StarkWare and the Starknet Foundation Introduce Devonomics
StarkWare and the Starknet Foundation have announced a pilot program called “Devonomics”, which will distribute 10% of network fees to developers. This initiative will begin with an initial distribution of around 1,600 Ether (ETH) valued at roughly $3.58 million at current ETH prices.
CEO Uri Kolodny said that 8% of the network fees will be allocated to decentralized app builders and 2% to infrastructure engineers and core developers through a transparent and open voting process. He stated that “It’s all about giving the hands-on builders a strong voice in shaping the network.”
The Devonomics initiative is part of the larger effort to create a web 3.0 platform, which is also known as the crypto projects and crypto app best. This will help to reduce crypto scams and other crypto related issues. The AI voice generator reporter will also help to reduce these issues and create a safe environment for users.
The Impact of the Crypto Winter on Developers
StarkWare co-founder Eli Ben-Sasson states that the new model has the potential to have a major effect on the Ethereum ecosystem, helping developers to “weather” the long-term cryptocurrency winter. He adds that the crypto sector is seeing a “phenomenal amount of blockchain brain drain”, as many talented coders leave the space due to the bear market and its financial repercussions.
The Initial Coin Offering (ICO) of the Starknet governance token, STRK, is set to be released in ETH before transitioning. On December 1st, Cointelegraph reported that the STRK token distribution had not yet been finalized, with the foundation warning users about fake and crypto scams related to the new L2 asset.
Despite this, there has been a 14% increase in full-time developers on the Starknet platform in October, compared to a 28% decrease in blockchain projects in general.
Crypto Projects and App Best Practices
Ben-Sasson attributed the rise in developer numbers in the Starknet ecosystem to the revamp of its native Cairo programming language in Jan. 2023. “In a word, Cairo. The language, initially seen as a footnote in a Solidity-dominated world, is increasingly seen as the most impressive solution for writing smart contracts,” Ben-Sasson explains.
StarkWare said the initiative is intended to support both established and new developers, contributing to the growth of the Starknet ecosystem. As of now, zero-knowledge rollup-based StarkWare is the sole operator and fee collector on Starknet, but this is expected to change as the network further decentralizes.
Ben-Sasson also informed Cointelegraph that Starknet has ambitious plans to have the largest number of developers in the Ethereum ecosystem. He promotes the layer-2 network as being more scalable and having more compute than any other L2.
Crypto Projects and Web 3.0
“As StarkNet will be orders of magnitude more scalable than Ethereum and have much more compute than exists on L1, it can surpass even Ethereum’s developer ecosystem,” the StarkWare co-founder said.
In November, Starknet outlined plans to improve the decentralization of three core components of its rollup solution, which is part of the wider web 3.0 initiatives. Web 3.0 is also called the “AI Voice Generator Reporter” due to its potential to revolutionize the way we interact with the internet.
Starknet is the ninth-largest layer-2 network with a total value locked of $137 million, according to industry analytics platform L2beat. Moreover, TVL has increased by over 2,600% since the beginning of 2023, making it one of the most successful crypto projects.
Crypto scams are unfortunately an unavoidable part of the crypto world, but with the best crypto app, users can protect themselves from ABC crypto scams.
Additional reporting by Gareth Jenkinson.
Subscribe to our email newsletter to get the latest posts delivered right to your email.
Comments