Fun

Starknet targets increased throughput, lower fees with parallel transactions in 2024

News Feed - 2024-03-20 09:03:00

Gareth Jenkinson12 hours agoStarknet targets increased throughput, lower fees with parallel transactions in 2024Ethereum scaling protocol Starknet expects to increase its throughput and further fee reductions through the introduction of transaction parallelization in 2024.880 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksEthereum scaling protocol Starknet anticipates increased throughput and reduced fees on its layer-2 rollup network by introducing parallel transaction functionality in 2024.


The layer-2 rollup released an updated roadmap on March 20 following the successful implementation of Ethereum’s Dencun hard fork. The upgrade to the network introduced several Ethereum Improvement Proposals (EIPs), chief among them being EIP-4844.


EIP-4844 introduced a new way for rollups to add cheaper data to blocks by introducing blob space as a replacement for using call data for storage. 


Using call data to store cryptographic proofs of off-chain bundled transactions has been historically expensive because all Ethereum nodes must process the data that lives on-chain indefinitely.


Related: Ethereum ecosystem needs a major mindset shift for global impact, says Vitalik Buterin


Starknet and other significant Ethereum rollups looked to expedite their ability to direct proofs to the blob space following Dencun’s implementation. The network was one of the first to enable the blob function on the same day as the hard fork and reports of a major drop in users’ fees followed hours later.Source: Eric.eth


Starknet’s EIP-4844 compatibility resulted in transactions on the protocol averaging $0.017 in fees per transaction. The team had previously expanded the block size of its rollup protocol and reduced fees by an estimated 25% with the release of Starknet v0.13.0 in early 2024.


Related: Who is going to build the infrastructure to unite Ethereum rollups?


Starknet’s next version update, earmarked for the second quarter of 2024, is set to include transaction parallelization, which will enable the network to execute concurrent independent transactions.


The update will allow Starknet to process more transactions simultaneously, which is expected to result in improved throughput and faster finality on its network.Starknet’s update 2024 roadmap. Source: Starknet.


Starknet is also planning to further reduce fees on its network with version 0.14.0 expected to ship at the end of 2024, depending on the long-term impact of EIP-4844 and performance improvements of its own protocol.


The end-of-year update is set to include three data availability-focused upgrades within its stack. Volition is touted to facilitate hybrid data availability on Starknet, allowing decentralized applications to store data on Starknet instead of Ethereum’s base layer.


Application recursion is expected to allow developers to batch proofs of data storage from multiple Starknet blocks onto Ethereum. This upgrade is touted to reduce L1 costs and feed reductions for end-users.


Data availability compression is also being developed, which will reduce Starknet’s data footprint on Ethereum. Starknet is exploring two different recursion methods to enable this functionality.


Magazine: ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder# Blockchain# Ethereum# Adoption# Scalability# Layer2# zk-Rollup# zk-STARKAdd reactionAdd reactionRead moreTON blockchain launches $115M community incentive programAlipay taps Avalanche for Web3-powered voucher programWho is going to build the infrastructure to unite Ethereum rollups?

News Feed

Ana Paula Pereira5 hours agoMonero’s community wallet loses all funds after attackA security breach has resulted in the loss of 2,675.73 XMR from Monero"s community crowdfunding wallet. The cause and source of the brea
Tristan Greene2 hours agoDwindling optimism for Bitcoin ETF approval to blame as weekly crypto outflows hit $55MEven altcoins slumped, with only Ripple and Cardano registering inflows.1577 Total views3 Total sharesListen
Indian Government Reveals 11 Crypto Exchanges Investigated for Tax Evasion, $13 Million Recovered
Indian Government Reveals 11 Crypto Exchanges Investigated for Tax Evasion, $13 Million Recovered The Indian government has revealed that 11 cryptocurrency exchanges have been unde
Arijit Sarkar13 hours agoSingapore introduces 5 new pilots to test asset tokenizationThe latest initiatives by the Monetary Authority of Singapore aim to develop foundational capabilities to scale tokenized markets.2936
Turner Wright8 hours agoSam Bankman-Fried’s lawyers argue previous FTX legal team led him to act ‘in good faith’The filing surrounding the legal strategy followed an all-day session between SBF and his lawyers on A
Citi, Wells Fargo, BNY Mellon Invest in Crypto Firm Talos as Institutional Adoption of Digital Assets Accelerates
Citi, Wells Fargo, BNY Mellon Invest in Crypto Firm Talos as Institutional Adoption of Digital Assets Accelerates Several major financial services firms, including Citi, Wells Farg
Dogecoin Cofounder Faces Harassment While ‘Meme Coin’ Hype Trends Among Investors
Dogecoin Cofounder Faces Harassment While "Meme Coin" Hype Trends Among Investors As dogecoin’s frenzy keeps making the headlines in the crypto sphere, som
Coinbase sees infinite interoperability potential with Ethereum and USDC
Derek Andersen2 hours agoCoinbase sees infinite interoperability potential with Ethereum and USDCCoinbase head of tokenization Anthony Bassili described plans for its Base network at TokenizeThis 2024 in Miami.650 Total
A Million-Dollar Bitcoin Bet, Financial Crisis Warnings Abound, and Ordinal Inscriptions Surpass 500,000 — Week in Review
A Million-Dollar Bitcoin Bet, Financial Crisis Warnings Abound, and Ordinal Inscriptions Surpass 500,000 — Week in Review Venture capitalist Balaji Srinivasan says hyperinflation
Bank of England Analysts See Crypto Having Important Roles in the Metaverse — Discuss the Need for Regulation
Bank of England Analysts See Crypto Having Important Roles in the Metaverse — Discuss the Need for Regulation Bank of England’s analysts say crypto assets could have impor
Biggest Movers: BNB Rallies to 5-Month High on Monday
Biggest Movers: BNB Rallies to 5-Month High on Monday Binance coin rose to a five-month high on Monday, as cryptocurrency prices continued to trade higher. The token rose to its hi
INX Becomes the First SEC-Registered IPO to Accept Crypto
INX Becomes the First SEC-Registered IPO to Accept Crypto15th September 2020, New York, United States:INX will start acceptingbitcoin (BTC), ether (ETH), and USDC stablecoin, starti