Starknet to Launch its Token
Starknet to launch its Token as per StarkeWare announced recently on their Twitter account. StarkNet’s decentralization involves a native token and a new foundation.
StarkNet is a permissionless decentralized Layer 2 (L2) validity rollup. Built to allow Ethereum to scale via cryptographic protocols called STARKs. Without compromising Ethereum’s core principles of decentralization, transparency, as well as inclusivity, and security.
StarkNet’s Alpha launched on Mainnet
StarkNet’s Alpha launched on Mainnet in November 2021. Less than one year in, an ecosystem is forming, with dozens of teams worldwide working on it. Now is the time to advance the network’s decentralization, so it achieves the liveness, censorship resistance, transparency, and inclusivity demanded of an L2 on Ethereum.
Permissionless Proof-of-stake Leader
Decentralization means the network’s operation and evolution will not rely on any single entity, including StarkWare. A permissionless proof-of-stake leader election mechanism and on-chain payment of transaction fees, both using a native token, will enable the network to operate reliably as an L2 on Ethereum even should StarkWare cease to exist.
Decisions regarding the ongoing maintenance of StarkNet will shift from StarkWare to the community. A StarkNet Token and Foundation will be key elements of this effort.
StarkNet is built from cryptography and an open ecosystem. The cryptography is STARKs. These are protocols based on math that scale Ethereum by orders of magnitude. They require no trust setup, are post-quantum secure, and can be deploys succinctly at any scale.
StarkNet gives all developers and users access to the scale and security benefits of STARKs, for the purpose of scaling Ethereum while maintaining Ethereum’s core values. STARKs were invented by co-founders of StarkWare, who first used them to build the StarkEx scaling solution for clients.
Subsequently, StarkWare and other developer teams (collectively “Core Contributors”) built StarkNet, a public, decentralized, and permissionless infrastructure, to ensure that these scaling technologies are accessible to all in perpetuity.
The launch of StarkNet Alpha nearly a year ago prompted the emergence of a larger ecosystem committed to building and nurturing StarkNet. Numerous teams of developers worldwide are building its core infrastructure and new applications on it.
The way to decentralization
STARK technology is mature and secure, but StarkNet has not achieved the status of a public good like Ethereum or the Internet. For StarkNet to reach this goal, its governance, operation, and development must continue to decentralize. This will be facilitated through two mechanisms: the StarkNet Foundation and the StarkNet Token.
The StarkNet Token
The StarkNet Token needs to operate the ecosystem. Maintain and secure it, decide on its values and strategic goals and direct its evolution. The token use for governance, payment of transaction fees on StarkNet, and participation in StarkNet’s consensus mechanism.
The StarkNet Token model emphasizes compensating developers for their work. A portion of new minting and transaction fees, grants to core infrastructure, and smart contract developers. Paying for the work they have done to design and launch the protocol. In addition to compensating StarkNet operators for the work, they have done to operate it.
ABOUT StarkWare
StarkWare scaling solutions use STARK-based validity proofs to ensure an Ethereum-secure, fast and seamless user experience. They support a range of data availability modes.
