Ethereum layer-2 scaling platform StarkWare has formally launched the StarkNet Foundation with the development of an assorted board that aims to guard Ethereum’s decentralization and censorship resistance.
Seven individuals, including key people in the Ethereum ecosystem and wider cryptocurrency space, will mind in the non-profit entity. An announcement distributed to Cointelegraph outlined the function from the StarkNet Foundation in making certain the constant maintenance and security of StarkNet’s network along with its development and expansion.
Cointelegraph arrived at to Eric Wall to unpack his appointment towards the Foundation’s board. Wall is really a blockchain investigator and whistleblower who has uncovered systemic flaws in high-profile cryptocurrency projects. Wall also functions being an consultant on cryptocurrency towards the Human Legal rights Foundation.
Wall highlighted systemic efforts to assist Ethereum continue scaling through layer-2 innovations as answer to the continuing success from the smart contract blockchain network:
“Since Ethereum is an essential DeFi chain we’ve, I care a great deal about ensuring it stays with the ethos of decentralization and censorship resistance. This fight is fought against in the baselayer, but should also be fought against in the layers above.”
Wall told Cointelegraph that his motivation to participate the building blocks was to make sure that ‘one of Ethereum’s most significant second layers’ didn’t ignore the ethos from the underlying blockchain:
“StarkWare is most likely the most crucial player within the ecosystem in pioneering validity proof systems that lots of feel are absolutely central to Ethereum’s scalability endgame, and StarkNet may be the general-purpose platform leveraging that technology”
Wall highlighted the Foundation’s role in managing relationships with ecosystem partners and developers in addition to allocating grants. Including making certain partnerships have been in the very best interest of StarkNet users and therefore are aligned with ‘the fundamental ethos of neutral open-source engineering’.
The Building Blocks may also concentrate on StarkNet technology education to assist developers learn to build Decentralized Applications (DApps) using StarkWare’s proprietary STARKs (Scalable, Transparent ARgument of Understanding) proof system.
The Foundation’s board includes StarkWare Chief executive officer and co-founder Uri Kolodny and StarkWare’s president, co-founder and computer researcher Eli Ben-Sasson. Computer researcher and StarkNet consultant Shubhangi Saraf, blockchain developer and Nethermind founder Tomasz Stańczak, former U . s . States deputy chief technology officer Andrew McLaughlin and award-winning lawyer Louise Meeker constitute all of those other leadership group.
As formerly reported, StarkNet is really a decentralized layer-2 validity rollup that aims to scale the Ethereum network while keeping its security and decentralization. It addresses what is known the ‘blockchain trilemma’ created by Ethereum co-founder Vitalik Buterin.
The StarkNet Foundation will manage 50.1% from the ecosystem’s initial token supply to steer the network’s allocation of sources. The funds will be employed to support StarkNet’s community of users, developers and researchers, which lead towards the ecosystem by creating infrastructure, tools and applications.