Crypto

StarkWare Deploys StarkNet Crypto Token on Ethereum Blockchain

StarkWare, the creator of a Layer 2 scalability product, has deployed its new StarkNet Token (STRK) on the Ethereum mainnet. The tokens are not yet available for sale – an important distinction to avoid scams – as the non-profit foundation StarkNet, which oversees the growth of the ecosystem, works out the best mechanism to distribute them.

Announced in July, the StarkNet token was designed to help StarkNet achieve decentralization through voting, staking, and fee payment. The launch of the token is highly publicized due to the network’s active developer community and the $8 billion valuation awarded to StarkWare in a funding round earlier this year.

StarkWare’s technology addresses Ethereum blockchain scalability issues, which slow throughput and increase gas, or transaction fees, as the number of transactions increases. From the company stacking technologies bundle hundreds of transactions off the main blockchain to reduce IT stress.

starware recently announced that the StarkNet Foundation will receive 50.1% of the new tokens, or 5.01 billion tokens.

Tokens held by StarkWare shareholders, employees, and independent developer partners are locked in for a period of four years and will then be gradually released from one year. Locked tokens can still be used for voting and staking, but cannot be traded or transferred.

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