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No. 68
Layer 2
Smart Contract Platform
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Coin Introduction

1. Project introduction

STARKs (Scalable, Transparent ARgument of Knowledge) are a proof system that enables the proving and verification of computations. It allows processing a big computation, generating a proof for the computation’s correctness, and then verifying the proof in very few steps.

STARKs can play a key role in blockchain scalability by allowing large computations to be done off-chain, where it is cheaper, leaving only the verification, which requires a fraction of the computation, to be done on-chain. In other words, by performing very few steps on-chain, the verifier asserts the integrity of a much larger computation that was done off-chain.

Using STARKs, layer 2 solutions batch together and compute thousands of transactions, and then verify their validity on-chain with a single STARK proof. The cost of the on-chain process is split between all transactions in the batch. This results in Ethereum security and low gas cost per transaction.

The low computational cost will usher in a new class of applications that were previously not feasible on-chain. These properties make STARKs an excellent building block for improving user experience and reducing gas costs, all while maintaining the security of the Ethereum settlement layer.

StarkWare provides two solutions to scale Ethereum with STARKs: StarkEx and StarkNet.

2. Team introduction

Co-Founder & President: Eli Ben-Sasson

Co-Founder & CEO: Uri Kolodny

3. Investment institution

Paradigm, Sequoia, Pantera, Three arrows capital, Intel capital, Wing, floodgate, Alameda research, etc.

4. Token application

Governance, PoS Network Consensus, Network Transaction Fees (ETH is an alternative choice)

5. Token distribution

17% — StarkWare Investors

32.9% — Core Contributors: StarkWare and its employees and consultants, and StarkNet software developer partners

50.1% granted by StarkWare to the Foundation, earmarked as follows:

9% — Community Provisions — for those who performed work for StarkNet and powered or developed its underlying technology, e.g. via past use of the StarkEx L2 systems. Crucially, all Community Provisions will be based on verifiable work that was performed in the past. For example, to the extent Community Provisions will be given to past StarkEx users, allocations will be determined based on verifiable usage of StarkEx’s technology that took place prior to June 1, 2022.

9% — Community Rebates — rebates in StarkNet Tokens to partially cover the costs of onboarding to StarkNet from Ethereum. To prevent gamification, Community Rebates will only apply to

transactions that occur after the rebate mechanism is announced.

12% — Grants for research and work done to develop, test, deploy and maintain the StarkNet protocol

10% — a strategic reserve, to fund ecosystem activities that are aligned with the Foundation’s mission as explained in the previous post in this series.

2% — Donations to highly regarded institutions and organizations, such as universities, NGOs, etc, as decided by StarkNet Token holders and the Foundation.

8.1% Unallocated — the Foundation’s unallocated treasury is in place to further support the StarkNet community in a manner to be decided by the community.

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