Starknet (STRK) is a Layer-2 Blockchain operating on Ethereum, enhancing scalability with ZK-Rollup technology. The network uses Cairo VM to provide provable executions, reducing transaction fees and increasing efficiency. By 2024, STRK token holders can pay transaction fees and participate in network governance, with staking mechanisms planned for future security and node operation. This article answers two key questions: what is Starknet (STRK) and how to buy Starknet (STRK) with TRY.
What is Starknet (STRK)?
Starknet is a Layer-2 Blockchain operating on Ethereum, utilizing ZK-Rollup technology to enhance scalability. This advanced technology allows the network to combine multiple transactions into a single off-chain proof and then send it to Ethereum as a single transaction. This results in higher efficiency and lower execution costs compared to processing each transaction individually on Ethereum. This efficiency is achieved by shifting the execution function to a separate environment.
A key component of Starknet is the Cairo VM, specifically designed to create functions with provable executions by optimizing off-chain proofs. Cairo acts as a virtual CPU and serves as a unified Algebraic Intermediate Representation (AIR). This AIR is a set of polynomial constraints that can express the network’s computations, providing efficient and secure transaction processing.
Starknet was developed by StarkWare Industries, founded in 2018 by Michael Riabzev, Uri Kolodny, Alessandro Chiesa, and Eli Ben-Sasson. As of February 2024, Eli Ben-Sasson remains actively involved in the project, while Riabzev and Chiesa have left for various reasons. Uri Kolodny, who served as CEO until January 2024, resigned due to a family health issue, with Ben-Sasson taking over the role.
StarkWare’s first product, StarkEx, a development engine, was launched in June 2020. Starknet’s alpha mainnet was launched on October 4, 2021, followed by the full mainnet release on November 16, 2021. The network continued to evolve with the launch of the StarkGate Ethereum Bridge in April 2022 and the distribution of the ERC-20 STRK token on November 16, 2022. This token was bridged to Starknet via the StarkGate protocol on November 12, 2023, and became publicly available through the Provision AirDrop on February 22, 2024.
As of February 2024, STRK token holders can use this asset to pay transaction fees on Starknet and participate in the network’s governance process. The project team plans to introduce staking mechanisms that will allow community members to secure the network and run nodes using STRK. These protocol changes are being discussed within the governance community and are expected to be implemented between 2024 and 2025.
Starknet’s governance process began with Phase One on December 14, 2022. The project team published a Decentralization Roadmap on October 24, 2023, summarizing the progress of the governance process. This roadmap aims to transfer the operation of the Starknet Sequencer to node operators and implement a Proof of Stake (PoS) protocol. This protocol will allow users to run nodes and use STRK tokens to secure the network and gain voting power, although specific dates and phases for this transition are not detailed in the roadmap.
How to Buy Starknet (STRK) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey looking to buy Starknet (STRK). Over 100 cryptocurrencies, including STRK, can be bought and sold on Binance TR, where accounts can be quickly created. Follow these steps to buy Starknet (STRK) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. You need to go to trbinance.com and continue from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through Binance TR’s official website. Note that you will need your mobile phone to verify your identity on the website.
On the Binance TR website, hover over the “Profile” option in the top right and click on “Identity Verification and Limits” from the drop-down menu, then click “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click “Copy URL” to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first, tap “Identity” to continue.
Then a screen like the one below will appear. To continue with the verification process, first select the document type that suits you.
After selecting the document type, you can continue by tapping “Upload Front Side.” After taking a photo of the front side of the document according to the document type you selected, tap “Upload Back Side” and take a photo of the back side of the document and upload it. Make sure the images are clear and the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then you can continue by tapping the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
How to Deposit TRY on Binance TR?
You can easily deposit TRY into your Binance TR account from all banks. You can deposit TRY 24/7 and transact seamlessly from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits of up to 50,000 TRY can be made 24/7 via FAST from other banks. Deposits over 50,000 TRY from other banks are processed within EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com and hover over the “Wallet” option in the top left corner of the homepage and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make transfers via wire transfer, EFT, or FAST. All you need to do is use the information displayed on the bank’s page to transfer the amount you want to deposit into your Binance TR account via wire transfer, EFT, or FAST.
Once your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy STRK Coin with TRY on Binance TR?
After the deposit process, you can proceed to the STRK coin purchase step with TRY by clicking the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking this option, the page below will open. Type “STRK” in the search bar on the right side of this page and click on the STRK/TRY option from the results to go to the STRK purchase page with TRY.
Now the STRK trading page below will open. In the area marked with a red box on this page, you need to enter the price at which you want to buy STRK in the first box and the number of STRK you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy STRK” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for Turkish cryptocurrency investors in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users are supported by Binance’s core functionalities, gaining access to market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
