StarkNet is a blockchain platform created by StarkWare Industries. It's designed to enhance Ethereum by making it faster and more secure, especially for complex apps.
What is Starknet
Here's how it works:
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Zero-Knowledge Proofs: StarkNet uses a special technology called zk-STARKs. This lets users prove that their computations are correct without revealing any sensitive details. It's a bit like solving a puzzle without showing the pieces - only the solution.
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Scalability: One of StarkNet's main strengths is handling lots of data efficiently. It does this by grouping many operations into one, making things quicker and cheaper, especially for complicated apps.
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Smart Contracts and Cairo: Developers can use StarkNet to build decentralized apps (DApps). StarkNet has its own language, Cairo, which is tailor-made for writing these smart contracts.
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Security and Decentralization: StarkNet is as secure as Ethereum because it uses a similar way to check its computations, with lots of independent validators ensuring everything is correct.
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Ethereum Compatibility: StarkNet works well with Ethereum, meaning developers can easily move their Ethereum apps over or make new ones that work with both platforms.
In summary, StarkNet is all about making Ethereum better - faster, more efficient, and more secure. It's great for developers looking to build advanced apps and for users wanting faster and cheaper transactions.
Team of Starknet
Eli Ben-Sasson
Co-Founder, President
Eli is a co-founder and president of StarkWare, and Chairman of its Board of Directors.
He has been researching cryptographic and zero knowledge proofs of computational integrity ever since he received his Phd in Theoretical Computer Science from the Hebrew University in 2001. Eli is a co-inventor of the STARK, FRI and Zerocash protocols and a Founding Scientist of the Zcash Company. Over the years he held research positions at the Institute for Advanced Study at Princeton, Harvard and MIT, and, most recently, was a Professor of CS at Technion, which he left to co-found StarkWare.
Uri Kolodny
Co-Founder, CEO
Uri is a co-founder and CEO at StarkWare, and a member of its Board of Directors.
He has a B.Sc. (Magna cum Laude) in Computer Science from the Hebrew University, and an MBA from MIT Sloan. Uri is a serial entrepreneur, who has co-founded several technology companies, among them OmniGuide (an MIT spinoff developing optical fibers for endoscopic surgery), and Mondria (developer of tools for visualization of big data). Previously, Uri also served as an EIR with two Israeli VC firms, and as an analyst at McKinsey.
Funding of Starknet
$282,500,000
Total Funds Raised
$6 000 000
Seed Round
Led by Pantera Capital. Other investors were Polychain Capital, Vitalik Buterin, Naval Ravikant etc
$12 000 000
Grant
Led by Ethereum Foundation
$30 000 000
Series A
Led by Paradigm, Sequoia Capital. Other investors were Multicoin Capital, Coinbase Ventures, ConsenSys, Pantera Capital, Scalar Capital, DCVC.
$75 000 000
Series B
Led by Paradigm. Other investors were Sequoia Capital, DCVC, Blockchain Founders Fund, Wings Ventures, Three Arrows Capital, Pantera Capital, DCVC.
$50 000 000
Series C
Led by Sequoia Capital. Other investors were Paradigm, Three Arrows Capital, Blockchain Founders Fund, Alameda Research, DCVC, IOSG.
$100 000 000
Series D
Led by Coatue, Tiger Global Management, Greenoaks Capital. Other investors were Paradigm, Sequoia Capital and Three Arrows Capital.
$9 500 000
Venture Round
Led by Alameda Research
Starknet review
Pros
Scalable Infrastructure
Leverages zero-knowledge proofs for high-efficiency data handling.
Privacy Protection
Ensures user data confidentiality with advanced cryptographic techniques.
Reduced Costs
Lowers Ethereum gas fees, enhancing affordability for DApp users.
Ethereum Synergy
Seamlessly compatible with Ethereum, facilitating easy integration.
Developer-Friendly
Offers specialized tools like Cairo for streamlined smart contract development.
Decentralized Security
Maintains network integrity with a robust, distributed validator system.
Community-Driven
Encourages open-source collaboration, fostering innovation.
Cons
Cryptographic Challenges
Complex cryptographic protocols could pose security risks.
Technical Intricacy
Advanced features may present developmental hurdles.
Governance Complexity
Necessitates effective decision-making mechanisms for upgrades.
Adoption Dependency
Success reliant on attracting a broad user and developer community.
Regulatory Variables
Potentially subject to fluctuating global regulations.
Interoperability Complexities
Ensuring smooth cross-chain functionality can be challenging.