Bittime - The blockchain world continues to evolve, and the Starknet network announced their roadmap for 2024! The main focus is to make transactions faster and transaction fees cheaper.
What is Starknet?
Starknet (STRK) is a technology designed to help the Ethereum network overcome its limitations. It can be thought of as an additional toll road for the Ethereum network.
Starknet, known as zk-rollup, moves most transaction processing outside of the Ethereum mainnet, then provides proof of validation of those transactions back to Ethereum.
Check Today's Crypto Market:
In this way, Starknet reduces the load on Ethereum so that transactions can be processed more quickly and with lower fees. Starknet was developed by StarkWare Industries, a blockchain company founded in 2018.
Starknet launched in February 2022 as an open Layer 2 network, meaning anyone can build decentralized applications (dapps) on top of it.
How will Starknet achieve its goals in 2024?
Parallel Execution
This feature is like making a toll road extra wide. Currently, transactions are processed sequentially, queued one by one. With Parallel Execution, several transactions can be processed at the same time, so everything is faster.
It is planned that this feature will be available in the second quarter of 2024 (Q2/2024) with the Starknet version v0.13.2.
Collaboration with Nethermind
In the third quarter of 2024 (Q3/2024), Starknet will collaborate with blockchain research company Nethermind. They will integrate "Cairo Native" technology into Starknet.
This is expected to further speed up transactions, reduce delays (latency), and increase overall transaction processing capabilities.
Also Read How to Buy Crypto:
Strategies to Reduce Transaction Costs
In the fourth quarter of 2024 (Q4/2024), Starknet plans to launch version v0.14.0. This version has three strategies to reduce transaction costs:
- Volition: This technology is like mixed storage. Later, data can be stored in two different places, depending on the type of data. This will help save costs.
- Application Recursion (Applicative Recursion): Imagine tidying up paper evidence of data storage to make it more concise. This strategy will help reduce the size of data that needs to be stored, so that transaction costs are cheaper.
- Data Availability: This is related to how data is stored on the Ethereum network. This strategy aims to minimize Starknet's data footprint on Ethereum, so that transaction costs can be reduced.
Source: Coincu
Why Is This Important?
Currently, Starknet is the fifth largest blockchain network by total stored value (TVL) among Layer-2 networks that use “ZK-Rollups” technology. This technology is known to be more energy efficient and secure than other blockchain technologies.
Check Crypto Prices Today:
With development plans in 2024, transactions on the Starknet network are expected to be faster and cheaper. This can attract more users and make the Starknet network grow even more!
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 Begins to Respond to STRK Token Airdrop Issues
Successful and Controversial: Starknet Distributes Tokens Via Airdrop
Starknet TVL Increases 194% in 7 Days: What About STRK?
Starknet Users Plummet, Dissatisfaction with Token Drop Rises
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.