To improve the scalability of Ethereum
Cryptocurrency Ethereum (ETH) L2 network “Starknet” announced on the 6th that a new alpha version “V0.12.0” was deployed on the testnet.
If a governance vote is held during deployment and the new version is approved, we plan to implement an upgrade on the mainnet around the 13th, a week later. The upgrade, dubbed Quantum Leap, is described as a major milestone in enhancing Starknet’s performance and scalability.
We are breaking records!
The Starknet Quantum Leap will achieve unparalleled TPS rates on Ethereum.
🛠️⚡Starknet alpha v0.12.0 is now turbocharging Testnet!⚡🛠️
Witness a 10X surge in throughput, powered by Rust, enabled by @class_lambda https://t.co/Gp8GJKA6RD
— Starknet 👉👈 (@Starknet) July 5, 2023
connection: Ethereum L2 “Starknet” to start decentralized operation
What is L2
Abbreviation for “Layer 2,” which is the “second layer” of the network. Processing all transactions on the main chain would increase the load, leading to slower processing speeds and higher network fees. By performing part of the transaction in L2, we can expect to reduce the load on the main chain and improve the processing speed.
connection: What is Blockchain Layer 2?
Starknet announced its roadmap in April this year. At that time, it said that the implementation of V0.12.0 would be implemented in the 2nd quarter of 2023 (April to June), and this upgrade indicates that development is progressing almost as planned.
connection: Ethereum L2 ‘Starknet’ announces roadmap for 2023
What we are trying to improve in this version is throughput (processing power) and latency (processing time). For example, it explains that processing power is improved by about 10 times. Starknet claimed that the upgrade would be another step towards improving Ethereum’s scalability.
In this announcement, we also explained the plan after the upgrade. The short-term goal is to upgrade to V0.12.1.
In the short term, Starknet will work to enhance user experience and transaction reliability. It is said that changes will be made to the block specifications, and that users will be able to communicate smoothly with Starknet.
The long-term goal is of course to continue to enhance throughput and latency, but the next priority is to significantly lower transaction costs. By lowering the cost, it will create a wider range of use cases, making the network beneficial to developers and users.
Starknet will upgrade to “V0.13.0”, which focuses on reducing transaction costs, in the third quarter (July to September) of this year, and to “V0.14.0”, which introduces a fee market, in the fourth quarter (October). December) is scheduled.