By Shelly Melancon (Switzerland)
The non-custodial ZK-native market protocol, Hashstack, has announced its strategic move to Starknet. Hashstack seeks to optimize Starknet’s features to accelerate the optimum development of its operations.
Hashstack’s transition to Starknet is working toward weaning the network off the EVM chain to the ZK protocol. In addition, the move will empower Hashstark to develop the necessary facilities it needs to use decentralized finance (Defi). This is to enable massive financial inclusion of the unbanked via cryptocurrency.
Hashstack Dump EVM Chains for Zk-Primitives
Moreover, Starknet became the first multi-dimensional decentralized ZK-Rollup platform to adopt Open-Hashstack. The Hashstack protocol will ensure the safety of under-collateralized loans on the blockchain network.
More importantly, Starknet is an Ethereum-based Layer 2 network that permits dApps to achieve an unhindered scale of computational operations. This essentially has no setback for Ethereum’s security framework and its ability to be compatible with other protocols.
With their scalability, ZK-rollups can manage hundreds of off-chain transactions simultaneously. In addition, the protocols are critical to solving network load on the Ethereum platform.
Ethereum’s blockchain has high fees and slow processing time, which would become a thing of the past. So instead, zk-rollups always send a signal known as a non-interactive argument of knowledge (SNARK) to show the validity of the process.
In other words, the protocol will only store validity proof on the leading Ethereum network. Interestingly, this has made the ZK Rollups the cheapest and quickest way to validate transactions.
Why Hashstark Opts for Starknet
Market-ready ZK -Rollups are not easy to come by, and Starknet has the best platform for them in the meantime. Starknet has processed more than $205 million in transactions and over $657 billion in trading volumes. In addition, the protocol has a strong community consisting of experienced developers who have collaborated on numerous projects on the platform.
Starknet developed Cairo Lang, a digital machine that powered its operations. Cairo is designed to change machine language and works like Python but with much greater flexibility.
Furthermore, Cairo, in contrast to Solidity, provides users access to severe levels of primitives and with fewer restrictions during use.
The growth of DeFi has been unprecedented, with companies looking for the next step to scale up their services. Hashstack wants a dependable facility to accelerate its upscaling drive and expand the use of DeFi.
In addition, it seeks to create a transparent and borderless DeFi ecosystem to provide a consistent digital banking experience to people worldwide.
DeFi is a disruptive innovation in the financial sector that experts see as necessary to close the gap in areas not covered by the traditional system. Need is identified as the precursor to the emergence of decentralized finance platforms.
It comes with a combination of blockchain, digital assets, and financial services sideline intermediaries. The sheer number of unbanked and underbanked people worldwide shows that the traditional financial system is not inclusive.
DeFi has shown that it is unstoppable and is here to stay as long as the world continues to move digital.
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