L2s (short for Layer 2 solutions) are an additional layer of technology that can be built on top of Ethereum, adding an extra dimension to its capabilities.
🫡 Computing Power
🫡 Account Abstraction
🫡 Trustless Bridging
🫡 Storage Proofs
🫡 Computing Power
🫡 Account Abstraction
🫡 Trustless Bridging
🫡 Storage Proofs
Computing Power in Smart Contracts
1/ Have you ever thought about using a supercomputer's processing power inside your smart contract, without the need for oracles or game theory? StarkWare allows you to do just that, using math to make it all possible.
1/ Have you ever thought about using a supercomputer's processing power inside your smart contract, without the need for oracles or game theory? StarkWare allows you to do just that, using math to make it all possible.
2/ Scalability isn't just about cheap transactions. It has two axes: number of transactions and complexity. Gas costs for computation define what we can expect from smart contracts, just like the capacity of a vinyl disc determines the length of an album.
3/ With StarkWare, you dont have to worry about these limitations. Sequencers can execute smart contract code and provide a proof of correct execution, meaning that nodes don't have to execute the code themselves to understand the output. Even consumer grade hardware can be used
4/ But by using specialized, more powerful hardware, sequencers can increase the speed and power of the network without sacrificing decentralization. This means that smart contract devs now have access to much more computing power - it's like the broadband moment has arrived!
5/ As a result, we can expect to see new use cases emerge that were previously unimaginable. So get ready for some exciting developments in the world of smart contracts!
Account Abstraction: Solving the Private Key Problem in Bitcoin and Ethereum
1/ In Bitcoin and Ethereum, your assets (tokens, NFTs, identities) are all irrevocably linked to a private key. If you lose it, you lose everything. And you can't outsource paying gas or share it.
1/ In Bitcoin and Ethereum, your assets (tokens, NFTs, identities) are all irrevocably linked to a private key. If you lose it, you lose everything. And you can't outsource paying gas or share it.
2/ But StarkWare has a solution to this problem: Account Contracts. These are smart contracts that give builders the ability to completely redefine how blockchain UI works.
3/ This opens up a world of possibilities for creating user experiences on Web3 that are similar to those on Web2. So get ready to have some fun and see what new ideas developers come up with using Account Contracts!
Trustless Bridging Mechanism with StarkNet
1/ Have you ever heard of a trustless bridging mechanism? StarkNet is just that - it relies on math, not validators, to bridge the gap between chains A and B.
1/ Have you ever heard of a trustless bridging mechanism? StarkNet is just that - it relies on math, not validators, to bridge the gap between chains A and B.
2/ Most bridge smart contracts delegate critical bridging mechanisms to humans and rely on validators staking money that can be slashed if they cheat. But StarkNet's Ethereum bridge uses a verifier to analyze a mathematical proof to ensure the truth.
3/ There's no way to cheat this binary process, and withdrawals are processed instantly with proof verification.
4/ The StarkNet bridge isn't just for transferring funds. It's a messaging bridge, allowing for data to be passed and application-specific bridges to be created for tokens, NFTs, governance, computation, and more.
5/ By being both "based on math" and "versatile," StarkNet opens up a world of possibilities for building cross-chain apps and making StarkNet chains safer and easier to run. Keep an eye out for some really cool use cases in the future!
Thread: Storage Proofs with StarkNet
1/ Storage proof is a cryptographic way to verify that a value is part of the state. But currently, if you're building a smart contract on an L2 and want to check the L1 balance of a user, you have to use an Oracle and rely on a third party.
1/ Storage proof is a cryptographic way to verify that a value is part of the state. But currently, if you're building a smart contract on an L2 and want to check the L1 balance of a user, you have to use an Oracle and rely on a third party.
2/ StarkNet offers a solution to this problem by allowing you to take inputs from any contract, block, or blockchain and do something with them in a trustless manner.
3/ This technology has many exciting potential uses, such as building trustless bridges and cross-chains. And with StarkNet, you can now copy/paste data (tokens, NFTs, identities) trustlessly from any contract, on any chain, at any time.
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