February 16th What is Starknet (STRK)?
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Developed by StarkWare, StarkNet represents a cutting-edge layer 2 scaling solution designed to improve scalability and privacy of blockchain networks, with a specific focus on Ethereum. By leveraging zero-knowledge rollups (ZK-Rollups), StarkNet can process thousands of transactions off-chain before bundling them into a single transaction on the Ethereum mainnet. This approach significantly reduces the gas fees and network congestion typically associated with Ethereum’s high transaction volumes, making blockchain applications more efficient and accessible to a wider audience.
One of StarkNet’s core technologies is STARK (Scalable Transparent ARgument of Knowledge), a type of cryptographic proof that allows transactions to be verified without revealing the underlying transaction data. This aims to guarantee users a high level of privacy and security. The STARK proof is designed to optimize quantum resistance and the ability to efficiently compress transaction data, improve scalability, and future-proof the network for potential advances in quantum computing.
StarkNet operates as a permissionless, decentralized ZK-Rollup network, allowing developers to deploy smart contracts that can execute complex computations off-chain while ensuring the integrity and security of data when harmonized with the Ethereum mainnet. This environment supports the creation of decentralized applications (DApps) that can scale effectively while taking advantage of Ethereum’s strong security model. As a result, StarkNet is set to support a wide range of applications, from decentralized finance (DeFi) protocols and non-fungible token (NFT) marketplaces to gaming and enterprise solutions, without the typical limitations associated with blockchain scalability.
In addition to enhancing scalability and privacy, StarkNet aims to foster a more inclusive blockchain ecosystem. By dramatically lowering transaction costs and increasing throughput, StarkNet hopes to make blockchain technology more accessible to individuals and businesses around the world. This democratization of access is critical to achieving widespread adoption of blockchain technology and realizing its full potential in enabling an open, transparent, and efficient digital economy.
What are STRK tokens?
The StarkNet Terms program marks a milestone in StarkNet’s journey toward decentralization by introducing the StarkNet token (STRK) to the community. The program, which initially allocated more than 700 million STRK to nearly 1.3 million addresses, is part of a broader effort to distribute 1.8 billion STRK (18% of total supply) to the community. This widespread deployment reflects StarkNet’s commitment to engaging a diverse user base, including developers, users, and contributors from a variety of sectors, in the governance and operation of the network.
STRK is used as a payment option for transaction fees on the StarkNet network. This feature allows users to pay fees with STRK or ETH, providing flexibility and potentially reducing network interaction costs. By enabling STRK as a means to cover transaction fees, StarkNet aims to streamline the user experience and encourage broad adoption of the platform.
Holding STRK grants users the right to participate in governance decisions affecting the StarkNet protocol. This includes voting on a variety of issues that shape the development, policies and future direction of the network. Governance allows STRK holders to influence decisions related to upgrades, parameter adjustments, and implementation of new features, ensuring the network evolves in a way that reflects the needs and priorities of the community.
STRK is used within a Proof of Stake (PoS) model that underpins the security and decentralization of the network. By staking STRK, users can support network operations, contribute to its security, and receive rewards in return. This staking mechanism is designed to select between decentralized sequencer networks, ensuring that StarkNet remains secure, efficient, and resistant to centralization.
STRK token economics
How to Buy STRK with Cryptocurrency
1. Create an account by logging in or signing up for a Bitfinex account.
2. Go to the deposit page.
3. In the Cryptocurrency section, select the cryptocurrency you want to buy STRK for and create a deposit address in your Exchange wallet.
4. Send cryptocurrency to the generated deposit address.
5. Once the funds arrive in your wallet, you can trade them with STRK. Learn how to trade on Bitfinex here.
How to buy STRK with fiat money
1. Create an account by logging in or signing up for a Bitfinex account.
2. Depositing fiat to your Bitfinex account requires full verification. Learn about the different certification levels here.
3. On the deposit page, select the fiat currency you wish to deposit from the bank transfer menu. Bitfinex has a minimum amount for fiat deposits. Learn more here.
4. Check your registered email with Bitfinex for remittance details.
5. Send funds.
6. Once the funds arrive in your wallet, you can use them to purchase STRK.
Plus, you have Bitfinex on your mobile, so you can easily buy STRK currency on the go.
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STRK Community Channel
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