StarkWare announces Starknets innovative approach to scaling Bitcoin without the need for forking or introducing a new token
StarkWare has announced its intention to extend its scaling technology to the Bitcoin network without causing a fork in Starknet or introducing a new token.
The developer of Starknet, StarkWare, has clarified that while its main focus is on scaling Ethereum using validity rollups and ZK proofs, it is also working to provide scalability solutions for the Bitcoin ecosystem.
In a recent announcement on Jun. 7, the $8 billion blockchain developer emphasized its dedication to improving the efficiency of Ethereum scaling by 2024. StarkWare stated that it is committed to scaling Ethereum in the most effective way possible.
Starknet aims to cater to both the Ethereum and Bitcoin communities without creating a new layer or token exclusively for Bitcoin. Instead, it will function as an execution layer that scales both Bitcoin and Ethereum simultaneously.
StarkWare’s decision to introduce ZK scaling to Bitcoin is part of its broader strategy to tackle the scalability issues faced by major blockchains. By expanding its technology from the Ethereum network, Starknet aims to create a single layer that settles transactions on both Bitcoin and Ethereum.
The company expects to complete the development of this solution within six months after the potential Bitcoin upgrade known as OP_CAT, which aims to integrate smart contracts into the Bitcoin ecosystem.
For more information, the Starknet Foundation has launched a $5 million grant program.
