Ethereum L2 network Starknet to commence decentralized operation

Starknet, a Layer 2 (L2) Ethereum scaling solution, has announced the launch of its decentralized operation. Starknet is a scaling solution that allows developers to build complex smart contracts with lower gas fees and faster transaction times.

It was announced last year, but its decentralized operation has been highly anticipated by the Ethereum community. With this new development, the community will be able to vote on how Starknet operates, which is a major step towards greater decentralization.

However, there is a catch. Since the STRK token, which is used for delegation, has not yet been launched, delegators will need to apply in order to participate. Nevertheless, this is a major milestone for the platform, and marks the beginning of a new era of decentralized operation for Starknet.

The first phase of Starknet Governance is focused on protocol upgrades, and the first vote on Starknet’s protocol upgrade, Starknet Alpha v0.11.0, is coming up soon. During this phase, every Starknet version upgrade will be deployed on the Goerli Testnet, giving voters a 6-day period to examine and test the upgraded version as it runs on Goerli. The community can then vote on whether to approve or reject the upgraded version for Mainnet deployment.

StarkNet Ecosystem

The Starknet Foundation has delegated a portion of its voting power to a broad group of independent delegates, with a focus on promoting broad participation of involved and informed community members in Starknet governance during the first phases. In particular, the Foundation has chosen its first vote delegates based on criteria such as high involvement, proven track-record of contribution to Starknet, and technical expertise.

However, the Foundation acknowledges that its decisions regarding selecting delegates may not be flawless, and that talented and excellent community members may not have been chosen while less suitable delegates were. Nevertheless, this is only for the first vote, and the Foundation’s delegation represents only 10% of the currently available voting power.

To make the process of connecting token-holders with delegates more convenient, Starknet has launched a Delegates Discovery page where delegates can edit their profiles, verify their ETH address, and add delegate interests. This will enable token-holders to easily connect with delegates and participate in the voting process.

The launch of decentralized operation for Starknet marks a major milestone for Ethereum and the wider cryptocurrency community. It is a step towards greater decentralization, and will give the community greater control over how the platform operates.

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