StarkWare Unveils Plans To Support Bitcoin Scaling And Launch $1M Research Fund
In Brief
StarkWare plans to support Bitcoin scaling, making Starknet the first network to settle transactions on both Bitcoin and Ethereum.
Blockchain software company StarkWare, focused on scalability solutions, revealed plans to explore the possibility of supporting Bitcoin scaling.
In the future, Starknet aims to become the first network to process transactions for both Bitcoin and Ethereum at the same time. This could significantly increase the transaction processing capacity of the Bitcoin network, potentially reaching thousands of transactions per second, happening within six months after the adoption of the OP_CAT upgrade for scaling Bitcoin by the Bitcoin community.
The adoption of OP_CAT on the Bitcoin network could enable the integration of a STARK verifier within Bitcoin Script. This integration might create a pathway for secure and self-managed transfers between Bitcoin and Starknet, creating a unified Layer 2 solution that facilitates scalability for both Ethereum and Bitcoin.
To scale Bitcoin, StarkWare plans to implement three steps. These include the introduction of a novel design for Starknet, unifying the space by enabling Starknet to become a self-custodial decentralized Layer 2 to synchronously settle on Ethereum and Bitcoin.
Furthermore, StarkWare also plans to establish a dedicated research initiative with a $1 million fund, which will be used to award grants to researchers and builders who focus on OP_CAT and its impact. The grants will be distributed to users and projects approaching OP_CAT from various perspectives, shedding light on both the pros and cons of adopting OP_CAT on Bitcoin.
Additionally, StarkWare will provide public support for the OP_CAT proposal, as it makes trustless rollups possible on Bitcoin by enabling recursive covenants that can manage and update their state autonomously, increasing transaction throughput without overloading Bitcoin.
StarkWare Partners With Cartridge To introduce ZKThreads
Founded in 2018, StarkWare is developing Starknet, an Ethereum Layer 2 scaling solution that leverages zero-knowledge rollup technology. The firm has garnered support from prominent venture funds, including Sequoia Capital, Paradigm, and Coatue, with its valuation reaching $8 billion after a successful Series D funding round in May 2022.
Recently, StarkWare collaborated with Cartridge to introduce ZKThreads, a novel framework designed to enhance the scalability of decentralized applications (dApps) on Starknet through execution sharding enabled with zero-knowledge proofs.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, 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 cryptocurrency, zero-knowledge proofs, 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.
