What is Starknet (STRK)?

Deep Dive

1. Purpose

Starknet is a Layer 2 network: it processes activity separately from Ethereum’s main network, then posts proof of that activity back to Ethereum. This approach is intended to scale applications without requiring every transaction to be processed individually on Ethereum. CoinMarketCap

2. Technology

Starknet is a validity rollup, a system that groups transactions and submits a cryptographic proof that they were processed correctly. Its STARK proofs are checked on Ethereum. Starknet applications use Cairo, a programming language designed for computation that can be verified with these proofs. Bitstamp

3. STRK token

STRK is the network’s native token. It is used to pay transaction fees, vote on governance matters, and stake to help support network security. These roles make STRK distinct from Starknet itself: Starknet is the network, while STRK is the token used within it. StarkWare

Conclusion

Starknet is a proof-based Ethereum scaling network, and STRK is its fee, governance, and staking token. How well can its approach support the applications developers want to build?