Is Ethereum safe enough? Scaling network Starknet wants to continue independently

Ethereum (ETH) is in danger of losing one of its additional blockchain networks. Starknet is considering moving forward on its own, fearing the future threat of quantum computers. The community can vote on the proposal this week.

A departure would not only change the relationship with Ethereum, but could also affect the security of the network and holders of the STRK token.

On 15 October, Starknet opened a vote on a possible switch to an independent blockchain. Holders of the Starknet token (STRK) who secure their coins via strike or have transferred their voting rights can express their opinions until 22 October.

Currently, Starknet functions as a so-called Layer 2 network on top of Ethereum. It processes transactions faster and cheaper, but relies on Ethereum for the ultimate verification and recording of data.

StarkWare, the company behind the development of Starknet, is now exploring whether the network can turn into a stand-alone Layer 1 blockchain. This would allow Starknet to handle its transactions without depending on the underlying security of Ethereum.

A final decision has not yet been made. The vote is non-binding and mainly serves to determine whether the developers should investigate the idea further.

Even if a majority votes in favour, Starknet will continue to run on Ethereum for the time being. For an actual switch, additional technical examinations, proposals and new votes are required.

The main reason for the possible break is the rise of quantum computers. These powerful computers may break certain forms of digital security in the future.

That poses a potential threat to blockchains, including Ethereum. The current security methods are not all designed to withstand attacks from sufficiently powerful quantum computers.

On 8 October, StarkWare therefore announced that it was taking a serious look at an independent blockchain that should be more resistant to such attacks.

Starknet already has technology that can help with this. The network uses so-called strong proofs. This allows transactions to be verified without having to perform all calculations again.

This proof technology is designed with security against future quantum attacks in mind.

In addition, Starknet has a flexible system for user accounts. As a result, new security methods can be introduced without having to immediately adapt the entire network.

Nevertheless, an important problem remains.

Starknet still uses Ethereum to record important transaction details and to check the accuracy of transactions. Also, the connections with which users move crypto coins between both networks depend in part on the security of Ethereum.

When Ethereum wants to change its security, Starknet has to take into account the technical choices and planning of the larger network.

With an independent blockchain, Starknet could make such adjustments on its own. This gives the network more freedom to prepare for future security risks.

A possible departure can also have consequences for Ethereum itself.

Starknet is currently paying fees to Ethereum for recording transaction details and verifying transactions. Those payments generate economic activity and income from network fees.

If Starknet becomes self-employed, part of this income may disappear.

Security is also changing. Users currently rely in part on Ethereum to ensure the accuracy of transactions on Starknet. With an independent blockchain, Starknet should largely bear that responsibility itself.

This does not automatically mean that the network becomes less secure. However, the way in which transactions are checked and secured is changing.

It is striking that holders of ETH have no direct voting rights on the proposal. The decision lies with the Starknet community, while Ethereum can also notice the consequences of a possible switch.

For holders of STRK, the direct consequences seem limited for the time being.

According to the current plans, STRK will remain the official token of the network, even if Starknet eventually continues on its own. StarkWare has also indicated that due to a possible switch, no new token needs to be introduced and no additional tokens need to be issued.

The existing connection to Ethereum must also be maintained. Through this so-called bridge, users can move digital assets from one blockchain to another.

This should remain possible even after a possible switch.

The vote runs until 22 October and has three possible choices. Proponents give permission to further investigate the independent blockchain. Opponents want Starknet to stay on Ethereum and improve its security there. Those who vote neutral indicate that more technical and practical questions must be answered first.

A departure would also be interesting for other Layer 2 networks. They also use Ethereum to process transactions more cheaply while benefiting from the security of the larger network.

If Starknet decides to reduce that dependency, it could become an example for other projects that want to prepare for the advent of quantum computers.

When a possible switch would actually take place is still unknown. To do this, new proposals must first be worked out and approved.