Update
Starknet Considering Independent Layer 1 with Quantum Resistance Target
Starknet, a Layer 2 platform for Ethereum, is considering the development of an independent Layer 1 blockchain with a target of achieving quantum resistance by 2027. This proposal is in response to concerns about the potential vulnerabilities of existing blockchain cryptography, particularly in the face of advances in quantum computing and artificial intelligence. The current Starknet network operates as an Ethereum Layer 2, processing transactions separately while relying on Ethereum for settlement and data availability. The proposal aims to replace these dependencies with its own security and settlement model. The Starknet team, led by CEO Eli Ben-Sasson, has emphasized the need for quantum resistance due to the potential threat posed by quantum computers and AI. The team has not yet approved a migration timetable, but they are actively considering the move. The Starknet token, STRK, has experienced a significant price increase, with a 17.7% rise over the previous 24 hours and a 116.7% increase over the past seven days, reaching a price of $0.1190 at the time of the CoinGlass snapshot on October 11. The proposed independent Layer 1 would need its own security and settlement model to replace the protections provided by Ethereum, which remains dependent on Starknet's current infrastructure.