Ethereum’s L2 network Starknet begins decentralization

Starknet is an Ethereum Layer 2 (L2) scaling solution with Announce Carry out decentralized operations. Starknet is a scaling solution that allows developers to build complex smart contracts with lower gas fees and faster transaction times.

Launched last year but not yet decentralized, the network was highly anticipated by the ethereum community. With this new development, the community will be able to vote on how Starknet operates, which is an important step towards greater decentralization.

However, there is one downside worth considering. Since the STRK token (used for authorization) has not yet been launched, authorized users need to register to participate. Either way, this is a major milestone for the platform and marks the beginning of a new era of decentralized operations for Starknet.

The first phase of Starknet Governance is focused on protocol upgrades, with the first round of voting for Starknet Alpha protocol upgrade v0.11.0. During this time, any Starknet version upgrades will be deployed on the Goerli Testnet, giving voters a 6-day window to test and test the upgraded version. The community can then vote to approve the deployment to mainnet or reject the upgrade.

The Starknet Foundation has delegated some voting power to a large group of independent representatives focused on facilitating broad participation by relevant and informed community members in the governance of Starknet Phase 1. In particular, the Foundation selected the first voting delegates based on criteria such as high participation, proven track record of contributing to Starknet, and technical expertise.

On the other hand, the Foundation acknowledges that its decisions regarding the selection of representatives may not be perfect, and may not select good, talented community members in favor of less appropriate representatives. . However, this is only the first vote, and the Foundation’s delegate pool is only 10% of the available voting power.

To make the process of connecting token holders with trustees easier, Starknet has launched a “Delegate Discovery” page where trustees can edit their profile, verify their ETH address, and add trustee preferences. Thus, token holders can easily connect with representatives and participate in the voting process.

The launch of the Starknet decentralized operation marks a major milestone for Ethereum and the broader crypto community. This is a step towards greater decentralization and will give the community more control over how the platform works.

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