StarkWare, the creator of blockchain scaling systems, has announced on Monday that it will open source its core cryptographic tool. It was valued at $8 billion last year.
StarkWare, an Israeli company, solves the scaling issues that Ethereum presents. This can lead to slow throughput and high transaction fees. StarkEx is the scaling engine, while StarkNet allows developers to build decentralized apps (dapps). StarkWare plans open-sourcing the STARK Prover technology used to power these projects.
This announcement was made at the StarkWare Sessions 2023 conference in Tel Aviv, Israel. StarkWare stated that the open-source plan will take some time to implement but they are committed to making the whole tech stack transparent to developers.
StarkWare President Eli Ben-Sasson, co-founder of StarkWare, stated that every step taken to create infrastructure and make it available and decentralized is a catalyst to developers to build. “And the more they build, the faster it will be possible to see mass adoption of solutions that allow people to manage their own money. There is a direct link between open-sourcing key technology and popularizing self custody.
After the collapse of centralized cryptocurrency exchange FTX, crypto infrastructure projects are now more prominent. As backers shifted away from central finance projects, crypto company investments fell 91% in January. However, infrastructure remained strong and was the highest-earning sector.
Continue reading: StarkWare Launches Nonprofit Foundation To Fuel StarkNet Ecosystem
UPDATE (UTC 14:38): Removes extraneous text.