* By Starcoin Community
Wiht the concepts of DeFi, NFT, GameFi and Metaverse have been known and accept by more and more people, blockchain cryptocurrency market is getting hot. This is exciting news for those of us who firmly believe in the future of cryptocurrency, but with it, the network congestion caused by the rapid increase of users of Ethereum, and the excessively high gas fee brings the terrible experience to ordinary users. From my personal experience as an ordinary user, sometimes the network congestion of Ethereum makes me miss the best transaction time, and the excessively high gas fee makes the cost of my transaction exceed my profit, which forces me and other users have similar experience had to stop trading or choose other public chains. Fortunately, various public chains and layer two exploded in 2021, each one worked hard to solve current problems. Although all public chains have made certain efforts to break the “Impossible Triangle”, that is, decentralization, security and scalability, Starcoin brought the ultimate solution for breaking the “Impossible Triangle”. Starcoin provides services to ordinary users so that everyone can participate. Below we will fully understand what Starcoin is!
What is Starcoin ?
Starcoin is a blockchain project that is structured in a layered manner and designed for decentralized finance. It is also the first public chain to use the MOVE as smart contract programming language. Starcoin tries to achieve complete decentralization without damaging to security or scalability, and establish a simple set of financial infrastructure that serves ordinary users, in which everyone can participate in the deployment of contracts, creation of digital assets, and development of DeFi applications, etc., become an open, permissionless public chain. In order to achieve the goal of decentralization, Starcoin uses the PoW consensus mechanism with the highest degree of decentralization, and optimizes and upgrades this mechanism, introduces the uncle block mechanism, evolves the PoW network into a dynamic throughput network, and dynamically adjusts the block size and the block generation speed, so as to improve the throughput of the network without affecting the network security. The adjustment of block size and generation speed will be managed by the community, and the realization of decentralization will be further strengthened through contract upgrades. In order to solve the limitation of scalability, the unique design of Starcoin is also a big highlight. Starcoin has chosen a layered design, the first layer is the base currency layer, and the second layer is the application smart contract layer. The first layer focuses on providing users with safe, fast and flexible services so that users can create, manage and trade their assets. The second layer focuses on improving the scalability of asset transfer and exchange. At the same time, the first layer is responsible for verifying the calculation results of the second layer and providing basic support. In this way, assets can flow freely, safely and efficiently between the first and second layers, and solve the scalability and performance problems in the process of asset transfer and exchange. Meet future high performance
DeFi running requirements. This is extremely attractive to ordinary users like me. Users do not need to spend time and pay more attention to entangle and evaluate whether to choose a new public chain or the second layer of Ethereum, because Starcoin provides a one-stop service.
What is STC ?
STC is the cryptocurrency of the Starcoin network. The main uses of STC currently given by the official are:
- Used to pay transaction fees
- When the state billing mechanism is enabled, it is used to pay for state space fees
- Used for on-chain governance voting
With the development of Starcoin, STC will be used more and more, such as as loan mortgage. At the same time, the total issuance of STC is constant (the total is 3,185,136,000 STC). When Starcoin ecosystem becomes more and more mature, holding STC may also become a value saving method like holding ETH.
In addition to the optimization and upgrade based on Satoshi Nakamoto’s algorithm, Starcoin has also carried out other innovations to bring a safer, faster and more convenient user experience.
Starcoin waived the contract account, and it’s designed that any account can be used to deploy smart contracts, and the deployed smart contracts will be stored in the current account. By improving the state storage mechanism in the contract programming language, it is easier for smart contract developers to dispersedly store the state of the contract in the address of the user the state belongs, so as to clarify the ownership of the state. This innovation strengthens the ability to protect user status security and provides the possibility for status billing.
Multiple data verification mechanisms:
Starcoin provides four levels of data verification mechanisms, including transaction verification, state verification, block verification and chain verification. At the same time, combining Starcoin’s unique “two accumulator” model, namely “transaction accumulator” and “block accumulator” on the basis of four-dimensional data verification, provides a solid foundation for Starcoin data security. In the future, these mechanisms can also bring more businesses through the advantages of data legitimacy, such as cross-chain data interactive verification, which brings more possibilities for the development of Starcoin.
Use MOVE as smart contract language
MOVE is a programming language inspired by linear logic, comes with semantics and supports smart contracts. Compared with Solidity, MOVE language uses a bottom-up static type system, supports formal verification, and has stricter logical constraints. Developers can check most of the vulnerabilities through the compiler before the code is deployed, which reduces the threshold for developers and enhances the security of the contract.
On-chain governance DAO
Starcoin has built a set of DAO contracts in Stdlib, and Starcoin implements on-chain governance by voting on proposals. Any participant in Starcoin ecosystem can initiate a proposal and support any type of token for voting. After voting to pass the proposal, the content of the proposal will be publicized again and can be submitted for execution by any system participant, thus ensuring that the entire governance process is fair and open. This means that anyone in the community, including ordinary users like you and me, can participate in the ecological governance of Starcoin and contribute to the development of Starcoin. At the same time, projects on the Starcoin will not need to access third-party DAO tools to achieve decentralized governance, which reduces the development threshold and cost of the project party, and is more conducive to attracting more good projects to Starcoin, to prosper the ecology on the chain.
Starcoin’s ecology Prospect
Starcoin’s ecology is still under initial construction, but from the perspective of the number of projects participating in the first hackathon and the wide range of project types, from infrastructure, on-chain tools, DeFi, games, NFTs to social and privacy projects, the growth of the Starcoin ecosystem can be predicted. There are already (including but not limited to) stablecoins, swaps, cross-chain bridges, NFTs, and metaverse project teams that are developing and deploying on Starcoin around the clock.
From the innovation and optimization of Starcoin, Starcoin will have a unique place in the public chains, and will show its unique advantages after more Starcoin use cases appear, let us wait and see!
Learn more about Starcoin