Do we really need ANOTHER L2 solution in the market especially as there already is another big fish in the ZK Roll up pond with zkSync?
Well Starknet fans would argue yes due its method of proofing protocols & its unique advantages with its STARKs (Scalable Transparent Arguments of Knowledge), as opposed to zkSync's use of SNARKs (Succinct Non-Interactive Argument of Knowledge).
ZK-SNARKs method undermines decentralisation due to its set up where a small group of developers must be trusted to not manipulate code or divulge vulnerability information, whereas ZK-STARKs use publicly verifiable randomness to enable trustless verifiable systems without the need for a trusted setup. STARKs also are quantum resilient whereas SNARKs have the possibility of being cryptographically cracked by a quantum computer attack. ZK-STARKs are more scalable in computational speed & size than ZK-SNARKs, proving speed improvements of up to 10x. However ZK-STARKs’ one present drawback is that the technology is not very mature which limits its broader adoption.
Based on this information it seems that Starknet might have a slight edge in the competition for the L2 scaling solution after all. Show Less