The era of blockchain technology has brought us systems that offer amazing transparency and accountability. However, these systems have had to make trade-offs, making them not as user-friendly as they could be. It’s like a problem called the “Blockchain Trilemma,” where blockchains struggle to be decentralized, scalable, and secure all at once.

But guess what?

Here comes StarkNet to save the day!

What is STARKNET?

StarkNet aims to solve this Blockchain Trilemma. It’s a system that’s fully accountable, decentralized, scalable, and secure. It works as a layer 2 network over Ethereum, and it’s super cool because it lets any dApp get super big while keeping things safe and secure.

Now, let me introduce myself. I’m Shelley, and I’ve been diving into crypto for more than three years. I’m really excited about initiatives like StarkNet because they can bring cryptocurrency closer to being used by everyone.

So, what is StarkNet all about?

It’s developed by StarkWare in Israel, and it’s like a high-speed, low-cost version of Ethereum. It can handle a lot of stuff without making you pay too much, and it’s super secure, thanks to something called STARK.

How does it work, you ask?

Well, StarkNet uses this fancy method where it does most of the heavy lifting off-chain, which saves you money. If you’re new to terms like “layer 2” or “ZK-Rollups,” you can learn more about them in this article.

But here’s the thing, StarkNet wants to be as open and public as the internet, just like Ethereum. So, they need to keep working on decentralizing how they run things, and they’ve set up something called the StarkNet Foundation and the StarkNet Token to help with that.

The foundation’s job is to push StarkNet tech forward and keep it available for everyone. They got things going with more than 50% of the initial token supply to make sure they can keep StarkNet growing.

Oh, and they use a cool language called Cairo for most of StarkNet’s stuff. You’ll also hear about STARKs, which are like super-secure proofs to make sure everything’s happening correctly.

Now, about STRK, the StarkNet Token.

It’s not for sale yet, but it’s meant for things like paying for transaction fees and helping with StarkNet’s rules.

So, what’s the big deal with StarkNet?

Well, it lets dApps get super big without making Ethereum less secure. It’s also not like other rollups you might have heard of, so you don’t need to write your dApps in a weird language. You can keep using the same programming you’re used to.

If you want to join the StarkNet party, you’ll need a StarkNet wallet.

Right now, you can use Braavos and Argent X. And StarkNet is all about getting people involved. Anyone can play a part in making it work, whether you’re suggesting new things, proving that things are working well, or just using it.

StarkNet’s evolution towards full permissionlessness will enable developers, users, and StarkNet nodes to execute a wide variety of actions. Here are some of the roles StarkNet provides for network participants. Sequencers. Anyone can operate a sequencer, propose new blocks, and batch transactions (somewhat similar to Ethereum miners, minus the proof-of-work element). Provers.

Anyone can set up a prover and create proofs for the validity of new blocks. Developers. Developers can deploy their smart contracts permissionlessly. Users. Users can send transactions permissionlessly, with decentralization eliminating the possibility of censorship. If you’re excited about StarkNet and its decentralization and wish to participate in the process, you can join the project on the StarkNet Discord and StarkNet community forum.

There are already some cool dApps on StarkNet,

like 10KSwap, a crypto protocol, and Cartridge, a gaming console. But StarkNet is looking for more partners, and they’ve teamed up with Chainlink, one of the big names in the crypto world, to make things even better.

So, if you’re interested in StarkNet and want to get in on the action, you can join the StarkNet Discord and community forum. You can also check out StarkNet dApps on dappland.com.

The StarkNet team is working hard to make StarkNet better all the time. So, this could be the start of something really cool in the world of crypto.

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Disclaimer

This is not a Financial Advice. This article is meant only for educational purpose. I am just sharing my thoughts and analysis based on my many years of experience.