Today, StarkWare announced the launch of a native token for their ETH StarkNet layer-2 scaling solution.
The StarkWare team in Israel has taken another step toward decentralization by introducing a local coin.
First, the coin aims to become a public good like ETH or the Internet, according to Decrypt. The StarkNet Foundation, a new non-profit organization, has also been announced today.
To get the technology into general use, the StarkNet Foundation will be in charge.
It is StarkWare that is building the layer-2 scaling technology for ETH, which is known as StarkNet. The network’s scalability is increased by using rollup techniques.
StarkNet fees, governance tokens, and the technology’s consensus process will benefit from tokens’ utilization.
There will be a total supply of 10 billion tokens at the launch. The 17 percent will be allocated to backers such as investors in the development team. Also, 32 percent will be allocated to partners and staff, and the remaining 32 percent will be allocated to the foundation (50.1 percent ).
According to the plans that have so far, the launch of the coin launcher will place on Ethereum in September. There is currently no information regarding the time frame in which tokens will be made accessible to the general StarkNet community. Even though the materials that Decrypt has studied claim that the launch would screen and limit usage. They said that it is assessed as abuse and gamification of the network. Decrypt has decided not to proceed with the launch.
In the course of airdrop events, users frequently create multiple wallets and perform a variety of variousness with the protocol in question to a larger allocation than they would with a single wallet.
The StarkNet Token Clue
Zhu Su, a co-founder of the contentious cryptocurrency fund known as Three Arrows Capital (3AC), revealed the existence of a token the day before its launch.
As a result of the recent drop in the value of Bitcoin, a judge in the British Virgin Islands has mandated that 3AC sell all of its assets to comply with the ruling.
In light of this decision, Su and another co-founder, Kyle Davies, are reportedly involved in a conflict with the liquidators and are not cooperating with them, according to media reports. This conflict stems from the fact that Su and Kyle Davies both content equally to the founding company’s founding. That liquidators issued on July 8th state that the whereabouts of two of the company’s founders “are now unknown.”
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