StarkWare to Open Source Its Ethereum Scaling System

The tech company was valued at $8 billion during a funding round last year.

AccessTimeIconFeb 5, 2023 at 12:00 p.m. UTC
Updated May 9, 2023 at 4:07 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

StarkWare, a creator of blockchain scaling systems that has reached an $8 billion valuation last year, announced plans on Monday to open source its core cryptographic software tool.

The technology of Israel-based StarkWare tackles the scalability issues of Ethereum, which cause slow throughput and high gas or transaction fees. The company has two platforms: the StarkEx scaling engine and StarkNet, which puts the technologies in the hands of developers building decentralized applications (dapps). StarkWare plans to open source the STARK Prover technology that powers those projects.

The announcement was made during the two-day StarkWare Sessions 2023 event in Tel Aviv, Israel. The company said the plan to open source will take time to implement, but StarkWare is committed to making the entire tech stack transparent for developers.

“Every step we take to provide infrastructure, and to make it accessible and decentralized, is a catalyst for devs to build,” StarkWare co-founder and President Eli Ben-Sasson said in a statement at the summit. “And the quicker and more broadly they build, the faster we’ll see mass onboarding to solutions that truly enable people to manage their own funds. So there’s a direct line between open-sourcing key tech and popularizing self-custody.”

Crypto infrastructure projects have an increased profile after the collapse of centralized crypto exchange FTX. In January, investments in crypto companies fell 91% year over year as backers moved away from centralized finance projects. Infrastructure, however, remained relatively strong and was the highest-earning vertical.

UPDATE (UTC 14:38): Removes extraneous text.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.