tarkWare, a company building Ethereum scalability solutions, has officially confirmed the StarkNet token, a rumored token that will help flesh out the ecosystem and is aimed at decentralizing the ecosystem and encouraging development.
The decision reaches as Ethereum faces increasing pressure to meet the demands of its growing user. The network believes that its solution can help Ethereum reach its full potential by providing a scalable and decentralized platform, which solidifies the company's commitment to decentralization.
The Foundation’s mission is to maintain the company as a public good and will be transparent in its actions and decision-making that will work to keep the network’s community informed about its plans and progress.
StarkNet is the permissionless infrastructure that should be available to all and will help ensure that the company remains accessible and valuable for everyone, regardless of their location, economic situation, or other factors.
What is the purpose of the token?
StarkNet token will be the native currency of the network. It will be used to pay transaction fees. In addition, the token will also be used for staking and governance purposes. Stakers can earn rewards for participating in consensus and maintaining the network. And finally, holders will be able to vote on strategic decisions.
The total supply of minted tokens is 10 billion and is expected to be available in September 2022, with the distribution as follows:
17% to investors
32.9% to core contributors
50.1% to the Foundation
The project has a wide range of applications, including but not limited to: internet access, content creation, file storage, and communication. The team behind it believes that the project has the potential to change the way we interact with the internet.
With the launch of its token and foundation, StarkWare is well positioned to provide a key piece of infrastructure for the Ethereum ecosystem. The team's experience in building scalable solutions and their commitment to decentralization makes them a strong contender in the race to provide scaling solutions for Ethereum.