STARK power to bless Ethereum through StarkDEX

Matt Taylor, Marketing Lead at 0x (a decentralized exchange protocol) conveyed information on 03 June about the demo release of StarkDEX in collaboration with StarkWare.

Matt started by informing that StarkDEX is decentralized exchange infrastructure that utilizes STARKs to remove some barriers on trading. It allows crypto exchanges to offer their customers trading at scale, without counterparty risk. STARKs are a proof system that are being used across the blockchain. STARKs are known for their scalability, transparency, lean cryptography, and no trusted setup.

Matt expressed on the inhibition of current infrastructure as –

“Today, the system at max capacity can batch 8,000 transactions per block, which is over 550 transactions per second and 200x cheaper in terms of gas costs. Ethereum at max capacity can only verify roughly 3 transactions per second.”

Matt added that to sample the progress made so far, they had developed an Alpha that simulates trades by entering transactions through StarkDEX. Such transactions are to be batched and verified on Ropsten, an Ethereum testnet. Matt shared the portal location where users could view the demo. He clarified that a minimum viable product (MVP) would be released on Ethereum mainnet in the coming months.

A minimum viable product (MVP) would be released on Ethereum mainnet in the coming months.

Matt sustained by throwing more light on the details of STARK. ZK-STARK is a proof system that stands for Zero Knowledge Scalable Transparent Argument of Knowledge. Proof systems are an integral part of the blockchain ecosystem with applications ranging from scalability to privacy. StarkDEX’s current version successfully uses STARKs for scalability by demonstrating a significant increase in the number of transactions on the blockchain.

In May, 0x made a new offer citing launch kit reloaded. 0x highlighted that users could launch their own exchange or marketplace in minutes. Developers could now simply use Launch Kit’s fully-featured relayer codebase and deploy onto Amazon Web Service (AWS), Digital Ocean or Microsoft Azure without having to deal with any of the technical overhead of integrating with 0x. The Launch Kit is open-source and built using the 0x protocol smart contracts.

Matt intuitively reiterated that the limited scalability of the Ethereum in its current state was not helping decentralized exchanges. He opined that with solutions such as StarkDEX, DEXes would hopefully be able to present a more formidable competition to centralized platforms. Matt emphasized that centralized institutions were at risk of theft and compromises but still command a broad respect. Matt summarized that such a prominent stand in the cryptocurrency exchange market was due to the better user experience.