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The Israel-based team behind StarkWare has taken another step towards decentralization: The launch of a native token.
According to details seen by Decrypt, the token is part of a two-pronged agenda to become a “public good like Ethereum or the Internet.” The second aspect of today’s announcement revolves around the launch of the StarkNet Foundation, a non-profit organization.
The StarkNet Foundation will see to it that the technology is stewarded towards its goal of wide adoption.
StarkNet is the name of the layer-2 scaling technology for Ethereum and StarkWare is the development team building it. The technology itself leverages roll-up technology to improve the network’s scalability.
As for the token, it will serve three purposes: To pay transaction fees on StarkNet, to serve as a governance token, as well as to support the technology’s consensus mechanism.
There will be an initial 10 billion tokens minted, of which contributors such as the development team’s investors (17%), development partners and employees (32.9%), and to the foundation (50.1%).
The token is expected to go live on Ethereum this September.
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