Developed by StarkWare, the Layer 2 scaling solution StarkNet (STRK) aims to revolutionize scalability and privacy in blockchain networks, especially on Ethereum 
$3,238. StarkNet utilizes Zero-Knowledge Rollups (ZK-Rollups) to process thousands of transactions off-chain before consolidating them into a single transaction on the Ethereum mainnet. This approach significantly reduces gas fees and network congestion, making blockchain applications more efficient and accessible. In this article, you will find answers to many questions, including what StarkNet is, what its native asset STRK coin is, and how to purchase STRK coin, which was recently listed on Binance.
What is StarkNet?
At the core of StarkNet’s technology lies STARK (Scalable Transparent Argument of Knowledge), a cryptographic proof that verifies transactions without revealing the underlying data. This prioritizes user privacy and security, with STARK proofs optimized for quantum resistance and data compression to ensure future-proof scalability and advancements.
As a permissionless, decentralized ZK-Rollup network, StarkNet enables developers to deploy smart contracts (dApps) that perform complex computations off-chain while maintaining data integrity and security when reconciled with Ethereum’s mainnet. This environment supports the creation of scalable dApps across various sectors, from DeFi protocols and NFT marketplaces to gaming and enterprise solutions.
Beyond scalability and privacy enhancements, StarkNet aims to promote inclusivity in the blockchain ecosystem by reducing transaction fees and increasing efficiency, making blockchain technology more globally accessible. This democratization of access is vital for widespread adoption and the realization of blockchain’s potential to enable transparent and efficient digital economies.
STRK Coin Overview
As a major milestone in decentralization, StarkNet introduced the StarkNet Token (STRK) through the StarkNet Provisions Program. With an initial allocation of over 700 million STRK to approximately 1.3 million wallet addresses, the program will distribute 1.8 billion STRK (18% of the total supply) to the community, involving developers, users, and contributors in governance and operations.
STRK serves as a payment option for transaction fees on the StarkNet network, offering users flexibility and potentially lowering costs for network interactions. Owning STRK grants users governance rights, allowing them to participate in decisions affecting the protocol’s development, policies, and future direction. Additionally, in StarkNet’s Proof of Stake consensus mechanism, staking STRK supports network operations, contributes to security, and rewards participants, ensuring the network’s security, efficiency, and resistance to centralization.
How to Purchase STRK Coin?
STRK coin can be securely bought and sold on Binance, the world’s largest cryptocurrency exchange by trading volume. STRK coin was listed on Binance on February 20, 2024, and is available for trading in pairs such as STRK/BTC, STRK/USDT, STRK/FDUSD, and STRK/TRY.
To purchase STRK coin, users must first create an account on Binance if they haven’t already. After completing the registration process, users need to transfer either cryptocurrency or fiat currency, such as Turkish lira, to their Binance wallet. Once the transfer is complete, STRK coin can be purchased in any of the five trading pairs mentioned above.
To buy from the STRK/USDT trading pair on Binance, navigate to the trading interface for this pair. From the “Limit” tab, enter the amount you wish to purchase in the designated field. Once entered, place a buy order for STRK, and the transaction will be completed.
