Starknet v0.13.1 upgrades Ethereum’s data storage costs, offers lower transaction fees, and improves stability and user experience, potentially driving adoption and advancing Starknet’s evolution.
The Starknet v0.13.1 update, announced for release soon, brings several significant improvements and features, promising a significant reduction in transaction costs for its users. A key highlight of this release is the inclusion of Ethereum Improvement Proposal (EIP) 4844, which aims to significantly reduce the cost of storing data on Ethereum, thereby reducing Starknet’s overall transaction costs. This implementation is particularly noteworthy because it addresses one of the main costs associated with Starknet transactions, which currently make up a significant portion of transaction costs.
Starknet operates as a Layer 2 decentralized ZK-Rollup of the Ethereum blockchain, offering Ethereum-level scalability and security. It uses STARK technology for computational integrity and includes Validity Rollup, enabling unlimited scalability while maintaining Ethereum’s inherent security and decentralization. Developers can use Starknet to deploy a variety of business logic by taking advantage of its features such as Cairo, a Web3-friendly programming language and the native smart contract language for StarkNet, Account Abstraction, and Appchains.
The EIP-4844 upgrade, which is expected to be confirmed in the first quarter of 2024 after a series of shadow forks and testnet updates, is expected to increase Ethereum’s L2 transaction capacity by 600%. This will be a significant development that will make transactions more cost-effective for Starknet users and improve the appeal of the platform to a wider audience.
In addition to Starknet, other blockchain initiatives are making waves globally. For example, the Hashgraph Association entered into a $250 million partnership with the Saudi Ministry of Investment. This five-year agreement focuses on promoting innovative investment opportunities in Saudi Arabia, supporting local companies and attracting international organizations to the Kingdom. This collaboration is part of a broader effort by Saudi Arabia to embrace emerging technologies, including blockchain, as it seeks to diversify its economy and become a hub for technological innovation.
These developments in the blockchain and crypto space signify the continued evolution and adoption of these technologies across sectors and geographies, highlighting their potential to transform traditional financial systems and business operations.
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