Deep dive into Starknet (STRK)
Starknet is a Layer 2 network that enhances Ethereum transactions, making them faster, cheaper, and more secure through zk-STARKs technology.
Introduction
What is Starknet?
Starknet is a Layer 2 network that enhances Ethereum transactions, making them faster, cheaper, and more secure through zk-STARKs technology. Think of it as an augmented layer built on top of Ethereum, optimized for speed and cost efficiency.
Key advantages
Starknet boasts the following key advantages:
• Low costs: Transactions on Starknet cost less than on Ethereum. Future updates such as Volition and EIP 4844 are expected to further reduce costs.
• Starknet simplifies the development of decentralized applications (DApps) by providing a native language, Cairo, for developers to work with.
• Speed and efficiency: Upcoming releases are focused on improving transaction speed and reducing costs even further.
• CVM: Leveraging Cairo, Starknet operates on its own virtual machine known as Cairo VM (CVM). This allows for innovation beyond the Ethereum Virtual Machine (EVM) and facilitates the creation of a new decentralized application paradigm.
Cairo: The language of Starknet
Cairo is purpose-built for crafting STARK-based smart contracts. As Starknet’s native language, Cairo is central to building scalable and secure DApps.
Inspired by Rust, Cairo empowers developers to write contracts with safety and convenience. Cairo offers the following advantages:
- Clear purpose: Designed specifically for smart contracts.
- No EVM limitations: More powerful than the EVM.
- Flexibility: More adaptable compared to Inheritance.
Starknet Provisions Program
The Starknet Foundation will soon unveil the Starknet Provisions Program, a pivotal initiative for distributing the Starknet Token (STRK) to community members, who are at the forefront of developing and engaging with DApps that promise to revolutionize the digital landscape. STRK is central to the Starknet ecosystem, facilitating network fee payments, enabling user participation in staking, and allowing governance decisions. With a total supply of 10 billion tokens, the allocation is as follows:
- Core contributors: 32.9%
- StarkWare investors: 17%
- Grants for research and development: 12%
- The Starknet Foundation: 10%
- Community rebates: 9%
- Community provisions: 9%
- Unallocated: 8.1%
- Donations: 2%
Out of the 1.8 billion STRK tokens being airdropped, the Foundation has earmarked 900 million to acknowledge their users and community members for their contributions, through the Starknet Provisions Program.
In this first round, more than 700 million tokens will be distributed to nearly 1.3 million addresses, making it one of the broadest distributions in a program of this nature. These tokens will be available for claiming on the Starknet Mainnet starting at 8:00 PM on February 20, 2024 (UTC+8).
The Starknet Provisions Program aims to incentivize and recognize the diverse contributions that have propelled Starknet's growth and development.
- Starknet users: Early adopters actively engaging with and providing feedback on Starknet applications for their crucial role in refining the network.
- Starknet community members: Early contributors, such as code contributors, event organizers, and community managers for playing a significant role in Starknet's growth.
- Starknet developers: Individuals who have significantly contributed to Starknet's GitHub repositories.
- StarkEx users: Individuals using StarkEx-powered applications, recognized for their early engagement with STARK technology and contribution to the network's robustness.
- Ethereum contributors: Individuals who have supported Ethereum's development, thereby indirectly contributing to Starknet's security and functionality.
- Open-source developers: Developers of non-blockchain, open-source projects that have laid the groundwork for blockchain technologies.
Answer questions to get incentives.
Answer all questions correctly to receive generous incentives.