Starknet Aims To Serve As Execution Layer For Bitcoin And Ethereum Scaling, No Bitcoin-Related Token Release Or Fork Planned
In Brief
Starknet addressed concerns arising from StarkWare’s latest announcement about expanding the focus of Starknet to Bitcoin scaling.
Team behind the Ethereum Layer 2 network Starknet (STRK) shared a post on social media platform X, addressing concerns arising from StarkWare‘s latest announcement about expanding the focus of Starknet to include Bitcoin scaling.
In a publication, Starknet has reaffirmed its dedication to Ethereum scaling, a priority since the release of its first Validity Rollup. Additionally, the team highlighted the ongoing efforts in the zero-knowledge (ZK) field as public goods, striving to enhance Ethereum scalability with maximum efficiency, referring to its current roadmap.
Regarding its further plans, Starknet aims to become the unifying layer between Ethereum and Bitcoin ecosystems. It will try to act as an execution layer that scales both Bitcoin and Ethereum simultaneously. Notably, StarkWare will not fork Starknet to form a new layer on Bitcoin or introduce an exclusive token for the Bitcoin ecosystem. Instead, Starknet’s security, governance, and ecosystem will remain anchored by the current STRK token.
Earlier this week, StarkWare announced plans to make Starknet the first network to settle transactions for both Bitcoin and Ethereum. This initiative could significantly boost the transaction processing capacity of the Bitcoin network, potentially handling thousands of transactions per second. The implementation is scheduled for six months after the Bitcoin community adopts the OP_CAT upgrade, which is presently in the proposal phase.
Starknet’s 2024 Roadmap Unveils Major Upgrades: Parallelization And Fee Reductions
Starknet operates as a Layer 2 network on Ethereum, employing a ZK-rollup scaling solution. It enables decentralized applications (dApps) to achieve scalability while maintaining security by bundling transactions into an off-chain computed STARK proof.
In March, Starknet released its 2024 roadmap, including plans to boost throughput and reduce transaction fees. A key update is the introduction of parallel execution in v0.13.2. Parallelization will allow for the simultaneous execution of multiple transactions, unlike Starknet’s sequencer—which currently organizes and batches multiple off-chain transactions before submitting them to the Ethereum blockchain and executes each transaction sequentially.
The integration of Cairo Native into the Starknet sequencer is also tentatively scheduled for v0.13.3 in the third quarter, in partnership with blockchain research firm Nethermind. Furthermore, v0.14.0, set for release in the fourth quarter, is designed to further lower fees on Starknet.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
