Starknet

Starknet is a permissionless Layer 2 validity rollup that settles transactions on Ethereum. It processes transactions outside Ethereum and uses STARK validity proofs to prove that changes to the network's state were computed correctly. These proofs are verified on Ethereum, allowing Starknet to process more transactions while reducing the amount of computation that needs to take place directly on Ethereum.

STRK is Starknet's native token. It forms part of the network's fee, staking and governance mechanisms. Transaction fees on Starknet are paid in STRK.

Starknet provides an execution environment for applications that require more transaction capacity and lower fees than executing each transaction directly on Ethereum. Developers can deploy smart contracts on Starknet using Cairo, while transaction batches are backed by STARK proofs and settled on Ethereum.

STRK is used to pay transaction fees, participate in staking and take part in Starknet governance. Validators can stake STRK and attest to blocks, while token holders can participate directly or through delegation in governance decisions concerning the protocol. Starknet is gradually expanding validator responsibilities as part of its move towards more decentralised network operation.

Starknet was developed by StarkWare, which was founded in 2018 by Eli Ben-Sasson, Alessandro Chiesa, Michael Riabzev and Uri Kolodny. StarkWare develops blockchain systems based on STARK proofs, including Starknet and StarkEx.

Eli Ben-Sasson is a co-inventor of the STARK, FRI and Zerocash protocols and was a Founding Scientist of Zcash.