Starknet

Starknet (STRK) token is the native cryptocurrency of the StarkNet network, a permissionless decentralized Validity-Rollup, also known as a ZK-Rollup, operating as a Layer 2 (L2) network over Ethereum. StarkNet aims to provide unlimited scalability for decentralized applications (dApps) without compromising Ethereum’s composability and security. It achieves this by bundling transactions off-chain into proof submitted to Ethereum, which is then processed faster and at lower fees. StarkNet’s contracts and operating system are written in Cairo, a specialized programming language designed to support the deployment and scaling of any use case.

• Total supply:

• 10 billion STRK tokens.

• Circulating supply:

• 728 million STRK tokens as of the latest update.

• Allocation for StarkWare team members and early contributors is subject to a lock-up schedule.

• Allocation for StarkWare investors is also subject to a lock-up schedule.

• Tokens are reserved for operation services, grants, community rebates, ecosystem activities, and donations.

• Lock-up schedule with gradual release of tokens to investors and early contributors starting 15th April 2024.

As of today #{today’s date}, the price of Starknet is ₹49.21 INR or 0.532 USD, with a 24-hour trading volume of 54840956.82 USD. The market capitalization for Starknet is 776577234.48USD. The circulating supply is 1460140491 Starknet, with the total supply also being 10000000000 Starknet.

Pros:

• Scalability:

• StarkNet’s L2 solution offers unlimited scalability for dApps, addressing Ethereum’s high gas fees and network congestion.

• Security:

• Leveraging the STARK proof system, StarkNet inherits Ethereum’s security while enabling high-throughput computation.

• Decentralization:

• StarkNet’s permissionless nature and decentralized governance model align with the core principles of blockchain technology.

• Developer-Friendly:

• Cairo language and Account Abstraction design provides developers with flexibility and ease of use for smart contract creation.

• Community Involvement:

• The StarkNet Provisions Program and governance model encourages active community participation and contribution.

Cons:

• Complexity:

• The novel technology and specialized programming language may present a steep learning curve for developers new to StarkNet.

• Regulatory Uncertainty:

• StarkNet’s Provisions Program is unavailable in certain jurisdictions due to regulatory constraints, which could limit its adoption.

• Market Volatility:

• As with all cryptocurrencies, STRK is subject to market volatility, which can lead to significant price fluctuations.

• Lock-up Period:

• The lock-up schedule for tokens may deter investors looking for immediate liquidity.

• Competition:

• StarkNet faces competition from other scaling solutions and L2 networks, which could impact STRK’s adoption and value.

• Innovative Scaling Solution:

• StarkNet’s use of ZK-Rollups is a cutting-edge approach to scaling Ethereum, which could see increased adoption as the ecosystem grows.

• Strong Foundation:

• The StarkNet Foundation’s commitment to ecosystem development and community engagement could foster long-term growth.

• Potential for Appreciation:

• The gradual release of tokens and the increasing utility of STRK within the network could drive demand and token value.

• Strategic Partnerships:

• StarkNet’s collaboration with significant exchanges and dApps could enhance its market position and token utility.

• Governance Participation:

• Holding STRK tokens allows users to participate in governance decisions, aligning investor interests with the network’s success.

• STARK Proofs:

• StarkNet’s reliance on the STARK proof system offers unparalleled scalability and security, distinguishing it from other L2 solutions.

• Cairo Programming Language:

• The native Cairo language enables developers to create complex smart contracts that are not feasible on other platforms.

• Account Abstraction:

• StarkNet’s unique account model allows for more flexible and user-friendly experiences, setting it apart from traditional blockchain account structures.

StarkNet addresses the problem of scalability and high transaction costs on the Ethereum network. By providing a layer that bundles transactions and computes off-chain, it significantly reduces the load on Ethereum, leading to faster transaction processing and lower fees. This makes building and using dApps with complex computations and high transaction volumes economically viable.

StarkNet was developed by StarkWare and co-founded by Eli Ben-Sasson and Udi Kolodny. The team comprises cryptography, blockchain technology, and software development experts. StarkWare has been a pioneer in developing Ethereum scaling solutions using rollup technology.

• ICO Token Price:

• 1 STRK = $1.9.

• Listing Date:

• The token was minted on-chain on 30th November 2022.

• Initial Allocated Units:

• The initial distribution included 728 million tokens to around 1.3 million.

• Technological Risk:

• Adopting new technologies like STARK proofs and Cairo language may face unforeseen challenges or bugs.

• Regulatory Risk:

• Changes in regulatory landscapes could impact StarkNet’s operations and STRK’s availability in key markets.

• Adoption Risk:

• The success of STRK is tied to the adoption of StarkNet, which is not guaranteed in a competitive L2 landscape.

• Liquidity Risk:

• The lock-up periods for token releases may affect the liquidity and trading volume of STRK.

• Security Risk:

• Despite extensive security measures, intelligent contracts, and networks are always at risk of vulnerabilities and attacks.

The StarkNet whitepaper outlines the technical and economic framework of the StarkNet network, emphasizing its role as a Layer 2 scaling solution for Ethereum. StarkNet leverages the STARK proof system to bundle multiple transactions into a single proof, verified on the Ethereum blockchain. This process allows for high throughput and low transaction costs while maintaining the security and decentralization of the Ethereum network.

The whitepaper details the StarkNet token (STRK) and its various uses within the network, including paying transaction fees, staking for network security, and participating in governance decisions. The tokenomics section explains the total supply of 10 billion STRK tokens and the distribution plan, which includes allocations for the StarkWare team, investors, community provisions, and ecosystem development.

StarkNet’s governance model is designed to be decentralized and community-driven, with proposals requiring token holder approval. The whitepaper also discusses the lock-up schedule for tokens allocated to investors and early contributors, ensuring a gradual release into the market to maintain stability.

The document highlights security measures, such as extensive code auditing and penetration testing, to protect the network from vulnerabilities and malicious attacks. It also addresses the potential for scam attempts and advises users to stay vigilant and report suspicious activities.

The whitepaper concludes by emphasizing StarkNet’s commitment to fostering a robust and engaged community, inviting developers and users to participate in the network’s growth and governance. It outlines the network's future plans, including expanding its ecosystem through grants, rebates, and community initiatives.

Overall, the StarkNet whitepaper presents a comprehensive vision for a scalable, secure, and community-centric network that enhances the capabilities of Ethereum and supports the broader blockchain ecosystem.