April 19, 2024
Starknet's Token Distribution Strategy Aims to Alleviate Ethereum Blockchain Challenges
Latest Cryptocurrency News

StarkWare’s ZK Rollup Technology to Address Ethereum’s Transaction Costs

The Starknet Foundation, which oversees the advancement of Ethereum scaling through StarkWare technology, intends to distribute more than 1.8 billion STRK tokens shortly, as per the foundation’s announcement via X. StarkWare’s utilization of ZK rollup technology aims to tackle the sluggish throughput and high transaction costs on the primary Ethereum blockchain by consolidating numerous transactions off-chain to alleviate computational strain.

In October, the Starknet Foundation designated 50 million STRK tokens for the Early Community Member Program (ECMP). Additionally, approximately 900 million STRK tokens have been assigned to the foundation’s Provisions Committee to recognize and incentivize past and forthcoming contributions from users and community members. Another 900 million tokens have been specifically set aside for user rebates.

Starknet stated that preparations for the user rebate initiative are currently in progress, including establishing a new committee tasked with supervising the distribution of STRK tokens. This initiative aims to reward users for their crucial transactions conducted on the network.

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