By
Chimamanda U. Martha
June 28th, 2024
Starknet’s innovations are intended to benefit both the Ethereum and Bitcoin communities equally.
Starknet, a decentralized Layer 2 validity rollup, known for its dedication to the Ethereum ecosystem, has restated its commitment to the network while clarifying its plans to expand into the Bitcoin space.
In a recent post on the social media platform X, Starknet emphasized its ongoing focus on scaling Ethereum.
Exciting News on Starknet and Bitcoin
In its post, Starknet reiterated its commitment to scaling Ethereum, which has been its primary focus since the launch of its first Validity Rollup.
The team highlighted the continuous efforts it is making in the zero-knowledge (ZK) field as public goods, aiming to scale Ethereum as efficiently as possible. Starknet’s ambitious 2024 roadmap is designed to elevate the standards of Ethereum scaling.
We know that you are as excited as we are to see what Starknet over Bitcoin means!
So, let's clarify things 🦸
Starknet will continue focusing on scaling Ethereum like we've done since launching its first Validity Rollup. We will notably continue our work in the ZK field as… pic.twitter.com/lBG07gKy17
— Starknet 🐺🐱 (@Starknet) June 7, 2024
As per the road map, two critical targets are planned, namely advancing to become Layer 2 with the highest transactions per second capacity and maintaining an average fee consistently below $0.01. Starknet hopes to achieve this by leveraging Transaction Parallelization which allows the sequencer to process several transactions simultaneously.
Meanwhile, to achieve lower gas fees, Starknet offers Volition which gives developers the option to choose between storing their dApps transaction data on either Ethereum or directly on Starknet. The former offers optimal security for a higher fee while the latter is significantly cheaper, though slightly less secure than Ethereum.
Notably, Starknet says its core goal has remained unchanged, which is to develop STARK proofs that enhance the scalability and integrity of the blockchains they support. According to Starknet, Ethereum and Bitcoin, are the most decentralized and secure chains and represent the ideals of what blockchain and cryptocurrencies should be.
Hence, Starknet’s innovations are intended to benefit both the Ethereum and Bitcoin communities equally.
Starknet’s Unified Approach to Ethereum and Bitcoin
Starknet has also addressed speculations swirling around that there are plans to dump Ethereum for Bitcoin or even sponsor a fork due to the expansion. As per its explanation, Starknet aims to serve as a unifying layer between these two pivotal ecosystems in the crypto world.
Importantly, Starknet will not fork to create a separate layer for Bitcoin or introduce an exclusive token for the Bitcoin ecosystem. Rather, Starknet plans to function as an execution layer that scales both Bitcoin and Ethereum simultaneously. The STRK token will drive its security, governance, and ecosystem.
Starknet, the sixth-largest Layer-2 network by Total Value Locked (TVL) with $1.4 billion, despite following behind Arbitrum One and OP Mainnet in TVL, aims to remain a force to be reckoned with. As a critical player in ZK Rollups, Starknet remains recognized for superior speed settlements using zero-knowledge cryptography.
Experts say Starknet, with its laid out plans to serve as the unifying layer between the two top most important ecosystems, might help revolutionize the crypto world.