StarkWare Announced Stwo Prover at ETHDenver — Starknet (STRK) Price Remains Calm
Starkware made a major technical upgrade, but its STRK token price remains unaffected.
Key Takeaways
- Stwo aims to enhance blockchain transaction efficiency.
- STRK shows potential for an upcoming uptrend.
- Stwo innovation leverages Circle Stark protocol with Polygon.
StarkWare unveiled its latest project, Stwo, a zero-knowledge prover which aims to enhance blockchain transactions, on February 29 at the ETHDenver convention.
Meanwhile, since its market release, the price of the STRK token has been moving sideways. It even remained calm during this announcement. There are, however, some indications that it can soon start an uptrend.
How significant is Stwo?
Announced by StarkWar COO, Oren Katz, Stwo promises to revolutionize blockchain scaling through its open-source availability under the Apache 2.0 license. This approach allows for widespread accessibility, enabling anyone to adapt and redistribute the software.
Zero-knowledge provers play a crucial role in blockchain by verifying the accuracy of information without disclosing the data itself. This helps them maintain privacy and security. Stwo represents a significant advance over StarkWare’s initial prover, Stone.
This all stems from integrating the Circle Stark protocol, developed in collaboration with Polygon, which optimizes the efficiency of STARK proofs. These proofs are essential for confirming the validity of transactions on zero-knowledge blockchains. Stwo should, hopefully, overcome the limitations of the original STARK protocol. As a result, this should make it a more versatile solution for a broader range of applications.
STRK Price Analysis
At its market release on February 20, STRK made a parabolic rise to $4. However, it immediately came down crashing to $1.60 on the next day. It consolidated, forming a downward flat triangle and establishing support between $1.80 and $1.60.
On February 29, it made yet another retest of the $1.60 low and began increasing again. At the time of writing (March 1 2024), it was trading at about $1.80. A breakout to the upside could happen, signaling the start of a new bull phase for STRK.
If this does happen, a new uptrend will develop, leading the price to recover significantly. Our first target would be at $2.40, but this uptrend’s ending point could be slightly higher at $2.60. That could mean Starknet has embarked on a journey to a new all-time high, eventually reaching values over $4.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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