As a researcher with a background in blockchain technology and experience following the developments in the crypto space, I am closely monitoring StarkWare’s plans to expand its scaling technology to the Bitcoin network. I understand the excitement surrounding this news, but it is essential to clarify some aspects based on the information provided by StarkWare itself.
StarkWare clarifies that its initiative to implement its scaling solution on Bitcoin will not lead to a split of Starknet or the creation of a new token.
StarkWare, the company responsible for developing Starknet, emphasized that their main objective is still to enhance Ethereum‘s scalability via validity rollups and zero-knowledge proofs, although they continue exploring methods to improve scalability within the Bitcoin network as well.
We’re just as eager as you are to understand the implications of Starknet running on Bitcoin! Let’s clarify the situation:
— Starknet 🐺🐱 (@Starknet) June 7, 2024
On June 7, a prominent blockchain developer with an estimated valuation of $8 billion made a post on X, expressing their dedication to improving Ethereum’s scalability in 2024. They stated their intention to “work toward scaling Ethereum as effectively and efficiently as possible.”
“Since the beginning of Starknet, our aim has been to create STARK verification systems. We believe these systems will improve the capacity and trustworthiness of the blockchains we support.”
StarkWare
Starknet intends to support both Ethereum and Bitcoin users without introducing a separate network or unique token for Bitcoin. In contrast to creating an additional layer, Starknet will function as the execution layer that concurrently enhances the scalability of Ethereum and Bitcoin.
StarkWare intends to keep Starknet from branching out into a separate layer for Bitcoin or developing a unique token specifically for the Bitcoin community. Instead, Starknet aspires to function as an execution layer that can scale both Bitcoin and Ethereum at once. Its security, administration, and ecosystem will all be influenced by the STRK token.
StarkWare
As a blockchain analyst, I’m excited about StarkWare’s plans to introduce Zero-Knowledge (ZK) scaling to Bitcoin as part of a larger approach to tackle the scalability issues prevalent in major blockchains. By bringing its proven technology from Ethereum to this project, the Starknet team intends to create a unified layer capable of settling transactions on both Bitcoin and Ethereum networks.
Six months after the proposed Bitcoin upgrade called OP_CAT, expected to introduce smart contracts into the Bitcoin network, our company plans to finish developing the solution.
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2024-06-07 14:32