StarkWare, the developer of the <a href="https://www.cryptoknowmics.com/news/middle-east-asia-and-africa-blockchain-association-established-in-abu-dhabi">blockchain</a> scalability solution <a href="https://www.cryptoknowmics.com/news/starkware-plans-to-launch-starknet-token-and-foundation">StarkNet</a>, <a href="https://medium.com/starkware/introducing-the-starknet-foundation-bd4b4379fbb" target="_blank" rel="nofollow noopener">announced</a> the formation of an independent, non-profit organization in July and plans for a long-rumored token in August. On Wednesday, the StarkNet Foundation made its debut appearance with a token distribution and a seven-person council.

https://twitter.com/StarkWareLtd/status/1590451652045451265
<h2>StarkWare- The Developer of StarkNet</h2>
The StarkNet Foundation wants to assist the network in achieving its decentralization objective through the governance frameworks and the <a href="https://www.cryptoknowmics.com/news/marginx-worlds-first-community-based-decentralized-exchange-launches-on-function-x-blockchain">decentralized</a> technology known as sequencing and proving.

The Starknet Foundation will oversee grants and financing for new Starknet protocols to develop standards that, according to the organization, would be compatible with <a href="https://www.cryptoknowmics.com/news/a16z-crypto-releases-ethereum-light-client-helios">Ethereum's</a> decentralized and open-source standards. The organization will get 50.1% of the entire quantity of StarkNet tokens, which it may utilize for these objectives.
<h2>Seven Council Members of the Foundation</h2>
The Starknet Foundation will initially have a council of seven elected members who will be essential in determining the foundation's long extension. Participants include Eric Wall, a well-known blockchain whistleblower, and Andrew McLaughlin, a former deputy chief technology officer of the United States under the Obama administration. The board will initially function under a majority-rule voting system. However, this might be decentralized in the future.

StarkWare Launches Nonprofit Foundation to Support StarkNet Ecosystem

StarkWare, the developer of the blockchain scalability solution StarkNet, announced the formation of an independent, non-profit organization in July.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

StarkWare Launches Nonprofit Foundation to Support StarkNet Ecosystem

Top Picks