Hashstack, an open-source ZK native market protocol, has announced a migration to Starknet. Hashstack’s goal is to speed up Starknet’s optimal development by making the most of its features.
By switching to Starknet, Hashstack is preparing to migrate the network from the EVM chain to the ZK protocol. Hashstark will also be able to build the infrastructure it needs to implement decentralized finance thanks to this change (Defi). This will pave the way for widespread adoption of cryptocurrencies as a means for the unbanked to have access to financial services.
Replace EVM Chains in Hashstack with Zk-Primitives
In addition, Starknet implemented Open-Hashstack before any other multi-dimensional, decentralized ZK-Rollup platform. Hashstack is a mechanism for the blockchain that will protect borrowers from defaulting on loans with inadequate collateral.
Starknet is an Ethereum-based Layer 2 network that enables dApps to perform massive computations without any bottlenecks. For the most part, this doesn’t hurt Ethereum’s security infrastructure or its compatibility with other protocols.
ZK-rollups, due to their scalability, may handle hundreds of off-chain transactions concurrently. Furthermore, the protocols are essential to addressing the issue of Ethereum platform network load.
The Ethereum blockchain’s high transaction fees and long transaction times would be eliminated. To prove their worth, zk-rollups instead always broadcast a SNARK signal, short for non-interactive argument of knowledge.
Meaning that the protocol will only keep proof of validity on the dominant Ethereum network. In a surprising twist, this has made ZK Rollups the quickest and cheapest way to authenticate financial transactions.
As to Why Hashstark Chooses Starknet
ZK that’s ready for sale Not many places provide rollups, but Starknet is currently the greatest option for getting them. Starknet has handled approximately $657 billion in trade volume and $205 million in transactions. More than that, the protocol is supported by a vibrant community of skilled developers who have worked together on a wide range of initiatives.
Cairo Lang, a digital machine created by Starknet, was the driving force behind the network’s activities. Cairo is a machine-language transformative programming language that is similar to Python but offers far more freedom.
The degree of primitives available to Cairo’s users is much higher than that of Solidity’s, and there are less limitations on their use.
Companies are eager to take their DeFi offerings to the next level in light of the industry’s phenomenal growth. Hashstack is looking for a stable facility to hasten its upscaling efforts and increase DeFi’s adoption.
Further, it intends to establish a global, open, and decentralized DeFi ecosystem that can supply its users with a uniform digital banking service.
Disruptive finance innovation, or DeFi, is often seen as essential for filling in gaps that the conventional financial system leaves unexplored. It is determined that necessity was the driving force for the birth of decentralized financial networks.
Blockchain technology, digital assets, and alternative intermediaries in the financial sector are all included. Evidenced by the vast numbers of unbanked and underbanked people around the world, the conventional banking system is clearly not open to everybody.
DeFi has shown to be irresistible, and it will remain so for as long as the world remains digitized.
