* By Starcoin community
When it comes to blockchain technology, there is an “Impossible Trinity” in which decentralization, security, and scalability cannot be achieved simultaneously. As the cryptocurrency market continues to grow, many users of Ethereum are experiencing congested networks and high gas fees. These challenges have also created opportunities for new blockchain competitors to offer effective alternative solutions for the users. Starcoin aims to tackle the blockchain technology limitations and break the “Impossible Trinity” dilemma.
What is Starcoin?
Starcoin is a hierarchical, decentralized blockchain system and is the first public blockchain to use the MOVE programming language. Starcoin attempts to provide a new generation of public blockchain infrastructure that is fully decentralized without compromising security or scalability. To achieve the goal of decentralization, Starcoin is based on the foundation of the mature Satoshi Nakamoto consensus algorithm adopted by Bitcoin, with adjustable block size and generation speed that are governed by the community and upgraded through contracts. To tackle scalability limitations, Starcoin comes up with a unique design that Layer I and Layer II are interoperable, and all the assets on Starcoin can circulate freely between the two layers. Layer I focus on providing secure, fast, and flexible services for users to produce, manage and trade their assets. While Layer II focuses on improving the scalability and performance of asset transfer and exchange.
What is STC?
STC is Starcoin’s native token, which works as a utility token. Users need STC to pay transaction fees when making transfers or interacting with smart contracts. It can also be used to pay the state space fee when the state billing mechanism is activated and used as votes for the on-chain governance.
What are the innovation and advantages of Starcoin?
- Account model: On Starcoin, any account can be used to deploy smart contracts, and contracts are stored in the account code area. By changing the state storage mechanism in the contract programming language, smart contract developers can efficiently distribute the state of the contract to the user’s address to which the state belongs and clarify the ownership. This innovation strengthens the ability to protect user’s safety and provides the possibility of state billing.
- Data security: Starcoin provides four data verification mechanisms, including The Verifiable Transactions, The Verifiable States, The Verifiable Blocks, and The Verifiable Chain. Combining the data verification mechanisms with Starcoin’s unique “Dual accumulator” model builds a solid foundation for data security.
- Move programming language: Unlike solidty, MOVE uses a bottom-up static type system, enabling formal verification with tighter logic constraints. Move prioritizes Resource as the first-class citizen and is flexible, secure, and verifiable.
- On-chain governance: Starcoin provides on-chain DAO. Any Starcoin ecosystem participant can initiate a proposal, and the STC holders can stake their tokens to vote. The on-chain DAO ensures fairness and transparency in ecosystem governance and helps the project developers reduce the cost to develop their own DAO tools.
What about Starcoin’s ecosystem?
Starcoin has attracted many projects and developers that want to work with the blockchain and the MOVE language as a relatively new project. Starcoin has successfully held its first MOVE online hackathon in July this year. Nearly 30 teams participated in this online hackathon, covering a wide range from asset management, NFT, to DEX. Various projects are deploying on Starcoin at the moment, including swaps, stablecoins, and NFT programs.
Starcoin attempts to leverage Move’s strengths in decentralized financial operation and digital asset design to create a financial infrastructure that is fully decentralized, secured with robust scalability to serve ordinary users, enable everyone to deploy contracts, create digital assets, develop DeFi applications on the public blockchain. With all the innovations, this blockchain has a promising future to bring a better user experience for everyone. However, after we see more use cases of Starcoin, we will be able to determine more benefits of these innovations.
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