StarkNet, an Ethereum Layer 2 innovation created by StarkWare, is now live on Alchemy. This feature depends on cryptography known as zero-knowledge (ZK) proofs. StarkNet will help tackle the problem of high-gas fees.
Experts highlight that Layer 2 solutions process big batches of transactions apart from Ethereum’s core blockchain. It periodically writes a record of those activities to Ethereum. This will in turn produce high transaction volumes at a lower cost, while simultaneously creating the same immutable records as Ethereum.
ZK shows something to be true without revealing personal information. Experts tout ZK-based computations to be much faster than a competing technology called optimistic rollups. StarkWare says StarkNet’s gas fees to be 100x lower than transactions on the Ethereum base layer.
Mike Garland, the product manager at Alchemy, highlighted that the platform is working towards Vitalik’s (Ethereum founder) vision of five-cent transactions. Its integration of StarkNet is major as it provides behind-the-scenes support to a large swath of Web3 with customers. The platform’s clients now have the option to build services using StarkNet tools. Garland believes this could supercharge Web3 app development.
Alchemy outlined that StarkNet’s utilization of Validity and ZK-rollups solves core Web3 problems. It explained that Validity rollups boost scalability by bundling transactions together off-chain and verifying them on-chain with a fraction of the cost.
It should be noted that Immutable, an NFT gaming startup, has also deployed StarkNet to make its transaction-heavy operations affordable. However, it’s too early to say whether Layer 2 innovations like StarkNet can provide users with respite from high fees.