StarkWare announces plan to scale Bitcoin using 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 a split in Starknet or introducing a new token.
The team at StarkWare, known for developing Starknet, has emphasized that their main focus remains on enhancing Ethereum scalability using validity rollups and ZK proofs, even as they work towards providing scalability solutions for Bitcoin.
In a recent announcement on Jun. 7, the blockchain developer, valued at $8 billion, reaffirmed their dedication to improving Ethereum scaling by 2024, stating that they will prioritize scaling Ethereum in the most effective manner possible.
Starknet plans to cater to both the Ethereum and Bitcoin communities without creating an additional layer or token exclusively for Bitcoin. Instead, Starknet will function as an execution layer that scales both Bitcoin and Ethereum simultaneously.
StarkWare’s initiative to introduce ZK scaling to Bitcoin is part of a larger strategy to tackle scalability issues faced by major blockchains. With this expansion, the Starknet developer aims to utilize their technology from the Ethereum network to create a unified layer that supports both Bitcoin and Ethereum transactions.
The company expects to finalize the development of this solution within six months following the potential Bitcoin upgrade known as 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 to support further advancements in the field.
