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Starknet Aims for Enhanced Throughput and Lower Fees with Parallel Transactions in 2024

Starknet Aims for Enhanced Throughput and Lower Fees with Parallel Transactions in 2024

TL;DR

  • Starknet’s Ambitious Plans: Starknet, an Ethereum scaling protocol, plans to increase throughput and reduce fees by introducing parallel transaction functionality in 2024. This follows the successful implementation of Ethereum’s Dencun hard fork and the activation of the blob function.
  • Upcoming StarkNet’s Version 0.14.0: The forthcoming update of Starknet, scheduled for the second quarter of 2024, is expected to incorporate transaction parallelization. This will allow the network to handle multiple independent transactions simultaneously.
  • Focus on Data Availability: Starknet plans to further reduce fees with the release of version 0.14.0 by the end of 2024. This update will feature upgrades primarily focused on data availability within its stack. A key feature, Volition, is expected to enable hybrid data availability on Starknet.

Starknet, an Ethereum scaling protocol, has announced its ambitious plans to increase throughput and reduce fees by introducing parallel transaction functionality in 2024. The layer-2 rollup network released an updated roadmap on March 20, following the successful implementation of Ethereum’s Dencun hard fork.

The Dencun upgrade introduced several Ethereum Improvement Proposals (EIPs), with EIP-4844 being the most significant. This proposal presents a novel approach for rollups to incorporate data into blocks more cost-effectively, by replacing the use of call data for storage with blob space. This change is expected to significantly reduce the cost of storing cryptographic proofs of off-chain bundled transactions.

Starknet, being one of the pioneering networks, activated the blob function concurrently with the hard fork. This led to a significant reduction in the fees for users. Thanks to its compatibility with EIP-4844, the average transaction fee on the Starknet protocol was brought down to $0.017.

StarkNet’s Version 0.14.0: Focused on Data Availability within its Stack

Starknet Aims for Enhanced Throughput and Lower Fees with Parallel Transactions in 2024

The forthcoming update of Starknet, scheduled for the second quarter of 2024, is anticipated to incorporate transaction parallelization. This feature will empower the network to carry out multiple independent transactions at the same time. Consequently, Starknet will be capable of handling an increased number of simultaneous transactions, leading to enhanced throughput and quicker network finality.

Starknet has plans in the pipeline to further cut down fees on its network, with the release of version 0.14.0 anticipated by the end of 2024. This update is projected to feature three upgrades that are primarily focused on data availability within its stack. Volition, a key feature, is expected to enable hybrid data availability on Starknet, thereby permitting decentralized applications to opt for data storage on Starknet over Ethereum’s base layer.

In conclusion, Starknet’s ambitious roadmap for 2024 aims to significantly enhance the performance of its network. By introducing parallel transactions and other improvements, Starknet is poised to offer increased throughput and lower fees, making it an attractive option for developers and users in the Ethereum ecosystem.

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