Hashstack announced its migration to Starkware’s zk-Rollup Solution Starknet, the first general-purpose permissionless Decentralized ZK-Rollup.

What are Zk-Rollups, and why are they needed?

Ethereum is the most popular blockchain development platform. 26.65% of all Dapps in existence are deploying on Ethereum. Today, 9 out of 10 dapps get deployed on Ethereum or EVM-based L1. This is primarily due to lower development barriers, & matured ecosystem of developers, and resources. On the flip side, the increased network load consistently leads to exorbitant gas fees and slower transaction times; which greatly impacts the network’s scalability.

This matters because, blockchain has made significant strides over the past few years with a projected CAGR of 56.3% between 2022 to 2029. This might not be possible if the predicaments of today continue to exist.

L2 scalability protocols such as zk-Rollups operate by rolling up hundreds of offchain transactions into a single transaction. They return a short non-interactive argument of knowledge(SNARK) to the main-chain as a proof of validity. This ensures that instead of hefty transaction data, only the validity proof has to be keep on the main Ethereum network, making ZK Rollups a faster and cheaper way to confirm transactions.

Hashstack Migration to Starknet

With this, Hashstack shifts its focus from EVM chains to zk-primitives to further its mission to build the critical infrastructure necessary to 10x the usability of decentralized finance, to truly empower financial inclusion through crypto.

About Starknet

StarkNet is a permissionless decentralized ZK-Rollup operating as an L2 network over Ethereum, where any dApp can achieve unlimited scale for its computation, without compromising Ethereum’s composability and security.

• Future-ready: In development since 2017, Starknet’s one of the few market-ready zk-rollups with over 205Mn transactions processed, facilitating over US $657Bn trading volume, to date; instilling confidence on the network’s reliablity.
• The community: Arguably the most collaborative ecosystem of buidlers we have come across. Adopting an entirely new development framework comes up with its own set of challenges. Starkware team’s success in building an open minded, collaboration-centric community made it 10x easier for Hashstack’s team to evaluate & deploy on Starknet. Additionally, Starkware incentivised Hashstack for building & deploying on Starknet.
• Cairo: Starknet’s virtual machine, power by Cairo. It is a turing complete language with syntax being similar to Python. In comparison to Solidity, Cairo is less restrictive & provides full low-level access to low-level primitives.

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About Hashstack

Hashstack builds critical infrastructure necessary to further the usability of decentralized finance.

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SOURCE

https://blog.hashstack.finance/announcing-hashstacks-switch-to-starknet/

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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.

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RESOURCES

Medium

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StarkWare will join them at the hackathon venue in the centre of Paris, St Marais, and offer prizes for the best hackathon projects built on StarkNet.

Read more about the hackathon below and register here to secure your spot!

About the StarkNet Paris Hack

The StarkNet Paris Hack is happening from Monday 18th to Tuesday 19th July in Paris, just before the start of ETH CC.

It is an in-person hackathon and a great opportunity to meet fellow hackers, learn about StarkNet, answer challenges and win great prizes.

Find out more about the hackathon and how to register to secure your spot below!

Registrations

There are limited spots available to participate in the hackathon so make sure to register as soon as possible to secure your spot!

After registering, you will receive an email from us prompting you to RSVP and confirm your spot. If you have not received your email after registering, please check your spam folder.

Please note there is a $25 deposit to reserve your place, repaid after the hackathon subject to checking into the hackathon venue.

You don’t need to have a conference ticket to be able to participate in the hackathon.

About StarkWare

StarkWare develops STARK-based solutions for the blockchain industry. Their products enable a secure, trustless, and scalable operating for blockchain applications.

StarkWare develops StarkEx, a standalone permissioned Validity-Rollup, and StarkNet, a permissionless decentralized ZK-Rollup.

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About Encode Club

Encode Club is a web3 education community. They help ambitious, talented people achieve their personal and professional goals together. Encode Club do this through awesome programmes with the leading protocols in crypto. They also help you get a job or raise funding.

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SOURCE: MEDIUM

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