- A developer of blockchain-based solutions has designed an Ethereum product
- Users have been concerned with high gas fees for some time now
- Picking the data availability mode
StarkWare Industries, a software company specializing in cryptography, plans to introduce a new product called Volition. It is expected to significantly reduce Ethereum fees, also known as gas fees. As a result, Ethereum might be able to support micropayments like Bitcoin’s Lightning Network. The new solution is designed for the Starknet network.
A developer of blockchain-based solutions has designed an Ethereum product
Starkware is a software company that specializes in developing crypto security systems using the ZK-STARK technology to improve blockchain scalability, security, and privacy. Its goal is to create Layer 2 solutions that help ensure quicker and safer Ethereum transactions while maintaining user privacy.
Volition is expected to launch in the Starknet network in the third quarter. According to Uri Kolodny, co-founder and CEO at StarkWare, the new solution “will remove the big barrier to microtransactions… and will finally make the crypto for coffee transactions viable.” Kolodny adds, “This will be very important for crypto adoption. It will have particular advantages in developing economies.”
Users have been concerned with high gas fees for some time now
Ethereum users have been concerned with high gas fees for some time. Notwithstanding the network’s improvements following the upgrades, the gas fees have not been lowered sufficiently. This is a problem for users, especially those who often conduct transactions or use decentralized apps.
According to Bitinfocharts, the network’s average transaction fee (the average fee after the processing and confirmation) amounted to approximately 4.80 US dollars on June 22 which is way lower than 27 US dollars this May, this year’s highest level. Even though such fees seem appropriate for larger transactions, they hinder the adoption of Ethereum.
Apart from the so-called “crypto for coffee” transactions, the developers claim that Volition will provide many other ways to use Ethereum which have been unavailable until now. For example, new voting governance applications would allow DAOs to vote cheaply. Other uses include trading NFTs and buying in-game assets.
Picking the data availability mode
From a technical point of view, Starknet is a zero-knowledge rollup (ZK-Rollup). It is a decentralized and permissionless L2 network. Starknet allows any dapp to achieve scalability without jeopardizing Ethereum’s security. With the help of Starknet, a dapp can achieve unlimited scale for its computations, without compromising Ethereum’s composability and security.
Volition will allow developers to optimize the transaction process by choosing the data availability mode for each asset. To do this, Starknet uses two separate storage commitment trees. One is responsible for L1 data availability mode, i.e., data available on the Ethereum mainnet. The other one is responsible for L2 data availability mode, i.e., data available on the Starknet Layer-2.
Volition allows developers and users to pick the availability mode for each contract. Source: StarkWare
According to StarkWare, the new solution would provide access to flexible and accessible data storage with less wide distribution. Basically, it means that L2 availability helps to cut costs if L1 availability is not sufficiently important to justify the expenses.
The company’s representatives say that nowadays users pay for L1 availability, and this results in higher gas fees for even small transactions. By switching to the L2 mode, Volition will make micro-transactions possible. The solution will allow developers and users to decide for themselves which storage mode they prefer and how much they are willing to pay for it.
As a result, StarkWare expects to lower transaction fees by up to 90%.
The new solution can also be used for DEX trading and lower fees by using the L2 availability mode and moving assets to the L1 level when they hit a high amount, and security becomes a top priority.
Volition premiered on StarkEx, Starknet’s permissioned version designed for protocols. Now, it is expected to be launched on Starknet in the third quarter of this year.
