StarkWare CEO Uri Kolodny Resigns Due to Personal Challenges
Uri Kolodny, the CEO and co-founder of Ethereum Layer 2 developer StarkWare Industries, has stepped down from his role. This decision comes as he faces “vicious medical challenges at home” that require his full attention. Kolodny had previously taken a leave of absence but found it insufficient. Despite resigning as CEO, he will continue to serve as a board member for both StarkWare and the Starknet Foundation.
Eli Ben-Sasson Takes Over as StarkWare’s CEO
Eli Ben-Sasson, the co-founder and president of StarkWare, will assume the position of CEO. Kolodny expressed confidence in Ben-Sasson’s abilities and dedication to lead StarkWare to new heights. Ben-Sasson is also a co-inventor of STARK (Scalable Transparent Argument of Knowledge), the cryptographic proof used by StarkWare on the Ethereum blockchain. Starknet, as an Ethereum Layer 2 solution, processes transactions on its network and provides STARK proofs to Ethereum for faster and more affordable transactions.
Overview of StarkWare
StarkWare, founded in 2018 and headquartered in Israel, is a prominent player in the crypto industry. The company has received backing from notable investors such as Sequoia Capital, Paradigm, and Coatue. In its latest funding round in May 2022, StarkWare raised $100 million at an $8 billion valuation. The company offers two main products: StarkEx, a permissioned network designed for decentralized applications (dApps), and Starknet, a permissionless Layer 2 network that enables anyone to build dApps on it.
Starknet’s Native Token: STRK
Starknet is preparing to launch its native token, STRK, in April. With a total supply of ten billion tokens, STRK will serve various purposes within the Starknet network, including covering transaction fees, governance, and staking.
Hot Take: Uri Kolodny’s Departure Impacts StarkWare’s Leadership
The resignation of Uri Kolodny as CEO of StarkWare due to personal challenges at home marks a significant change in the company’s leadership. However, with Eli Ben-Sasson taking the reins, StarkWare is poised to continue its mission of providing efficient Layer 2 solutions for the Ethereum ecosystem. Ben-Sasson’s expertise in STARK technology positions him well to lead the company forward and achieve new milestones. The upcoming launch of Starknet’s native token, STRK, further underscores the potential for growth and innovation within the StarkWare network.
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