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==Technology==
==Technology==
Starkware develops technology called STARK ([[Non-interactive zero-knowledge proof|scalable transparent ARgument of knowledge]]) to improve the scalability in the blockchain <ref name=" Lital Dobrovitsky "/> It was founded on the basis of a theoretical research conducted by Ben-Sasson and Riabzev and others at the Technion in addition to mathematical models of zero knowledge proofs (ZKP).<ref name=" Haaretz "/><ref>Eli Ben-Sasson, Iddo Bentov, Yinon Horesh, Michael Riabzev (March 6, 2018).
Starkware develops technology called STARK ([[Non-interactive zero-knowledge proof|scalable transparent ARgument of knowledge]]) to improve the scalability in the blockchain <ref name=" Lital Dobrovitsky "/> It was founded on the basis of a theoretical research conducted by Ben-Sasson and Riabzev and others at the Technion in addition to mathematical models of zero knowledge proofs (ZKP).<ref name=" Haaretz "/><ref>{{cite book |last=Ben-Sasson |first=Eli |title=Scalable Zero Knowledge with No Trusted Setup |date=2019 |url=http://dx.doi.org/10.1007/978-3-030-26954-8_23 |work=Advances in Cryptology – CRYPTO 2019 |pages=701–732 |place=Cham |publisher=Springer International Publishing |isbn=978-3-030-26953-1 |access-date=2023-01-07 |last2=Bentov |first2=Iddo |last3=Horesh |first3=Yinon |last4=Riabzev |first4=Michael}}</ref> The company develops technology based on this math to batch thousands transactions in a single batch, away from the basis layer of Ethereum. Each final update of each batch is written to Ethereum using a file of 80 [[kilobyte]]s, which acts as proof for the content in the batch.<ref name=" Forbes "/> This compression process increases the amount of data that can be accepted on a block of the blockchain and minimizes the energy needed of each transaction.<ref name=" Time">{{Cite web|title=Are Environmentally-Friendly NFTs Possible?|url=https://time.com/6120237/nfts-environmental-impact/|access-date=2023-01-07|website=Time|language=en}}</ref> The energy consumption per transaction reduces by 200,000 times.<ref name=" Israel Hayom">{{Cite web|url=https://www.israelhayom.com/2022/05/27/israeli-fintech-startup-achieves-level-8-unicorn-status/|access-date=2023-01-07|website=www.israelhayom.com}}</ref>
[https://eprint.iacr.org/2018/046.pdf Scalable, transparent, and post-quantum secure computational integrity]</ref> The company develops technology based on this math to batch thousands transactions in a single batch, away from the basis layer of Ethereum. Each final update of each batch is written to Ethereum using a file of 80 [[kilobyte]]s, which acts as proof for the content in the batch.<ref name=" Forbes "/> This compression process increases the amount of data that can be accepted on a block of the blockchain and minimizes the energy needed of each transaction.<ref name=" Time">{{Cite web|title=Are Environmentally-Friendly NFTs Possible?|url=https://time.com/6120237/nfts-environmental-impact/|access-date=2023-01-07|website=Time|language=en}}</ref> The energy consumption per transaction reduces by 200,000 times.<ref name=" Israel Hayom">{{Cite web|url=https://www.israelhayom.com/2022/05/27/israeli-fintech-startup-achieves-level-8-unicorn-status/|access-date=2023-01-07|website=www.israelhayom.com}}</ref>


StarkWare first offered its technology in the form of StarkEx, a [[Proprietary software|proprietary]] scaling engine which was launched on Ethereum in June 2020.<ref name=" unicorn "/> It is used by [[Sorare]],<ref name=" Meir Orbach"/> Dydx,<ref>{{Cite web|last=Kauflin|first=Jeff|title=How A 19-Person Cryptocurrency Startup Surpassed Coinbase In Daily Trading Volume|url=https://www.forbes.com/sites/jeffkauflin/2021/10/15/how-a-19-person-cryptocurrency-exchange-surpassed-coinbase-in-daily-trading-volume/|access-date=2023-01-07|website=Forbes|language=en}}</ref> Immutable X,<ref>
StarkWare first offered its technology in the form of StarkEx, a [[Proprietary software|proprietary]] scaling engine which was launched on Ethereum in June 2020.<ref name=" unicorn "/> It is used by [[Sorare]],<ref name=" Meir Orbach"/> Dydx,<ref>{{Cite web|last=Kauflin|first=Jeff|title=How A 19-Person Cryptocurrency Startup Surpassed Coinbase In Daily Trading Volume|url=https://www.forbes.com/sites/jeffkauflin/2021/10/15/how-a-19-person-cryptocurrency-exchange-surpassed-coinbase-in-daily-trading-volume/|access-date=2023-01-07|website=Forbes|language=en}}</ref> Immutable X,<ref>

Revision as of 17:56, 7 January 2023

StarkWare Industries
Company typePrivate company
Industryblockchain
Founded2018; 6 years ago (2018)
Founders
  • Eli Ben-Sasson
  • Uri Kolodny
  • Michael Riabzev
  • Alessandro Chiesa
Headquarters
Netanya
,
Israel
Area served
Worldwide
Key people
Eli Ben-Sasson (President)
Uri Kolodny (CEO)
ProductsStarkEx, Cairo, StarkNet
Number of employees
70
Websitestarkware.co

StarkWare Industries is an IsraelI software company that specializes in cryptography. It develops zero-knowledge proof technology that compresses information in order to address the scalability problem of the blockchain, and works on the Ethereum platform.[1] In May 2022 the company's estimated value was $8 billion, an increase from $2 billion six months earlier.[2]

History

StarkWare Industries founded in 2018 by Eli Ben-Sasson (President) from the Technion, one of the founders of Zcash,[3][4] his former phd. student Michael Riabzev, Uri Kolodny (CEO) and Alessandro Chiesa from UC Berkeley (chief scientist). [5] In April 2019 the Technion sued Ben-Sasson and Riabazev for violating its Intellectual property[6] The institute claimed that Ben-Sasson established StarkWare clandestinely, to his academic research without consent and demand 50% of his stake in the company. Ben-Sasson claimed that he didn't use any invention belonging to the Technion, merely based on StarkWares’ employees knowledge.[7] In 2020 the two sides reached an agreement and Ben-Sasson left the Technion.[5][8]

Starkware raised $6 million in seed money and afterwards $30 million in series A round led by Paradigm, VC fund by Fred Ehrsam.[9] Other participants were Intel Capital, Sequoia Capital, Coinbase and Vitalik Buterin.[10] In March 2021 the company raised $75 million in series B round. It was led by Paradigm, along with other VC's such as Sequoia, DCVC, Pantera Capital, Wing, Alameda Research, and Founders Fund. In addition it received $12 million from the Ethereum Foundation.[5] In November 2021 StarkWare raised $50 million in Series C round led by Sequoia, making its total raised money to $163 million and bringing its value to $2 billion, making it a Unicorn.[11] In May 2022 StarkWare raised 100 million in a Series D round led by Greenoaks Capital and Coatue Management,[12] bringing its value to $8 billion. Series D carried out despite a bear market.[2]

Starkware's scientific advisors include: Avi Wigderson, Shafi Goldwasser, Noam Nisan and Madhu Sudan. The company's advisors Include: Balaji Srinivasan, Joseph Lubin, Naval Ravikant, and Tom Glocer.[13] The company employs 70 people [14] and located in Netanya.[10]

Technology

Starkware develops technology called STARK (scalable transparent ARgument of knowledge) to improve the scalability in the blockchain [7] It was founded on the basis of a theoretical research conducted by Ben-Sasson and Riabzev and others at the Technion in addition to mathematical models of zero knowledge proofs (ZKP).[8][15] The company develops technology based on this math to batch thousands transactions in a single batch, away from the basis layer of Ethereum. Each final update of each batch is written to Ethereum using a file of 80 kilobytes, which acts as proof for the content in the batch.[2] This compression process increases the amount of data that can be accepted on a block of the blockchain and minimizes the energy needed of each transaction.[16] The energy consumption per transaction reduces by 200,000 times.[17]

StarkWare first offered its technology in the form of StarkEx, a proprietary scaling engine which was launched on Ethereum in June 2020.[11] It is used by Sorare,[14] Dydx,[18] Immutable X,[19] the web browser Opera,[20] and DeversiFi.[8][2] In June 2021 StarkWare launched its second platform: StarkNet. Unlike StarkEx, which is available to clients, StarkNet is permissionless. Any developer can use it to build on it their scalable decentralized applications.[8] As of May 2022 there had been 100,000 downloads of developer tools to build on StarkNet.[2] StarkWare's systems are programmed in the CAIRO language, Turing complete programming language which was built by researchers and engineers from the company.[14]

See also

References

  1. ^ Mohammed, Kiran Mathur (2021-07-29). "Eli Ben-Sasson develops technology to make blockchain 20,000 times cheaper - Trinidad and Tobago Newsday". newsday.co.tt. Retrieved 2023-01-07.
  2. ^ a b c d e Bambysheva, Nina. "Ethereum Scaling Company StarkWare Quadruples Valuation To $8 Billion Amid Bear Market". Forbes. Retrieved 2023-01-07.
  3. ^ "Founding Zcash scientists - Zcash". Zcash. Retrieved 2023-01-07.
  4. ^ Sasson, M; Chiesa, A; Garman; Green, M; Miers, I; Tromer, E; Virza (2014). Zerocash: Decentralized anonymous payments from bitcoin. 2014 IEEE symposium on security and privacy. pp. 459–474.
  5. ^ a b c Dor, Ofir (25 March 2021). "Blockchain scalability co Starkware raises $75m". Globes.
  6. ^ "סע"ש 23228-04-19: הטכניון - מכון טכנולוגי לישראל ואח' נ' בן ששון ואח' תולעת המשפט". {{cite web}}: Check |url= value (help)
  7. ^ a b Dobrovitsky, Lital (2019-04-22). "Technion Suing Senior Professor for 50% of His Company Stake". CTECH - www.calcalistech.com. Retrieved 2023-01-07.
  8. ^ a b c d "Caring for Your CryptoKitties Has Never Been Easier, Thanks to These Israelis". Haaretz. Retrieved 2023-01-07.
  9. ^ CTech (2018-10-29). "Intel Capital, Sequoia Back Blockchain Startup StarkWare in $30 Million Round". CTECH - www.calcalistech.com. Retrieved 2023-01-07.
  10. ^ a b Sinai, Allon (2021-01-18). "The Bitcoin bull is raging and StarkWare aims to ensure blockchain follows suit". CTECH - www.calcalistech.com. Retrieved 2023-01-07.
  11. ^ a b CTech (2021-11-16). "StarkWare joins Israeli unicorn club with $50 million Series C at $2 billion valuation". CTECH - www.calcalistech.com. Retrieved 2023-01-07.
  12. ^ Scheer, Steven (May 25, 2022). "Blockchain tech firm StarkWare raises $100 mln, valued at $8 bln". Reuters.
  13. ^ "About Us". Starkware. Retrieved 2023-01-07.
  14. ^ a b c "StarkWare set to hit $6 billion valuation in new funding round". ctech. 2022-03-10. Retrieved 2023-01-07.
  15. ^ Ben-Sasson, Eli; Bentov, Iddo; Horesh, Yinon; Riabzev, Michael (2019). Scalable Zero Knowledge with No Trusted Setup. Cham: Springer International Publishing. pp. 701–732. ISBN 978-3-030-26953-1. Retrieved 2023-01-07. {{cite book}}: |work= ignored (help)
  16. ^ "Are Environmentally-Friendly NFTs Possible?". Time. Retrieved 2023-01-07.
  17. ^ www.israelhayom.com https://www.israelhayom.com/2022/05/27/israeli-fintech-startup-achieves-level-8-unicorn-status/. Retrieved 2023-01-07. {{cite web}}: Missing or empty |title= (help)
  18. ^ Kauflin, Jeff. "How A 19-Person Cryptocurrency Startup Surpassed Coinbase In Daily Trading Volume". Forbes. Retrieved 2023-01-07.
  19. ^ Dean Takahashi (September 14, 2021). Immutable raises $60M for NFT games platform on Ethereum. VentureBeat.
  20. ^ Limited, Opera. "Opera Integrates Ethereum Layer 2, bringing access to DeFi to Millions of Users". www.prnewswire.com. Retrieved 2023-01-07.
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