StarkWare announces plan to scale Bitcoin through Starknet without the need for forking or creating a new token
StarkWare has announced its intention to extend its scaling technology to the Bitcoin network without causing any forks in Starknet or introducing a new token.
The developer, StarkWare, known for its work on Starknet, has clarified that its main focus remains on scaling Ethereum through the use of validity rollups and ZK proofs, despite its efforts to bring scalability solutions to the Bitcoin ecosystem.
In a recent post on Jun. 7, the blockchain developer, valued at $8 billion, emphasized its dedication to improving the efficiency of Ethereum scaling by 2024, stating that the company “will work towards scaling Ethereum in the most effective manner possible.”
Starknet plans to cater to both the Ethereum and Bitcoin communities without introducing a new layer or exclusive token for Bitcoin. Instead, Starknet will function as an execution layer that scales both Bitcoin and Ethereum simultaneously.
StarkWare’s decision to bring ZK scaling to Bitcoin is part of a broader strategy to tackle scalability issues faced by major blockchains. With this expansion, the developer of Starknet aims to utilize its technology from the Ethereum network to create a “single layer that settles on both Bitcoin and Ethereum.”
The company expects to complete the development of the solution within six months after the potential Bitcoin upgrade called OP_CAT, which aims to incorporate smart contracts into the Bitcoin ecosystem.
For more information, the Starknet Foundation has launched a $5 million grant program.
