What is Starknet (STRK)? How Does It Work?

BtcTurk | Global
2 min readMar 4, 2024

Starknet (STRK) is a decentralized and independent Layer 2 blockchain that operates in connection with the Ethereum blockchain. Starknet aims to enhance the scalability of Layer 2 blockchains and preserve transaction privacy using a zero-knowledge protocol. In this article, you can find answers to questions about what Starknet (STRK) is, how Starknet (STRK) works, how to buy Starknet (STRK), and how to trade on the STRK/TRY and STRK/USDT trading pairs.

What is Starknet (STRK)? How Does It Work?

Starknet (STRK) operates based on a zero-knowledge protocol and works to enhance the scalability of Layer 2 blockchains. Connected to the Ethereum blockchain, Starknet is a decentralized blockchain. Developers can build their applications using smart contracts on it.

Starknet differs from other Layer 2 blockchains. Transactions on the blockchain are processed off-chain, and then these transactions are batched and added to the Ethereum network for confirmation. This allows Starknet to process thousands of transactions quickly and inexpensively. To ensure the security of off-chain data and to ensure that no changes are made, Starknet utilises a cryptographic encryption method named STARK (Scalable Transparent Argument of Knowledge). STARK claims its encryption methods are resistant to quantum threats, anticipating that attacks from quantum processors may be an issue in the future.

Starknet (STRK) was developed by StarkWare.

STRK token is the native token for the Starknet blockchain. Transaction fees on Starknet can be paid in either ETH or STRK. STRK also serves as a governance token. STRK holders can vote on decisions related to the project. Starknet employs a Proof-of-Stake consensus mechanism, where STRK tokens can be staked to strengthen the security of the Starknet network. Those who stake currency can earn passive income.

The total supply of STRK token is capped at 10,000,000,000 units. You can access the Starknet (STRK) website via https://www.starknet.io/en. For detailed information about STRK, click here.

How is Starknet (STRK) Stored?

STRK operates on the Starknet blockchain. You can manage STRK balances using browser, desktop, mobile, and hardware wallets that support Starknet blockchain.

How to Buy and Sell Starknet (STRK)?

To buy and sell Starknet (STRK) using Turkish Lira and Tether, you can use the BtcTurk | Kripto website or the BtcTurk | Kripto mobile application. If you are not a member of BtcTurk | Kripto, you can sign up immediately on our website or mobile app. You can buy STRK (STRK) by depositing Turkish Lira, this can be done 24/7 if using one of our seven affiliated banks.

We remind our users to conduct the necessary research and due diligence while adhering to risk management principles. Users should always trade according to their own risk-return levels.

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