Starknet (STRK) operates as a Layer-2 blockchain on Ethereum, utilizing ZK-Rollup technology to significantly enhance scalability. This method aggregates multiple transactions into one off-chain proof, then processes it as a single transaction on Ethereum, resulting in reduced fees and increased efficiency. By 2024, STRK token holders will be able to pay transaction fees and participate in network governance, with future plans for staking mechanisms to enhance security and node operation.
What is Starknet (STRK)?
Starknet leverages ZK-Rollup technology, allowing the network to batch process transactions off-chain before confirming them on Ethereum. This innovative approach achieves higher efficiency and lower execution costs by offloading computational tasks to a separate environment. A central component is the Cairo VM, designed to optimize off-chain proofs and ensure provable executions. This virtual machine acts as a unified Algebraic Intermediate Representation (AIR), using polynomial constraints to handle computations efficiently and securely.
Founded by StarkWare Industries in 2018, Starknet’s development team includes notable figures like Eli Ben-Sasson. StarkWare’s initial product, StarkEx, launched in June 2020, was followed by Starknet’s alpha mainnet in October 2021 and the full mainnet in November 2021. The network evolved with the StarkGate Ethereum Bridge in April 2022 and saw the distribution of the STRK token in November 2022. As of February 2024, STRK token holders can participate in the network’s governance and pay transaction fees.
How to Purchase Starknet (STRK) with TRY?
Turkish investors can conveniently buy Starknet (STRK) on Binance TR, a prominent cryptocurrency exchange. Binance TR supports over 100 cryptocurrencies and offers a quick account creation process. Below are steps to get started with buying Starknet (STRK) using Turkish Lira (TRY) on Binance TR.
Steps to Buy STRK Coin
To purchase STRK on Binance TR, follow these steps:
- Open an account on Binance TR by visiting trbinance.com and providing the required personal details.
- Verify your identity (KYC) either via phone or the website to secure your account.
- Deposit TRY into your Binance TR account using bank transfer, EFT, or FAST.
- Select STRK/TRY from the trading pairs and enter the desired purchase amount.
- Complete your purchase by clicking the “Buy STRK” button.
Conclusion
Starknet is poised to significantly enhance the scalability and efficiency of Ethereum-based transactions through its innovative use of ZK-Rollup technology. With the introduction of governance and staking mechanisms, the STRK token will play a pivotal role in the blockchain’s future. This development represents a critical step in making Ethereum more accessible and scalable for a broader range of users.