Starknet releases a roadmap with a focus on achieving decentralization in 2024

On April 25th, according to official sources, StarkWare released an article clarifying the goals and roadmap for Starknet’s 2023 Ethereum second tier solution. According to the roadmap, Starknet’s main development focus in 2023 will be on improving network performance and UX, including improving network efficiency, reducing transaction costs, and achieving a fee market. In addition, Starknet stated that it plans to focus on achieving decentralization at the operational and decision-making levels by 2024.

Starknet releases a roadmap with a focus on achieving decentralization in 2024

I. Introduction
A. Explanation of StarkNet
B. Overview of the Roadmap for StarkNet’s 2023 Ethereum solution
II. Improving Network Performance and UX
A. Improving Network Efficiency
B. Reducing Transaction Costs
C. Achieving a Fee Market
III. Achieving Decentralization
A. Decentralization at the Operational Level
B. Decentralization at the Decision-Making Level
IV. Challenges and Opportunities
A. Competition in the Second-Tier Solutions Market
B. Market Potential: Exciting Opportunities
V. Conclusion
VI. FAQs
# On April 25th, StarkWare released an article clarifying the goals and roadmap for Starknet’s 2023 Ethereum second tier solution.
StarkNet is a layer 2 scalability solution for Ethereum that seeks to increase the network’s transaction processing capacity and reduce transactional friction while maintaining Ethereum’s security and decentralization. According to the roadmap, in 2023, StarkNet will center its attention on enhancing network performance and user experience (UX) while aiming to build a fee market and reduce transaction costs. Additionally, by 2024, the platform aims to achieve decentralization at the operational and decision-making levels.

Improving Network Performance and UX

Starknet plans to enhance network performance and improve user experience (UX) by focusing on the following objectives:

Improving Network Efficiency

To improve network efficiency, Starknet will utilize two different technologies: rollups and Validium. Rollup technology merges multiple transactions into one transaction, which reduces gas prices by reducing storage and computational expenses. Validium will use its own blockchain for data storage and validation, allowing faster processing without interference from other operations. This technology also enables cross-chain transactions.

Reducing Transaction Costs

Reducing the transaction cost is fundamental to ensuring Ethereum remains attractive and scalable. Starknet will reduce transactional expenses by using Ethereum’s native ZK rollup solution, which bundles multiple transactions together. The rollup technology solves efficiency, scalability, and privacy issues, making it a win-win solution.

Achieving a Fee Market

Starknet aims to foster a fee market, enabling it to offer better UX and higher efficiency to users. Users will deposit cryptocurrencies in a pool and will earn fees based on the total volume and usability of the network. The fee market then distributes the fees depending on the network’s performance.

Achieving Decentralization

Starknet aims to achieve decentralization at the operational and decision-making levels by 2024.

Decentralization at the Operational Level

Starknet aims to develop a network that is functionally diverse and widely distributed, meaning it will eliminate centralized points of failure. The platform will use smart contract technology to decentralize its infrastructure components. Additionally, cross-chain contracts will be developed by utilizing the Validity technology, allowing Starknet to execute high-speed workflows.

Decentralization at the Decision-Making Level

Starknet plans to operate in a joint venture with Ethereum in the hopes of democratizing decision-making. Besides, the platform will allow users to participate in strategic voting through the platform, empowering users to shape the network’s development.

Challenges and Opportunities

The second-tier Ethereum solutions market is growing at a rapid pace, with other products like Optimism also gaining increased attention. This competition compels infrastructure platforms to stay innovative to stay ahead of the curve. Starknet will face a variety of challenges in its efforts to onboard customers and improve network performance. However, if successful, the product has enormous market potential, ranging from gaming to DeFi.
# Conclusion
In conclusion, Starknet’s roadmap highlights its commitment to enhancing network efficiency and reducing transaction costs while working towards achieving decentralization at the operational and decision-making levels. With such a roadmap, the platform can change the Ethereum ecosystem and revolutionize the second-tier solutions market by fostering a more collaborative, user-driven approach.
# FAQs
1. Is StarkNet a decentralized solution for Ethereum?
Yes, StarkNet aims to decentralize its infrastructure components, including cross-chain contracts, allowing the platform to execute high-speed workflows.
2. What are the advantages of using a rollup technology?
Rollup increases scalability by bundling multiple transactions together, reducing storage and computational expenses, thereby reducing gas prices.
3. Does StarkNet plan to foster a Fee Market?
Yes, Starknet aims to foster a fee market, which will enable it to distribute fees depending on the network’s performance to offer better UX and higher efficiency to users.
# Keywords
StarkNet, Ethereum, Second-tier solutions, Roadmap, Network efficiency, UX, Decentralization, Rollup technology, Validity, Transaction costs.