Bittime - Good news for Starknet users! Gas fees (transaction fees) on this network have dropped drastically by 99% after successful integration with the Dencun Ethereum upgrade.
Previously, the cost to make one transaction on Starknet could reach around $2 (around IDR 30,000).
However, after the upgrade, the cost dropped to around $0.01-$0.04 (around Rp. 150-Rp. 600) - a very significant reduction!
What is a Gas Fee?
Before discussing Starknet further , it is important to understand what a gas fee is. Gas fees are fees that users pay to carry out transactions on a blockchain network.
This fee is calculated based on the amount of “gas” used to execute the transaction. Gas is likened to the fuel that runs the blockchain virtual machine.
This reduction in transaction costs has a direct impact on Starknet's performance. This network, which previously experienced a decline in activity, immediately jumped almost 10% after the Dencun upgrade . This means that this upgrade has succeeded in restoring Starknet's performance and even surpassing its previous performance.
As an Ethereum Layer-2 (L2) network, Starknet was designed to overcome the problem of high transaction fees on the main Ethereum network. Dencun, on the other hand, is Ethereum's latest upgrade that aims to reduce transaction costs on L2 networks like Starknet.
With the drastic reduction in transaction costs, Starknet is predicted to become increasingly popular with blockchain application developers. This will certainly trigger an increase in activity and adoption of blockchain technology as a whole.
Apart from Starknet, several other crypto tokens related to the Ethereum network, such as Polygon and Arbitrum, also experienced price increases before the Dencun upgrade. However, after the upgrade was activated, the price of the token decreased slightly.
Check Today's Crypto Market:
What is Starknet (STRK)?
Starknet is one of the Layer-2 (L2) scaling solutions for the Ethereum network. The Ethereum network currently has limitations in terms of transaction speed and fees.
L2s such as Starknet aim to overcome this problem by processing transactions outside the main Ethereum network, then recording the results on the main blockchain.
There are several approaches to increasing transaction speed and lowering fees, but one of the most popular is zk-rollups . Starknet uses a zk-rollups approach.
This means that most of the transaction computing is done outside the Ethereum network. Transactions are then grouped together before finally being recorded on the main blockchain.
In this way, Starknet can reduce congestion on the Ethereum network and make transaction fees cheaper for users.
Also Read How to Buy Crypto:
Latest Technology: STARK
The technology that differentiates Starknet from other zk-rollups is the use of cryptographic proofs called Scalable, Transparent Argument of Knowledge (STARK). zk-SNARK is a technology commonly used in other zk-rollups, but STARK offers several advantages.
STARK Advantages:
- Does not require a trusted third party: zk-SNARK requires a trusted third party to set up the proof system. STARK does not require this, making the system more secure and decentralized.
- More efficient: STARK is claimed to be more efficient than zk-SNARK, allowing for faster transaction processing.
Important Components in Starknet
- Sequencer: A computer in charge of validating transactions and grouping them into blocks.
- Prover: A computer whose job is to create cryptographic proof (STARK proof) to prove the validity of transactions in a block.
Check Crypto Prices Today:
A Brief History of Starknet
Starknet was developed by StarkWare Industries, an Israeli technology company founded in 2018. Some of StarkWare Industries' key founders include:
- Eli Ben-Sasson: Was a professor at the Technion - Israel Institute of Technology and co-founder of the cryptocurrency Zcash.
- Uri Kolodny
- Michael Riabzev
- Alessandro Chiesa
StarkWare's first product is StarkEx, a permitted scaling solution that uses the same zk-STARK technology as Starknet.
StarkEx was launched in 2020 and is used by decentralized derivatives trading platforms dYdX and L2 Immutable
Starknet itself launched in November 2021, marking the start of their public L2 network. The STRK token followed later and will only become available to the public in February 2024.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Starknet's Latest Update Brings StarkGate 2.0 to Mainnet
Starknet Begins to Respond to STRK Token Airdrop Issues
Successful and Controversial: Starknet Distributes Tokens Via Airdrop
Starknet (STRK) and eTukTuk (TUK) Even Fly When the Market Falls
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.