Tuesday, December 6, 2022
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StarkWare Sets Nonprofit Foundation To Support The StarkNet Ecosystem

In July, StarkWare, the company that developed the blockchain scalability solution StarkNet, announced the official confirmation of their plans to issue a long-rumoured token as well as an independent, non-profit foundation to encourage the expansion of the ecosystem. On Wednesday, the StarkNet Foundation made its public debut, complete with the distribution of tokens and the establishment of a board consisting of seven members.

According to a blog post proposal, the StarkNet Foundation’s objective is to facilitate the network’s success in achieving its decentralisation objective by fostering the growth of governance mechanisms and the implementation of a decentralisation technology known as sequencing and proving.

StarkNet is a layer 2 zero-knowledge (zk) rollup that aims to solve Ethereum’s twin scalability challenges, which are sluggish transaction speeds and high transaction fees, while keeping the main blockchain’s security and decentralisation intact. During the $100 million investment round that took place in May, parent company StarkWare attained a value of $8 billion.

At launch, the StarkNet Foundation will have access to 5.01 billion StarkNet Tokens. This is 50.1% of the total initial token supply of 10 billion tokens. The money will be used to help developers, keep growing and improving the network, keep StarkNet up and running as a public service, and keep adding new features to the network.

Uri Kolodny, who acts as CEO of StarkWare; Eli Ben-Sasson, who serves as president of StarkWare; and Shubhangi Saraf, a mathematician and computer scientist who works as an advisor to StarkWare, are all members of the board of directors for the StarkWare Foundation. Other people on the board include Heather Meeker, a lawyer and a partner at OSS Capital; Tomasz Staczak, an Ethereum core developer and the founder of a startup; Andrew McLaughlin, a former Deputy Chief Technology Officer for the United States; and Eric Wall, a prominent cryptocurrency personality and investor.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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