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StarkNet, a Layer 2 scalability solution developed within the Ethereum Blockchain ecosystem, has caused great excitement in the world of cryptocurrency. Known as “Zk-Rollup” or “Validity Rollup,” this project aims to increase the transaction speed and affordability on the Ethereum network by processing most transactions off-chain and providing proof to the mainnet. Developed by Stark Ware Industries, a company supported by leading investors such as Sequoia Capital, Paradigm, and Coatue, StarkNet represents a significant advancement in Blockchain scalability and privacy. In this article, you can find answers to many questions such as what StarkNet, which has been listed and made available for trading on Binance, is and where to buy its native asset, the STRK coin.
What is StarkNet?
Operating as “Layer 2 for commitments,” StarkNet significantly reduces the load on Layer 1 (Ethereum on-chain), enabling faster and cheaper transactions. Through cryptographic commitments sent to Ethereum’s mainnet, StarkNet maintains compatibility with Ethereum’s robust security model while ensuring data integrity and security. Utilizing Zero Knowledge Proofs (ZKPs), particularly zk-STARKs, StarkNet indicates a significant advancement in ZKP cryptography by providing privacy without compromising transaction verification.
Among StarkNet’s core features are low transaction fees, speed, and efficiency, making transactions on the network cheaper and faster compared to Ethereum. Developers benefit from user-friendly development tools and Cairo, a native programming language optimized for the StarkNet environment. Furthermore, StarkNet operates on its own virtual machine, the Cairo VM (CVM), allowing for innovations beyond Ethereum’s Virtual Machine (EVM) and offering unique options to users and developers.
The launch of the StarkNet Token (STRK) marks an important milestone on the path to decentralization. With a total supply of 10 billion tokens distributed to approximately 1.3 million eligible wallet addresses, STRK plays a significant role in governance, payment of transaction fees, and participation in the StarkNet ecosystem. The token distribution prioritizes inclusivity and community engagement by giving preference to users, contributors, and developers.
The planned distribution of STRK tokens from February 20 to June 20 aims to reward various participants in the StarkNet ecosystem. Eligible participants include early adopters, contributors to Ethereum, and open-source developers, highlighting StarkNet’s commitment to decentralization and community governance. The StarkNet Foundation behind StarkNet has also initiated community-focused programs to encourage participation and advance its decentralized efforts.
Where to Buy STRK Coin?
STRK coin can be securely bought and sold on Binance, the world’s largest cryptocurrency exchange, due to its transaction volume. STRK coin was listed on Binance on February 20, 2024, and is available for trading in STRK/BTC, STRK/USDT, STRK/FDUSD, and STRK/TRY trading pairs.
To purchase STRK coin, one must first register with the Binance exchange if not already a member. After completing the registration process, cryptocurrency or fiat currency such as Turkish Lira should be transferred to the account wallet on Binance. Once the transfer is complete, STRK coin can be purchased from any of the above trading pairs.
To buy using the STRK/USDT trading pair, one must first navigate to the interface of this trading pair. In the limit tab of the trading pair interface, the desired amount to be purchased is entered. After entering the amount, the purchase is completed with the STRK Buy order.
