On Sunday, StarkWare, a blockchain scaling creator that achieved an $8 billion valuation in 2020, divulged plans to make its primary cryptographic software tool that can solve the scalability problem of Ethereum open source.
Starkware Open Sourcing Scalability Solutions on Ethereum
StarkWare, an Israel-based technology company, is combatting the scalability issues of Ethereum with their two platforms: StarkEx scaling engine and StarkNet. These powerful tools are available to developers creating decentralized applications (dapps). Additionally, StarkWare plans on open-sourcing its STARK Prover technology for greater access and use. With these solutions, users can experience faster processing times and lower gas or transaction fees than before.
At the two-day StarkWare Sessions 2023 meeting in Tel Aviv, Israel, the company declared its plan to open source its entire tech stack. While this process will take some time to execute, StarkWare is committed to providing developers with a transparent experience.
Crypto Infrastructure Work Has Been Accelerated Recently
Eli Ben-Sasson, co-founder and President of StarkWare, articulated at the summit that by providing infrastructure that is accessible and decentralized, developers are encouraged to build faster. The quicker they move ahead with their projects, the sooner individuals can manage their funds independently – a direct result of open-source technologies becoming widely used. He says, “The faster we’ll see mass onboarding to solutions enabling people to manage their own funds.”
Following the failure of the centralized exchange FTX, infrastructure projects in the crypto space have gained more attention. In January 2021, investments in these companies witnessed a drop of 91% year-on-year as investors shifted away from centralized finance operations. Despite this downturn, infrastructural developments still shone strong and ranked highest among all verticals regarding returns.
Other content that may interest you: US Employment Data Causes Bitcoin to Drop
