StarkWare, an altcoin project focused on scaling Ethereum, confirmed the rumors for StarkNet Token today. Second-tier scaling solution StarkWare has officially announced that it will launch the StarkNet Token.
StarkWare has set a September date for the new altcoin
StarkWare officially confirmed the StarkNet Token on its Medium account today. The token will be part of a two-pronged strategy to become a “public good like Ethereum or the internet.” The establishment of the StarkNet Foundation, a nonprofit organization, is the focus of the second component of today’s announcement. Official announcement and Medium post:
#StarkNet Alpha was launched on Ethereum Mainnet in November 2021.
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Now it’s time to advance its decentralization as demanded of an L2 on Ethereum.
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Here’s our decentralization proposal, introducing the StarkNet Token, and the StarkNet Foundationhttps://t.co/zk33gANsin pic.twitter.com/YTd0Uj5NbW— StarkWare (@StarkWareLtd) July 13, 2022
What is StarkNet?
StarkNet is a permissionless decentralized second layer rollup created to allow Ethereum to scale through cryptographic protocols called STARKs, without compromising Ethereum’s core principles of decentralization, transparency, inclusivity, and security.
Meanwhile, StarkNet is known as the second layer scaling system for Ethereum. It is the developer team behind the StarkWare token and the project. Rollup technology is used to increase the scalability of the network. According to the statements in the Medium announcement, StarkNet Token will have three functions:
- StarkNet will cover transaction costs
- It will act as a management token
- It will support the consensus mechanism of technology
The first 10 billion tokens minted will be distributed as follows:
- Investors of the development team: 17%
- Development partners and employees: 32.9%
- Foundation: 50.1%
