Starknet (STRK) Complete Guide - Layer 2 Solution Easy for Beginners to Understand
Introducing Starknet (STRK)
Starknet is an innovative platform based on blockchain technology, and it mainly focuses on supporting decentralized applications (DApps). This platform is designed to allow users to trade safely and efficiently.
The biggest features of Starknet are its high transaction speed and low fees. It has dramatically improved the gas fee burden and slow processing speed issues experienced in the existing Ethereum network. Due to these advantages, it is receiving great attention from both developers and users, and many people are choosing Starknet.
Starknet's birth background and history
Starknet first appeared in the world in 2020. At that time, as blockchain technology was rapidly developing, a new solution that could overcome the limitations of existing networks was urgently needed. Especially as Ethereum's scalability issues became more serious, many developers and project teams were looking for alternatives.
Starknet, developed by the StarkWare team, was born to meet these demands and has grown at an incredible rate since its launch. Initially, it expanded its ecosystem by collaborating with several DeFi projects and game developers, and is currently being used in various fields such as finance, games, and NFTs.
Starting in 2023, the full-scale mainnet service will begin, and more and more projects are migrating to Starknet.
How Starknet Works - The Magic of Layer 2
Starknet is a Layer 2 solution, a scalability solution that operates on the Ethereum blockchain. In simple terms, you can think of it as a subway system that was created because the large highway called Ethereum was too congested.
This system processes transactions off-chain, enabling fast transactions without burdening the main chain. Users can conduct transactions safely through Starknet's smart contracts when making transactions. Just like using an ATM at a bank, you can use the service faster and cheaper while maintaining the security of the main branch (Ethereum).
Thanks to this structure, the transaction speed can process thousands of transactions per second, and the fees are surprisingly reduced by more than 90% compared to before.
Various applications of Starknet
Starknet is currently being used in a variety of fields. The most representative one is decentralized finance (DeFi) services, and famous DeFi protocols such as Uniswap and Compound are launching Starknet versions.
Starknet is also being utilized more in the gaming industry. Blockchain games require frequent transactions such as item trading or character upgrades, and Starknet's fast speed and low fees are providing great satisfaction to gamers.
Starknet's fast transaction speed is a major advantage, especially in the NFT marketplace. Many artists and creators are minting and selling their digital works through Starknet. OpenSea has also started supporting Starknet.
Major exchanges where Starknet can be traded
There are several exchanges where Starknet (STRK) tokens can be traded. Major domestic and international exchanges support Starknet.
Overseas exchanges: STRK trading is available on Binance, Coinbase, Kraken, OKX, Bybit, etc. These exchanges support various trading pairs such as STRK/USDT, STRK/BTC, and STRK/ETH.
Domestic exchanges: Major domestic exchanges such as Upbit, Bithumb, and Coinone also support Starknet trading. When choosing an exchange, it is important to carefully consider transaction fees, daily transaction volume, convenience of user interface, and security.
Active Starknet Community Ecosystem
Starknet's community is very active and passionate. Developers, investors, and users from all over the world gather to share information, share experiences, and grow together.
Online Community: Active discussions take place on Discord, Telegram, Reddit, etc. In particular, you can check the development progress in real time on the official Starknet Discord, and you can also ask questions directly.
Korean Community: There are Starknet-related KakaoTalk open chat rooms and Naver Cafes in Korea, so you can conveniently get information in Korean. These communities have contributed greatly to the development of Starknet and are a valuable space for beginners to easily access.
If you have any questions or concerns about Starknet, you can get help from experienced users in these communities.
Guide to Choosing a Safe Starknet Wallet
A reliable wallet is essential to safely store and trade Starknet. There are currently several wallets that support Starknet.
Browser Wallets: ArgentX and Braavos are the most popular browser wallets for Starknet. It's easy to use like MetaMask, and it integrates very well with Starknet DApps.
Hardware Wallet: Hardware wallets like Ledger and Trezor have also started supporting Starknet. It's the safest way to store large amounts of money for a long period of time.
Mobile Wallet: The Argent mobile app also supports Starknet, so you can conveniently trade anytime, anywhere. When choosing a wallet, it's important to comprehensively consider security, ease of use, and the range of DApps it supports.
Things to know before investing in Starknet
If you're considering investing in Starknet, there are a few important things you should be aware of.
Understanding Market Volatility: The cryptocurrency market is inherently very volatile. Starknet is no exception, and can experience large price fluctuations in a short period of time. Therefore, a cautious and rational approach is required rather than emotional judgment.
Setting an investment amount: Invest only with money that you can afford to lose. It is very risky to use living expenses or emergency funds for investment. We recommend starting with 5-10% of your investment portfolio.
Continuous learning: Constantly monitor the development of blockchain technology and Starknet. It is important to regularly check the official blog, white paper, roadmap, etc., communicate with the community, and keep up with the latest information.
If you keep these points in mind and approach it carefully, you will be able to seize the opportunity to grow with Starknet's innovative technology.
In conclusion
I hope this guide to Starknet was helpful to you! Blockchain technology continues to develop, and Starknet is also leading innovation at the center of it. We will continue to share more useful and practical blockchain information with you, so please show us lots of interest and love! 💙