(✨,✨) Starcoin: a fully decentralized, open-sourced multi-layered blockchain, built on PoW

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Coinmonks

3 min readApr 21, 2022

Unlike centralized Proof of Stake blockchains that create single points of failure and therefore are rife with vulnerabilities, Starcoin runs on Proof of Work, the battle-tested cryptography paradigm for decentralized validation of transactions over a network. It’s L1 can process ~4600 TPS with lightning-fast finality.

Developed originally by Facebook, Move is a next-generation resource-oriented programming language based on Rust and designed for developing customizable transaction logic and smart contract. It’s highest priorities revolve around safety & security, ensuring assets canned be cloned in order to ensure digital resource validity.

Originally coined by Vitalik Buterin (Founder of Ethereum), the Blockchain Trilemma is a theoretically solvable dilemma in the crypto space, which revolves around three tenets: Decentralized, Speed, Security. Solving for one portion of the equation leads to costs in the others, and vice versa.

Starcoin is one of select few blockchains that have solved the blockchain trillema. Via a layered Poof of Work blockchain, global consensus is achieved on the base layer while the secure, under-development zkrollup communicates local consensus from L2s to L1. It’s even planning to develop its own Web3 naming service.

Building ahead of adoption, Starcoin is hard at work on launching its first L2, expected to roll out in Q3 2022. Even more of note, Starcoin is almost due to release its first bridge to Ethereum via Stargate: connecting Starcoin to Ethereum in order to bridge native assets between the two blockchains.

Despite its currently unverified market cap, Starcoin already has a small but mighty ecosystem thriving on its L1, including two NFT marketplaces & a developing suite of NFT games: Cyberrare & KikoVerse.

Have you heard of NFT mining? Due Move’s intrinsic qualities, features like NFT mining, where mining yields are paid out for staked NFTs to users, is commonplace on the Starcoin blockchain.

Recently launched in 2022, Starswap is the main swap & dex living on the Starcoin blockchain, with a TVL of 1.5m at the time of writing, which includes the basic expected swap features alongside LP farming & single-sided liquidity staking of the native dex token, $STAR. By Q3, Starswap will introduce limit trading alongside other exciting new features.

In this humble writer’s opinion, Starcoin is a silent assassin building ahead of formal adoption while neatly avoiding being co-opted by institutions and VCs, sporting a robust sweet of unique dapps built from the ground-up on the robust programming language, move. After its first bridge connects to ethereum and TVL skyrockets, it’s only a matter of time before this project lifts off into the stratosphere.

(✨,✨) ~ Ren

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(✨,✨) Starcoin: a fully decentralized, open-sourced multi-layered blockchain, built on PoW

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Written by Ren