Starknet v0.13.1 upgrades Ethereum data storage costs, offers lower transaction fees, and improves stability and user experience, potentially driving adoption and furthering the development of Starknet.
The soon-to-be-released Starknet v0.13.1 update brings several important improvements and features that promise to significantly reduce transaction costs for users. The main highlight of this version is the integration of Ethereum Improvement Proposal (EIP) 4844, which aims to significantly reduce data storage costs on Ethereum, thereby lowering overall transaction costs on Starknet. This implementation is particularly noteworthy because it addresses one of the major costs associated with Starknet transactions, which currently accounts for a significant portion of transaction costs.
Starknet operates as a layer 2 decentralized ZK-Rollup on the Ethereum blockchain, providing scalability and security at the Ethereum level. It leverages STARK technology for computational integrity and provides validity rollup capabilities, allowing unlimited scalability while maintaining Ethereum’s inherent security and decentralization. Developers can leverage Starknet to deploy a variety of business logic and benefit from features such as Cairo, a programming language tailored for Web3, and Cairo, the default smart contract language for StarkNet, account abstraction, and Appchains.
The EIP-4844 upgrade, expected to be finalized in Q1 2024 after a series of shadow forks and testnet updates, is expected to improve the transaction capacity of L2 on Ethereum by 600%. This will be an important development that will make transaction costs more efficient for Starknet users and increase the platform’s appeal to a wider audience.
In addition to Starknet, other blockchain initiatives are making waves globally. For example, the Hashgraph Association signed a $250 million partnership with the Saudi Ministry of Investment. This five-year agreement focuses on fostering innovative investment opportunities in Saudi Arabia, supporting local businesses and attracting international companies to the Kingdom. The collaboration is part of Saudi Arabia’s broader efforts to embrace emerging technologies, including blockchain, to diversify its economy and become a hub for technological innovation.
These developments in the blockchain and cryptocurrency space signify the continued advancement and adoption of these technologies across various sectors and geographies, highlighting their potential to transform traditional financial systems and business operations.
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