Ethereum: Starknet Layer 2 Releases Its Governance Token

Another token for L2s – In the face of the rise of decentralized finance, blockchain Ethereum Experienced major crowding stages. This has relentlessly led to higher transaction costs. To get around this problem, many second layer solutions have emerged. For several months, the latter launched their own governance token in turn. Now it’s your turn starkent To advertise its token.

Starknet: One of the candidates in the L2 race

starkent that it second layer solution Developed by the company star ware. This takes the form of zk-cumulative. This solution enables transactions to be migrated off the Ethereum chain while inheriting their security.

Starkent is different from others becauseAir 2 By integrating a new programming language to smart contract : The Cairo. This replaces Solidity, which is typically used in EVM-compatible blockchains.

Launched in November 2021, the project already includes several initiatives, both on the test network and the core network. Currently, starkent You want to speed up decentralization of management.

Starknet Referee Code

On Wednesday, July 13th, StarkWare Teams published a series of 3 articles featuring progress Decentralization plan of government.

Thus, to manage and decentralize governance, StarkWare announced Create a Starknet token.

As we saw earlier, this file will have a file role in governance. In addition, the token of . will also be used Pay network fees. Finally, it can be Bet to participate in the consensus of the protocol.

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“Proving an unauthorized stake mechanism to elect a leader and pay transaction fees on the chain, whether using native token, will allow the network to operate reliably as L2 on Ethereum, even if StarkWare ceases to exist.”

In addition, StarkWare is taking the opportunity to create the Starknet Foundation, whose mission will be to develop Starknet as a public good.

Token distribution

Currently, 10 billion tokens It has been issued and will be distributed to the major shareholders of the project. The distribution of this initial token will be as follows:

  • 17% For StarkWare investors;
  • 32.9% StarkWare, its employees and advisors;
  • 50.1% For the Starknet Foundation:
    • 9% For those who have worked with StarkNet and who have operated or developed its underlying technology, for example, through previous use of StarkEx L2 systems;
    • 9% To apply community discounts. A discount in StarkNet tokens to partially cover the cost of joining StarkNet from Ethereum;
    • 12% To fund research and work done to develop, test, publish and maintain the StarkNet Protocol;
    • 10% allocated to a strategic reserve, to finance the activities of the ecosystem, which are in line with the mission of the enterprise;
    • 2% For donations to well-known foundations and organizations, such as universities, NGOs, etc.,
    • 8.1% that will be unallocated. They will further support the StarkNet community, and their use will be determined by the community.
Starknet token distribution.

Then, other tokens will be generated through the chain locking process. Thus, there will eventually be much more than that 10 billion tokens.

Hear some criticism of the distribution

Starknet Coins Distribution StarkWare primarily rewards in addition to the original Starknet contributors.

Unlike many projects that promote community distribution via airdrops, Starknet has chosen not to delve into this mode of distribution.

Not surprisingly, this Many Internet users have raised the lack of community distribution. The latter criticizes StarkWare for declaring it, and wanting to pass judgment on to the community, without really engaging the community by allocating it tokens.

On the contrary, Internet users refer to the distribution in which StarkWare and its partners place the most tokens. Distribution method favors VCs for users.

Note, however, that the . file Starkent Corporation Has an allowance that may soon be distributed in the form of a Air drop If this is his choice. Thus, Starknet can be good upgrade developers To further develop the solution before rewarding users.

For its part, Optism, the second layer solution, launched its token at the end of May. It was launched by Airdrop for users.

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