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- StarkNet is due to go live in November.
- StarkNet is a Layer 2 solution designed to scale Ethereum and lower gas fees.
- As a ZK-Rollup solution, StarkNet will improve the pain points of existing Optimistic Rollup Layer 2s.
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StarkNet, a solution to scale Ethereum Layer 2 using Zero-Knowledge Rollups, is scheduled to launch in November. Testing shows a 100x to 200x reduction in gas charges for end users.
StarkNet Set to Scale Ethereum
Competition for Ethereum scaling solutions is fierce.
StarkWare, the developer behind StarkNet, has announced plans to launch the Ethereum mainnet no later than November. StarkNet aims to expand the reach of Ethereum, reduce congestion on the network while lowering gas fees for transactions.
#StarkNet
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get ready pic.twitter.com/coSLPSJs8J– StarkWare (StarkWareLtd) October 5, 2021
StarkNet is already being used to help scale transactions on several Ethereum dApps, including perpetual contracts on dYdX, spot trading and payments on DeversiFi, and NFTs on Immutable X and Sorare. StarkWare said gas fees were seen to be reduced by 100 to 200 when deployed in off-chain Validium mode and significant gas savings for standard Zero-Knowledge Rollups.
When StarkNet Alpha runs directly on the Ethereum mainnet, it will initially only support authorized smart contract deployment to ensure everything works as it should. More complex features will be added later once the developers trust the deployment.
Compared to other Ethereum scaling solutions like Optimism and Arbitrum, which use Optimistic Rollups, StarkNet uses a specialized type of Zero Knowledge Accumulation (ZK) called STARKs (Summarized Transparent Arguments for Knowledge).
With STARKs, transactions can be settled without the need for a trusted setup such as a multilateral ceremony. This maintains Layer 1 security and decentralization while allowing unauthorized interactions. The result is cheap, scalable transactions that don’t compromise on the security and decentralization of Ethereum.
The biggest benefit of Zero-Knowledge Rollups is that they allow for much faster withdrawals than optimistic rollups. ZK-Rollups does not require a challenge period, as proofs of validity have already been verified. In contrast, it can take up to a week for users to transfer funds from Optimistic Rollups to the Ethereum mainnet.
Ethereum co-founder Vitalik Buterin has often pushed for the adoption of cumulative pools to scale Ethereum. In an interview with Lex Friedman’s podcast in June, Buterin predicted that while bullish cumulatively will play a role in the short term, ZK-Rollups will account for most of the network’s activity on Ethereum in the long term.
Disclaimer: At the time of writing this feature, the author owns BTC, ETH, and many other cryptocurrencies.
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