rhino.fi: What is StarkEx?
What is StarkEx?
rhino.fi [then known as DeversiFi] was the first self-custodial exchange to launch with StarkEx technology.
StarkEx leverages the STARK zero-knowledge proof technology to bring scalable non-custodial trading to cryptocurrency exchanges.
Zero-Knowledge Proofs, and STARKs in particular, carry various properties that make them a powerful tool for blockchains. These properties are built into StarkEx.
The inherent asymmetry between the prover’s and verifier's computational load can be put to good use: a native computation on the blockchain, such as a batch of transactions, can be moved off-chain, where a prover can validate them and generate a corresponding proof. This proof is then sent back to the blockchain, where a verifier smart contract can verify its correctness in exponentially less time. This methodology is the foundation for ZK-Rollups (ZKR) - see more here
This benefits rhino.fi, in real terms, by allowing for more transactions to be handled per second (9000+), resulting in both faster trading speeds/capability and much lower trading fees due to a reduction in gas costs.
The absence of trust assumptions in STARKs means that the state of the system is mathematically and cryptographically guaranteed. There are no additional assumptions to those presented by permissionless blockchains (e.g.Ethereum).
The Zero-Knowledge component will allow transaction details to remain private, not only from third parties (such as competing traders), but also from the StarkEx operators - rhino.fi and StarkWare.
Updated on: 14/07/2022