StarkNet, a scalability project based on Zero Knowledge Test (ZK Proof), announced plans on March 11 to become a Layer 2 (L2) solution that sets up transactions in both Bitcoin and Ethereum, joining two networks.
Starknet approach You are trying to address current restrictions on Bitcoin. According to the post, BTC works as the oldest and most stable cryptocurrency, but is a network facing programmability challenges, including the lack of highly intelligent contracts. Additionally, according to Starknet, it is around $2 per operation, which can last 10 minutes of block time.
On March 10th, the average cost of the Bitcoin rate was $0.966, according to the independent indicator medium. Less than half of what StarkNet shows. On March 11th, it was USD 1.30.
What is StarkNet going to solve with the new work plan?
Starknet proposes to improve these aspects through Ethereum’s second tier infrastructure; Lower rates, reduce processing time, and expand the functionality of red Mainly bitcoin. These improvements are presented as specific objectives, but their implementation will depend on adoption and technical verification by the Bitcoin community.
A central element of the proposal is Starknet’s intention to “become a Bitcoin execution layer.” This means that StarkNet has the claim that it acts as an essential secondary layer for processing and executing complex transactions outside the main Bitcoin chain. Using all technology rOllups Based on the Stark Test. These transactions then settle on the Bitcoin-based network.
Being a “execution layer” means Starknet assumes responsibility for processing computational logic and distributed applications (DAPP) that Bitcoin does not natively support as a highly intelligent contract due to its minimalist design. It also means StarkNet is intended to compete with the Lightning network as a “execution layer.” In other words, the struggle is considered the second most important layer of Bitcoin and the most important payment channel of the network.
Of course, the second tier of Ethereum has a higher degree of programmership through more intelligent contracts than its central purpose, the Lightning network. It is based on improving the efficiency of Bitcoin transactions.
Among the performance improvements Starknet promises to Bitcoin through this Layer 2 includes a significant increase in performance. For example, it moves from seven transactions per second (TPS) to thousands, reducing block time from $2 to $0.002 per transaction, reducing block time from 10 to 2 seconds.
StarkNet itself does not change the processing time of the Bitcoin block, but it finishes transactions within the second layer (outside the chain) faster and consolidates them in the main chain that blocks every 10 minutes.
Financial options similar to Bitcoin’s Ethereum
For Bitcoiner betting on this second interoperability layer and Ethereum, these improvements can be translated With new financial features similar to those found in Ethereum.
Among these, “Bitcoin staking” stands out. This is a feature that is not network specific, but can be enabled via starknet. You will receive passive income using a fixed version on the Bitcoin network. Other financial options are access to loans, peer loans and self-legal trade.
StarkNet plans to introduce a Bitcoin definition application. It’s similar to how they’re already doing Floorstock o stackBitcoin’s two L2. It can be used in conjunction with the Bitcoin network to see if StarkNet includes known applications in Ethereum such as Aave and Uniswap.
In the case of Ethereum, integration with Bitcoin via StarkNet offers an interesting advantage, especially in terms of interoperability with the world’s most important cryptographic networks.
If it is realized, the proposal will allow Ethereum users Access the versioned BTC form as collateral. Furthermore, it facilitates the creation of Bitcoin assets that can be accessed directly in Ethereum through atomic exchanges and federation bridges between both networks, particularly when OP_CAT is accepted, which greatly improves the flexibility of the Bitcoin protocol and gives new possibilities. Discussion on whether to include this OPCODE It remains valid and is common among cryptographic active developers.
The StarkNet initiative will depend on technical and adoption factors that are still being resolved. In this context, there are similar proposals such as rootstocks, stacks, or the same optical network, and the issue of Starknet Post between the second layer of Bitcoin that was realized a long time ago.
Whatever the answer is, regardless of Starknet between Bitcoin and Ethereum, those who belong to the Intelligent Contract Network are making proposals to Bitcoin, Bitcoin, Bitcoin, Bitcoin, Bitcoin, Bitcoin, Bitcoin network. Therefore, it is impressive from an interoperability perspective. This is because both the stack and rootstock that use intelligent contracts in defi are L2 natives in Bitcoin.
(tagstotranslate) bitcoin (btc)
