Crypto News

Starknet Boosts Ethereum Performance in 2023

Published by
Nonhlanhla P Dube
  • The decentralized scaling network Starknet is planning to further improve its layer-2 network to increase throughput, reduce latency, and transaction costs.
  • Performance improvements have been prioritized as a result of developer and user feedback highlighting delays in transaction processing on Starknet. The next priority is to reduce transaction costs by targeting the cost of storing data on Ethereum’s mainnet.
  • Starknet is aiming to deliver faster finality further down the 2023 roadmap by introducing a fee market to prioritize network resources on users’ willingness to pay for transactions. Other Ethereum layer-2 protocols, including Polygon and ConsenSys, have also begun rolling out zk-rollups to provide faster and cheaper transactions to the smart contract blockchain network.

Starknet, a decentralized scaling network based on Ethereum’s ecosystem, is prioritizing performance improvements in 2023, targeting an increase in throughput, lower latency, and reduced transaction costs. The layer-2 blockchain protocol, which has been developed by StarkWare, is set to release version 0.12.0 in the next month. It is expected to deliver significantly higher transactions per second (TPS) at a lower cost than Ethereum’s mainnet. The focus on performance upgrades is aimed at providing raw power to developers to increase their computational abilities. Eli Ben-Sasson, the president and co-founder of StarkWare, is confident that Starknet will be able to process at least ten times the throughput of Ethereum at a tenth of the cost.

Starknet is planning to roll out Volition to reduce transaction costs, which will allow users to opt whether they want their data on or off-chain, and will introduce a fee market to prioritize network resources. The platform will also deliver faster finality with shorter and fixed interval block times on the network. The priority for Starknet’s performance improvements comes from feedback highlighting delays in transaction processing. The platform will also introduce market mechanisms inspired by conventional market systems to allow users to signal their priority.

The move towards layer-2 blockchain protocols has seen major performance improvements in Ethereum’s ecosystem. Zero-knowledge proofs have been instrumental in the roll-out of a variety of layer-2s, with the technology being pioneered by Starknet. StarkWare open-sourced its programming language compiler, Cairo, to encourage the development of zk-rollup and validity-proof-powered DApps. The introduction of off-chain data availability will complement Ethereum’s in-development improvement proposal, Proto-Danksharding EIP-4844, which will introduce a new type of transaction that carries binary large objects or “blobs” to provide cheaper transactions.

Starknet’s performance improvements will be of particular interest to the South African market. As a developing country, South Africa has been slow to adopt new technology and relies heavily on traditional payment systems. The improvements to Starknet’s network will allow developers to build applications that can process significantly more transactions at a lower cost, potentially increasing access to financial services for millions of people who are currently unbanked.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube
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