Blockchain News

OpenZeppelin Announces Cairo Contracts

OpenZeppelin Contracts are a well-known standard version of smart contract development in the cutting-edge Solidity. This company is making the news as it recently announced its intention to expand to the Cairo language. New OpenZeppelin contracts were released for the Cairo Version 0.1.0, thus offering the necessary leverage to developers in standard smart contracts. These contracts are clearly written in Cairo and come equipped with their own set of applications in addition to the top of the StarkNet, which is considered to be a Zero-Knowledge Rollup.

What are Open Zeppelin Contracts?

Right from the initial release in 2016, OpenZeppelin Contracts have functioned as a strategic pillar in developing Solidity smart contracts. Top projects across the globe are making use of the battle-tested open-source software and a voluminous library of community-vetted software in the Web 3 space. The app has been downloaded millions of times, and with its huge success, Open Zeppelin is considering integrating the resources of the Cairo language, developed by StarkNet.

An important point to note is that the new library draws massive inspiration from its counterpart in Solidity. But the main aim of this release misses feature parity. Ecosystem requirements and developer requests are taken into account by OpenZeppelin as active efforts are made to develop a robust, well-functioning network for OpenZeppelin Contracts for Cairo.

Why Cairo?

Rollups are known to provide the safe infrastructure through the top of Layer 1, and this makes them highly friendly with Ethereum’s future as it is rollup centric. This leads to fee reduction across the board. Already EMV-compatible roll-ups can work on OpenZeppelin Contracts through Solidity, for example, Arbitrum or Optimism. Other different networks, such as  StarkNet, require that their computing models are matched with various languages. This makes it an ideal choice for building a massive library for the infusion of OpenZeppelin Contracts for the Cairo language.

Cairo is the go-to language for writing programs that need proof of execution. This situation is ideal in the combined context of a Validity Rollup integrated with ZeroKnowledge. In such a case, the computation is offloaded on the L1 layer of Ethereum, thus fulfilling the specifications of L2 in Stark Net. Simply put, all transactions are executed on the Layer 2 network, which sends state transitions in a periodic way, thus offering valid execution proofs as each state transitions towards Layer 1. The entire execution process takes place completely on L2 when the L1 layer is used to secure data which is then checked for validity on the L2.

Library Contents

Basic contracts are equipped in the library to offer quick support to the StarkNet ecosystem, thus leading to account abstraction. This results in the implementation of the standard interface developed under a joint collaboration with Argent.

ERC20 and ERC721 are considered the standard tokens for NFTs, thus offering standard security modules for Pausable, Ownable, SafeMath, and other incident utilities. This library version also incorporates a proxy contract which helps in the implementation of an upgradeability mechanism.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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