Massive Event Celebrates 'End-to-End Funds Encryption' as a Means to Avert Future FTX-Like Thefts

During this significant event focused on advanced cryptocurrency solutions post-FTX, innovators collaborated to develop infrastructure aimed at safeguarding against fund misappropriations.

Approximately 700 leaders, experts, and developers in the crypto realm gathered in Tel Aviv to exchange ideas and display initiatives rooted in StarkEx and Starknet. These innovative networks empower users to trade with confidence, assured that their funds cannot be misappropriated by exchanges.

Eli Ben-Sasson, a leading cryptographer and event organizer, remarked, 'In our daily lives, we expect the messaging platforms we use to incorporate end-to-end encryption—facilitating our communication without eavesdropping. Yet, we still rely on cryptosystems that allow third-party entities like FTX to access our funds.'

The resilient technology we've been investigating offers an equivalent solution for cryptocurrency trading, ensuring that no unauthorized individual can access or misappropriate funds. The goal is to empower individuals end-to-end encryption and guarantee users can engage with a variety of exchanges and applications while making certain that no one can withdraw funds without their direct consent. mass adoption Ben-Sasson, co-founder and president of StarkWare, an $8 billion firm behind StarkEx and Starknet, chaired this week’s StarkWare Sessions 2023, which concluded on Tuesday. He is also the co-inventor of the STARK protocols that lend the networks their robust 'end-to-end encryption' capability while significantly reducing transaction fees, commonly referred to as 'gas fees.' StarkEx and Starknet, both classified as 'Layer 2' solutions deployed over the Ethereum blockchain for enhanced security, have collectively processed transactions exceeding $800 billion, laying the groundwork for projects like Immutable X, Sorare, and dYdX.

The architecture of STARK protocols enables developers to create a more intuitive user experience compared to what is currently available in cryptocurrency—one that resonates more closely with the familiar dynamics of web2 applications. Although Starknet was developed by StarkWare, it is in the process of transitioning towards a decentralized governance model. During the Tel Aviv event, Ben-Sasson announced plans to make the foundational software, known as STARK Prove, open source.

An official announcement regarding Prove can be found here. Images available for this release can be found here.

Itamar Lesuisse, co-founder and CEO of Argent—creator of a smart wallet on StarkNet—stated, 'We're witnessing the emergence of STARK technology, which, although not widely recognized yet, is set to form the backbone of applications we will all eventually use, becoming public property. This is monumental. It's driving the expansion of a global community eager to develop on this framework. Collectively, we're advocating for a monumental shift in the paradigm of cryptography, moving from a plea for ethical behavior to a technical framework that inherently prevents unethical actions.'

Prominent figures at the event included Cuy Sheffield, Visa's head of crypto, who discussed Starknet's application for automating crypto payments; Uri Kolodny, StarkWare's Co-founder and CEO; Dankrad Feist of the Ethereum Foundation; Emin G ün Sirer from Ava Labs; and Tomasz Staczak, a notable Ethereum protocol engineer and founder of Nethermind. Lancelot de Ferrière, CTO of an NFT creation protocol, noted that as companies shared new products and code, the event's ambiance echoed that of early Internet forums and iconic Apple launches.

'The energy at the event was absolutely electric,' he noted. Certain presentations evoked memories of early announcements—those pivotal moments when tech enthusiasts grasped the magnitude of change ahead, with others gradually catching on to its implications.

'Starknet is attracting individuals keen on bringing cryptocurrency into the mainstream. There’s a prevailing belief that crypto should not just benefit the privileged few; it holds the potential to be a revolutionary platform for everyone. The sentiment here emphasizes the imperative need to simplify user interactions with blockchain technologies to make them feel as natural as surfing the internet—without sacrificing security while maintaining broader applicability beyond finance.' Steve Jobs Motty Lavie, founder and CEO of Braavos, a wallet provider, expressed that the palpable enthusiasm surrounding the user experience advancements enabled by Starknet was undeniable. He stated, 'There was a strong consensus throughout the event that the StarkNet ecosystem could potentially onboard the next billion individuals to cryptocurrency. We're making it easier for newcomers to venture into the space without requiring profound technical expertise, paving the way for a more accessible and user-friendly experience.'

'As StarkNet matures and prepares for mainstream use, discussions have consistently centered on two remarkable attributes. Firstly, the significantly reduced gas fees stem from the mechanics of STARK cryptography, which streamline multiple transactions into a compact, easily verifiable proof, thereby vastly lowering the costs associated with recording them to the blockchain. Secondly,' the breakthroughs facilitating a superior user experience—often referred to as account abstraction—allow for crypto and Web3 interactions to mirror the simplicity of traditional web2 applications. No longer do users need to grapple with complex seed phrases or technical jargon; instead, biometric features from our devices—like fingerprints or facial recognition—can be utilized to authorize transactions securely. 'We aim to deliver this seamless and intuitive experience to self-custodial wallets, empowering users to fully control their crypto assets, free from third-party interference. This increases the confidence individuals have in leveraging self-custodial options rather than reverting to centralized exchanges like FTX and others.' Note: StarkWare Sessions 2023 occurred in Tel Aviv on February 5-6, with a follow-up seminar on February 7.

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Damir serves as the team lead, product manager, and editor at Metaverse Post, focusing on areas like AI/ML, AGI, LLMs, the Metaverse, and Web3. His writing reaches a massive audience of over a million visitors each month. With a decade of expertise in SEO and digital marketing, Damir has been featured in prominent publications including Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and others. As a digital nomad, he travels between the UAE, Turkey, Russia, and the CIS. Damir holds a bachelor's degree in physics, which he believes has sharpened his analytical abilities to thrive in the ever-evolving digital landscape.
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