February 16 What is StarkNet (STRK)?
in education
Developed by StarkWare, StarkNet represents a cutting-edge Layer 2 scaling solution designed to enhance the scalability and privacy of blockchain networks, with a particular focus on Ethereum. By leveraging Zero-Knowledge Rollups (ZK-Rollups), StarkNet enables thousands of transactions to be processed off-chain before aggregating them into a single transaction on the Ethereum mainnet. This approach significantly reduces gas fees and network congestion typically associated with high transaction volume on Ethereum, making blockchain applications more efficient and accessible to a wider audience.
One of StarkNet's core technologies is STARK (Scalable Transparent Argument to Knowledge), a type of cryptographic proof that allows transactions to be verified without revealing any underlying transaction data. This is intended to ensure a high degree of privacy and security for users. STARK proofs are designed to improve quantum resistance and the ability to efficiently compress transaction data, to enhance its scalability, and to future-proof the network against potential advances in quantum computing.
StarkNet operates as a permissionless, decentralized ZK-Rollup network, allowing developers to deploy smart contracts that can perform complex off-chain computations while still ensuring data integrity and security when reconciling to the Ethereum mainnet. This environment supports the creation of decentralized applications (DApps) that can scale effectively while taking advantage of Ethereum's strong security model. As a result, StarkNet is set to support a wide range of applications, from decentralized finance (DeFi) protocols and non-fungible token (NFT) markets to gaming and enterprise solutions, without the typical limitations associated with blockchain scalability.
In addition to enhancing scalability and privacy, StarkNet also aims to foster a more comprehensive blockchain technology ecosystem. By dramatically reducing transaction costs and increasing productivity, StarkNet hopes to make blockchain technology accessible to individuals and businesses around the world. Democratizing access is critical to the widespread adoption of blockchain technology and realizing its full potential in enabling open, transparent, and efficient digital economies.
What is STRK code?
The StarkNet Savings Program marks a milestone in StarkNet's journey toward decentralization by introducing the StarkNet Token (STRK) to its community. With an initial allocation of over 700 million STRKs to approximately 1.3 million addresses, the program is part of a broader effort to distribute 1.8 billion STRKs (18% of total supply) allocated to the community. This broad distribution reflects StarkNet's commitment to involving its diverse user base, including developers, users and contributors across various sectors, in the management and operation of the network.
STRK is used as a payment option for transaction fees on the StarkNet network. This function allows users to choose between paying fees in STRK or ETH, providing flexibility and potentially reducing network interaction costs. By enabling STRK as a way to cover transaction fees, StarkNet aims to simplify the user experience and encourage broader adoption of its platform.
The STRK contract gives users the right to participate in management decisions that affect the StarkNet protocol. This includes voting on various issues that shape the network's development, policy and future direction. Through governance, STRK holders can influence decisions regarding upgrades, parameter adjustments and implementation of new features, ensuring that the network evolves in a way that reflects the needs and priorities of the community.
STRK will be used within a Proof of Stake (PoS) model that supports network security and decentralization. By signing STRK, users can support the operation of the network, contribute to its security, and in return receive rewards. This signature mechanism is designed to select from a decentralized network of serializers, ensuring that StarkNet remains secure, efficient, and resistant to decentralization.
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How to buy STRK with cryptocurrencies
1. Log in to your Bitfinex account or register to create an account.
2. Go to the deposit page.
3. In the Cryptocurrencies section, choose the cryptocurrency you plan to buy STRK with and create an Exchange wallet deposit address.
4. Send the crypto to the generated deposit address.
5. Once the funds arrive in your wallet, you can exchange them for STRK. Learn how to trade on Bitfinex here.
How to buy STRK with fiat currency
1. Log in to your Bitfinex account or register to create an account.
2. You need to get full verification to be able to deposit fiat currencies into your Bitfinex account. Learn about the different verification levels here.
3. On the Deposit page, under the Bank Wire menu, choose the fiat currency for your deposit. There are minimum fiat deposits on Bitfinex; Learn more here.
4. Check your registered Bitfinex email to get the transfer details.
5. Send money.
6. Once the funds arrive in your wallet, you can use them to buy STRK.
We also have Bitfinex on mobile, so you can easily buy STRK on the go.
[AppStore] [Google Play]
STRK Community Channels
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