7 Things You Must Know about Starcoin
7 Things You Must Know about Starcoin
* By Starcoin community

In the past two years, with the rising popularity of crypto market, without no doubt, Ethereum has become the king of cryptocurrencies, it has a large number of users and traffic. However, after entering the era of DeFi, while Ethereum was recognized, it also had many problems: high transaction fees, frequent security problems caused by contracts, unbearable congestion, etc., all kinds of problems. This forces some users to explore new public chains that can solve the above problems.

On May 18, 2021, Starcoin launched its own main network. Starcoin is a new generation of layered smart contracts and distributed financial network with high TPS and very cheap transaction fees. More importantly, Starcoin uses a more secure smart contract language Move, which can greatly avoid security vulnerability caused by low-level errors, make DeFi more smooth and secure, and allow users to be more convenient. Next, let’s take a closer look at Starcoin.

  1. PoW Consensus

    Like Bitcoin and Ethereum, Starcoin is based on a proof-of-work (PoW) mechanism. Distributed Nodes will compete for blocks of the same height, pack many transactions into one block, perform Hash calculation, and broadcast the successfully calculated block to other nodes in the network. After all nodes in the network have been accepted, the blockchain has been updated, and the packaged transaction is officially confirmed (usually calculated in 6 blocks). This mechanism is very secure and completely decentralized.

  2. Constant Issue

    Starcoin’s native Token is STC, which is used to reward honest nodes that maintain the network. Like BTC, it is a constant issuance and deflationary economic model. The total issuance of STC is 3,185,136,000, and the current market circulating supply is about 268,954,087.

  3. More Secure DeFi

    As mentioned earlier, the security problems of DeFi often occur, such as TheDAO hack, Parity wallet vulnerability, cross-chain protocol Wormhole attack, etc., caused hundreds of millions of dollars in losses every year. Therefore, how to secure DeFi is a question that many people are very concerned about.

    Although there are various reasons for these vulnerabilities, most of the common vulnerabilities are caused by low-level errors. Therefore, Starcoin chose Move, which is more secure, as the smart contract language. Move is a smart contract language specially designed for DeFi scenarios. It has many out-of-the-box security features and can avoid low-level errors in most DeFi scenarios, such as infinite issuance vulnerabilities. DeFi applications written by Move are less likely to have low-level errors, and to a certain extent can ensure the safety of funds and make DeFi more assured.

  4. Advantage of Move in NFT scenario

    Besides better security, Move itself has unique advantages in many scenarios. The most typical advantage is Token and NFT application. The resource type of Move is essentially an NFT, and treating the Token as an NFT is also a factor that makes the Token more secure.

    Given that the advantages of Move in NFT scenarios, several public chains also claim to be compatible with Move, such as Flow and Near. Starcoin directly uses Move as the smart contract language, and it is believed that it will have great potential in the scenarios of NFT and metaverse.

  5. DeFi Ecosystem’s Upgrade

    Starcoin’s DeFi ecosystem tends to be matured, and applications in various tracks have projects launched.

    Swap is an indispensable part of the DeFi ecosystem and the guarantee of liquidity. The Starcoin ecosystem has launched a variety of Swap, such as Kikoswap, Starswap and so on. Bridge is a bridge connecting the entire blockchain ecosystem and an important channel for internal and external flow. PolyNetwork is the first cross-chain bridge in the Starcoin ecosystem. Starcoin also has multiple applications in the stablecoin track, such as FAI and WEN, etc.

    There are also applications in NFT, DAO, and Oracle scenarios. It can be said that after the launch of the Starcoin main network, the distribution and upgrade of the DeFi ecosystem have been quickly completed, and have had achievements.

  6. StarMask’s usage

    If you want to learn Starcoin or implement the DeFi applications with the Move ecosystem, you cannot ignore StarMask.

    StarMask is the browser wallet officially launched by Starcoin, which is the easiest and most direct way to attend in Starcoin ecosystem. The use of StarMask is very similar to the MetaMask wallet. Its main functions are to manage its own on-chain data, sign transactions, participate in DeFi applications, and so on. For the installation and use of StarMask, you can refer to here.

  7. Mature Community

    The Starcoin main network has been running stably for nearly a year, and there are currently more than 4,100,000 Blocks, about 20,000 Epochs. Code submissions are frequent, new features are often added to Starcoin through DAO voting, and many DeFi applications are about to be launched on the main network recently.

    The community is also relatively mature, with tens of thousands of users and more than 12,000 on-chain addresses. To learn more about Starcoin, you can join the Starcoin community in the following ways:

    Twitter: @StarcoinSTC (English) https://twitter.com/starcoinstc

    Twitter: @StarcoinZH (Chinese) https://twitter.com/starcoinzh

    Telegram(English): http://t.me/Starcoin_STC

    Telegram(Chinese): http://t.me/StarcoinZH

    Meduim(English): https://starcoin.medium.com/

    Meduim(Chinese): https://medium.com/@StarcoinZH

    Discord: https://discord.com/invite/XJYmhRMQya

    Starcoin Website: http://starcoin.org

    Starcoin Github:https://github.com/starcoinorg/starcoin