: This makes accounts smoother. In the past, Ethereum accounts were fixed, but now you can customize account behaviors, such as setting up multi-signatures or batch processing transactions, enhancing security and convenience.
🔸 Integration with Bitcoin: This is Starknet's innovative move! It aims to enable Bitcoin to run complex applications through some technological innovations, greatly expanding the application scenarios for Bitcoin.
3️⃣ Funding Situation and Token Status:
The native coin of Starknet is $STRK . As of the writing date of May 12, the data shows: price $0.18, market cap $574 million, circulating supply about 3.107 billion, total supply 10 billion, circulating percentage 31%.
➤ Pay transaction fees: Currently, ETH can still be used, but in the future, STRK should become the main currency.
➤ Participate in governance: For example, on-chain proposals and protocol updates; token holders have a say.
➤ Future staking: Although the staking function is not yet online, it is planned in the roadmap.
In terms of token release, currently only 16% is unlocked, the Starknet Foundation holds over 50%, and is releasing it in batches, aiming for long-term development, while community governance participation is gradually increasing.
4️⃣ Latest Developments:
➤ Fully Decentralized: Starknet's goal is to become the first completely decentralized Layer 2 network, which requires continuous improvement of the network's decentralization and optimization of governance mechanisms.
➤ Performance Improvement: Starknet has introduced a parallel execution mechanism that can process multiple transactions simultaneously, greatly enhancing the network's processing capacity.
➤ Integration with Bitcoin Lightning Network: Now Starknet users can use STRK for payments on the Bitcoin Lightning Network, enhancing the interoperability between Starknet and Bitcoin.
➤ Next-Generation Prover Stwo: StarkWare is developing a more powerful prover called Stwo, which is said to improve efficiency by 1000 times, significantly reducing the operational costs of Starknet.
🎯 Final Thoughts:
Starknet being listed on #KaitoAI indicates that it has received significant attention within the community. In my view, whether Starknet can become Ethereum's best partner and even bring new gameplay to Bitcoin depends on its continuous technological innovation and its ability to create a thriving ecosystem.
