StarkWare partners with Chainlink to build economic network

• According to Eli Ben-Sasson – Co-Founder and President of StarkWare, the deal would give them access to Oracle services and facilitate the next generation of “globally scalable Applications built on StarkNet.”

• StarkWare has also stated that it would open-source its Zero-Knowledge (ZK) software or STARK Prover.

Web3 services platform – Chainlink has announced a partnership agreement with StarkWare – an Israeli company focused on Ethereum scaling in a bid to expand development on StarkNet and create an economic network among themselves. As part of the deal, StarkWare will join the Chainlink SCALE program.

This means the Chainlink Price Feeds would be made available on the StarkNet testnet. Developers would get the chance to access low-cost StarkNet tokens to cover their operation costs. According to Eli Ben-Sasson – Co-Founder and President of StarkWare, the deal would give them access to Oracle services and facilitate the next generation of “globally scalable Applications built on StarkNet.” 

We look forward to continuing our collaboration and welcome the passionate Chainlink community into the StarkNet ecosystem.

The primary goal of the partnership is to accelerate the StarkWare solution adoption. This will be done by expanding the development road ecosystem. In addition, a financial system would be formed to provide infrastructure to assist developers to build “highly performance, increasingly complex, and secure contract applications.”

According to Sergey Nazarov, Co-Founder of Chainlink, this would reduce costs for users and developers. 

We’re thrilled to have StarkNet joining the Chainlink SCALE program, further supporting the upcoming deployment of Chainlink oracle services on StarkNet mainnet. By reducing the operating costs of oracle nodes, StarkNet can accelerate its ecosystem’s growth and become a more attractive environment for building scalable dApps in the Web3 ecosystem.

StarkWare to open-source ZK software

StarkWare has also stated that it would open-source its Zero-Knowledge (ZK) software or STARK Prover. The STARK Prover is the engine built to generate cryptographic proof which compresses hundreds of thousands of transactions for submissions to Ethereum. This will be done in fewer kilobytes compared to smartphone photographs. It is reported that the plan will take time to be implemented. The company has two main platforms namely: the StarkEx scaling engine and StarkNet.

This is a landmark moment for scaling Ethereum, and in a wider sense for cryptography. It will put STARK technology in its rightful place, as a public good which will be used to benefit everyone.

According to Ben-Sasson, the effort to provide infrastructure and make it accessible and decentralized is a huge opportunity for developers to build.

He further stated that there is a chance of seeing mass onboarding to solutions that makes it possible for people to manage their funds once developers build more quickly and broadly. 

Crypto infrastructure projects have maintained an increasing adoption following the collapse of the FTX empire. It is important to note that investment into crypto companies has fallen by 91 percent compared to the previous year as investors move away from centralized financed projects.

As of last month, Venture Capital (VC) and other investments found in privately held crypto startups were only $548 million. In January 2022, this was around $6 billion. Around that period, 17 investment rounds amounting to over $100 million were recorded. Interestingly, infrastructure remains resilient and the highest earning vertical. 

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