Announcing Hashstack’s switch to Starknet

Bengaluru, India, 8th August, 2022, Chainwire

Hashstack is thrilled to announce its strategic shift to Starkware developed Starknet — the first general-purpose permissionless Decentralized ZK-Rollup, to deploy Open — Hashstack’s money-market protocol to enable secure, under-collateralised loans on the blockchain. With this, Hashstack shifts its focus from EVM chains to zk-primitives to further its mission to build the critical infrastructure necessary to 10x the usability of decentralised finance, to truly empower financial inclusion through crypto.

What are Zk-Rollups

Ethereum is the most popular blockchain development platform. 26.65% of all Dapps in existence are deployed on Ethereum. Today, 9 out of 10 dapps get deployed on Ethereum, or evm-based L1. This is primarily due to lower development barriers, & matured ecosystem of developers, and resources. On the flip side, the increased network load consistently leads to exorbitant gas fees and slower transaction times; which greatly impacts the network’s scalability. This matters because blockchain has made significant strides over the past few years with a projected CAGR of 56.3% between 2022 to 2029. This might not be possible if the predicaments of today continue to exist. 

L2 scalability protocols such as zk-Rollups operate by rolling up hundreds of off-chain transactions into a single transaction. They return a short non-interactive argument of knowledge(SNARK) to the main chain as proof of validity. This ensures that instead of hefty transaction data, only the validity proof has to be kept on the main Ethereum network, making ZK Rollups a faster and cheaper way to confirm transactions. StarkNet, is a permissionless decentralized ZK-Rollup operating as an L2 network over Ethereum, where any dApp can achieve unlimited scale for its computation, without compromising Ethereum’s composability and security.

About Starknet

Future-ready: In development since 2017, Starknet’s one of the few market-ready ZK-rollups with over 205Mn transactions processed, facilitating over $657Bn trading volume, to date; instilling confidence in the network’s reliability.

The community: Arguably the most collaborative ecosystem of builders we have come across. Adopting an entirely new development framework comes up with its own set of challenges. Starkware team’s success in building an open-minded, collaboration-centric community made it 10x easier for Hashstack’s team to evaluate & deploy on Starknet. Additionally, Starkware incentivised Hashstack for building & deploying on Starknet.

Cairo Lang: Powers Starknet’s virtual machine, is a Turing complete language with syntax similarity to Python. Compared to Solidity, Cairo is less restrictive & provides full low-level access to low-level primitives.

About Hashstack

Hashstack builds the critical infrastructure necessary to further the usability of decentralised finance. Hashstack’s solution to the over-collateralisation problem in DeFi lending, Open is a non-custodial, zk-native money-market protocol designed to enable secure under-collateralised loans on-chain.

Contacts
  • Vinay Kumar
  • hello@hashstack.finance
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.