Hashstack, a non-custodial ZK-native market protocol, recently made public its plans to relocate strategically to Starknet. Hashstack seeks to optimize Starknet’s capabilities in order to expedite the optimal growth of its operations.
By migrating to Starknet, Hashstack hopes to gradually move the network away from the EVM chain and onto the ZK protocol. In addition, Hashstark will be able to construct the facilities required to use decentralized finance (Defi). This is intended to facilitate massive financial inclusion of unbanked individuals via cryptocurrency.
Hashstack Dump EVM Chains in Search of Zk-Primitives
Additionally, Starknet adopted Open-Hashstack and became the first multi-dimensional decentralized ZK-Rollup platform to do so. On the blockchain network, the Hashstack protocol will ensure the security of under-collateralized loans.
Moreover, Starknet is an Ethereum-based Layer 2 network that enables decentralized applications to perform computational operations at an unrestricted scale. This has essentially no negative impact on Ethereum’s security framework or its compatibility with other protocols.
Because of their scalability, ZK-rollups are able to efficiently manage hundreds of off-chain transactions at the same time. Moreover, the protocols are essential for mitigating network load on the Ethereum platform.
The high transaction fees and lengthy processing times associated with Ethereum’s blockchain would be a thing of the past once this update is implemented. Zk-rollups, on the other hand, always broadcast a SNARK signal—a non-interactive argument of knowledge—to prove the process’s veracity.
To put it another way, the validity proofs will only be stored on the primary Ethereum network when the protocol is implemented. Intriguingly, this has made ZK Rollups the cheapest and quickest method of transaction validation.
Why Does Hashstark Choose Starknet?
ZK is market-ready Rollups are difficult to come by, and Starknet is currently the best platform for trading them while we wait for others to catch up. More than $205 million worth of transactions and over $657 billion worth of trading volumes have been processed by Starknet. In addition, the protocol has a robust community of seasoned developers who have collaborated on numerous platform-based projects.
Starknet created Cairo Lang, a digital machine that serves as its operational engine. Cairo was developed to transform machine language and operates similarly to Python, albeit with a significantly higher degree of adaptability.
In addition, in contrast to Solidity, Cairo gives users access to a higher level of primitives and imposes fewer restrictions on their use of the platform while they are working with it.
The growth of decentralized finance has been unprecedented, and businesses are searching for the next step to take in order to scale up their offerings. Hashstack desires a dependable facility to accelerate its upscaling efforts and increase DeFi usage.
In addition to this, it intends to establish a DeFi ecosystem that is open and unrestricted by geographical boundaries in order to offer people all over the world a digital banking experience that is consistent with global standards.
The term “disruptive finance” (or “DeFi”) refers to an innovation that has the potential to shake up the financial industry and is widely regarded by industry professionals as essential for filling the void left by the traditional system in certain areas. The emergence of decentralized financial platforms is attributed to necessity.
It consists of blockchain technology, digital assets, and financial services sideline intermediaries. The fact that there are still so many people in the world who do not have bank accounts or have only a minimal amount of money in their accounts demonstrates that the traditional financial system is not inclusive.
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