StarkNet is a decentralized Validity-Rollup, also known as a ZK-Rollup, which operates as a secondary network on top of Ethereum. It utilizes the STARK cryptographic proof system to enable any decentralized application to scale up massively without compromising the security and compatibility of Ethereum. This is because StarkNet is built as a permission-free Layer 2 network that provides unlimited computational capacity while preserving the security and composability of Ethereum. The StarkNet contracts and operating system are programmed in Cairo, which facilitates the deployment and expansion of any business logic.
StarkWare Industries, the Israeli cryptography software company that developed StarkNet, has a large team of blockchain engineers and works with top advisors in the blockchain industry, such as Joseph Lubin, the CEO, and founder of ConsenSys. The company successfully raised $100 million in a Series D funding round led by Greenoaks Capital and Coatue in May 2022, with an estimated valuation of $8 billion.