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- Israel-based StarkWare works on Ethereum’s scalability issue.
- Announced to open source was made at StarkWare Session 2023.
Shifting technology to open source is very beneficial for its development. Coders and developers around the world can utilize their expertise for its development. Recently, a creator of a blockchain scaling system, StarkWare, announced their plans to open source their core cryptographic software tool on Monday.
Israel-based StarkWare was valued at nearly $8 billion in 2022 and worked on solving the scalability issues present on Ethereum. Due to these issues, the problems of slower throughput and higher transaction or gas fees had to be charged. This greatly affects the blockchain’s plans of becoming number one worldwide.
The two platforms
The company proudly boasts two platforms: StarkEx, the scaling engine, and StarkNet, which helps prove the technologies to the developers working on building exciting decentralized applications (dApps). StarkWare has plans to open-source the STARK Prover technology, and this is the one which powers these two projects.
A two-day session in Tel Aviv was held on February 5 & 6, 2023, called StarkWare Session 2023. The announcement for open sourcing was made during the session. Although, as per the company, there is still some time for implementing the open source. But they are committed to making the company’s entire tech stack pretty transparent for the developers.
Summit hinted at the company’s motive of taking every step in providing the infrastructure and providing accessibility. Decentralization would act as a catalyst for the developers and propel them for creation. President and co-founder of StarkWare, Eli Ben-Sasson, stated in the summit that:
“The quicker and more broadly they build, the faster we’ll see mass onboarding to solutions that truly enable people to manage their own funds. So there’s a direct line between open-sourcing key tech and popularizing self-custody.”
Crypto Infrastructure Projects
The profiles and credibility of most crypto infrastructure projects have increased considerably after the FTX collapse. Every new year brings positive news across businesses and sectors; even though price actions for cryptocurrencies and tokens have increased slightly, the investment in crypto companies fell by 91% year-over-year.
The major reason could be that the sentiments of people have shifted away from centralized projects. Even though infrastructure is a relatively strong and highest earning vertical of the industry, it can never be the driving force that can pull the complete industry from this abyss.
Current Scenario of the Crypto Industry
The common reason behind Terra Ecosystem collapse and FTX implosion is believed to be their centralized nature. The majority of centralized entities provide certain benefits but are working in a paradox where they defy the very principle of cryptocurrency: decentralization. Even after these incidents, the question never was on the technology or its potential, just over giving extra powers to non-deserving individuals as it is said that power can corrupt even the sanest people.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
