The world of cryptocurrency continues to evolve as new innovations constantly emerge, seeking to address existing challenges and unlock new possibilities. One such promising development is Volition, a product by StarkWare designed for the permissionless Starknet network. This cutting-edge solution has the ambitious aim of drastically reducing Ethereum transaction fees, thereby enabling the network to facilitate micropayments on a level comparable to Bitcoin‘s Lightning Network.
Volition’s introduction to the market is expected to happen with the launch of Starknet v0.13.0 and could significantly impact the world of digital transactions. Touted as the solution that will “remove the big barrier to microtransactions,” StarkWare CEO Uri Kolodny predicts the breakthrough will make everyday transactions, such as buying coffee with cryptocurrency, an achievable reality. More importantly, the technology could be a game-changer for developing economies, driving wider crypto adoption.
The problem of high Ethereum fees (called gas fees) has been a longstanding concern for users of the network, despite recent major upgrades. Currently, average transaction fees stand at around $4.80, significantly lower than the $27 peak recorded last month. These fees, however, still pose a significant barrier to mainstream adoption.
The potential benefits of Volition are not confined to small-scale transactions; its developers assert that the technology will enable various applications previously unfeasible within the Ethereum ecosystem. One such application involves on-chain voting governance that allows decentralized autonomous organizations (DAOs) to vote affordably. Other use cases include non-fungible tokens (NFTs) and purchasing in-game assets.
The underlying concept of Volition hinges on Starknet, a decentralized, permissionless Validity Rollup operating as a Layer-2 network built atop Ethereum. This technology grants any decentralized app (dapp) the ability to vastly improve its computational scalability without sacrificing valuable security features provided by the Ethereum network.
Volition introduces the option for developers to optimize transaction processing by choosing the data availability mode for each storage variable. This system works by implementing Starknet’s state as two separate storage commitment trees — one for Layer-1 data availability (on Ethereum mainnet) and one for Layer-2 data availability (on Starknet Layer-2). This setup presents users with greater flexibility to store data in a cost-effective manner.
According to StarkWare, the ability to select between Layer-1 and Layer-2 storage solutions and reduce gas fees by up to 90% is a highly anticipated feature within the blockchain community. Overall, Volition promises to provide users with more granular control over their transactions, heralding more cost-effective and efficient use of the Ethereum network.
With Volition scheduled for launch on Starknet in the third quarter of 2023, the future of cryptocurrency transactions appears poised for substantial advancements and millions around the globe could soon experience the convenience of making micropayments at the tap of a button.
Source: Decrypt
