TBW Awards 2024: Starknet voted best technology

Wednesday, February 21, 2024

Among the many projects aimed at improving Ethereum's scalability, the Starknet rollup has been singled out for the excellence of its design. The challenge for the project will now be to win over its audience.

Starknet, a scalability solution for Ethereum, has been honoured in the 'Best Technology' category at the TBW Awards 2024, highlighting significant industry recognition of its innovation. The project benefits from the expertise of its teams, recognised as among the most capable in the sector.

Originally developed by Israeli startup StarkWare, Starknet is a means of scaling the blockchain using Zero-Knowledge Proofs technology to facilitate faster, cheaper and more secure transactions. According to many experts, this solution could become the benchmark for Ethereum's long-term scalability.

Starknet's (read our analysis of the project and its token) approach is considered particularly ambitious because it incorporates its own programming language, Cairo, unlike other ZK rollups such as ZkSync or Polygon ZkEVM, which rely on Ethereum's virtual machine. This means that smart contracts must be coded in this specific language, requiring developers to adapt.

A notable advantage is that Cairo is considered more advanced and would enable more complex applications to be developed, particularly in the Web3 video game world.

The launch of the STRK token by Starknet on 20 February prompted reactions in the community, particularly because its airdrop favoured developers. This decision was criticised by some who felt that regular users of the network, who had been present for months, had been neglected. This strategy differs from that of other projects seeking to attract users by distributing tokens.

Starknet aims to attract creators to its ecosystem but must now offer innovative applications to charm a wider audience. This is a real challenge, as having the best technology does not necessarily guarantee success.

Among the other nominees in the category: Cosmos, Celestia, ERC 4337 (Account Abstraction), ZkSync

The election took place in part with the participation of The Big Whale community but without intervention from the team. Find out how to vote.

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This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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