Stack is a blockchain project whose focus is to make Bitcoin mainstream. As per the token's official website, some of the biggest challenges that are faced by Bitcoin, the largest cryptocurrency in the market are solved by STX. STX is now working on creating a blockchain project with smart contract technology, which will then solve Bitcoin's problem of not allowing the creation of fixed applications using its technology.
Blockstack which was renamed as Stacks in 2013 at the Princeton Computer Science Department was founded by Muneeb Ali and Ryan Shea in order to solve basic web and mobile applications. Muneeb’s Ph.D. thesis was on Blockstack. The duo led their new launch with the Y Combinator accelerator in the summer of 2014. When they finished, the two launched a seed cycle led by Union Square Ventures (USV), with the participation of Naval Ravikant, SV Angel, and others.
Stacks are associated with the Bitcoin ecosystem because it aims to improve Bitcoin skills by building on it. While this policy may be the same as for Bitcoin side chains, drive chains, or second-level solutions, be it a layer-1 blockchain itself, Stacks have a unique way of achieving this. This project has its own nodes, its network, its miners, and its coin. In contrast to various Bitcoin side chains, the Stack coin (STX) is not connected to the on-chain BTC. The Bitcoin connection is established as follows: The Stacks blockchain uses the Bitcoin-based blockchain as a reliable and circular repository, meaning that everything that happens in Stacks (archival history compiled in Stack blocks) is recorded in Bitcoin itself.
Stack (formerly known as Blockstack) provides Internet identity software, which combines infrastructure and developer tools to enable a computer network and ecosystem for internally decentralized applications (dApps). It focuses on replacing reliance on mid-range cloud service providers and applications that harvest and monetize user information. The Stake Network allows users to directly own digital assets such as usernames, domain names, computer programs, etc. In Stacks blockchain, computer usage is done on the periphery (i.e., client devices), and local applications store data separately and use blockchain only when necessary.
Stacks use a mixed synchronization method, which Stacks calls Proof-of-Transfer("PoX").
· In addition to always keeping the Stacks blockchain in Bitcoin, many of the node participants in the blockchain will receive prizes at BTC, a reliable source of value rather than rewards in the traditional Stacks token, STX.
· PoX uses miners and stacks. Miners engage in mining operations, as do miners in the Bitcoin or Ethereum blockchain, while stacks keep a copy of the blockchain, indicating that the mine is real. Miners get a new STX through inflation and pay to participate in BTC. That BTC is still distributed to stackers who must participate in STX.
The use cases of Stack are:
· Stacks(STX) has provided amazing performance in its ecosystem, especially in the Bitcoin network. It proposes new features to the Bitcoin network as Bitcoin has stood and is unchanged for redress. With its integration with Bitcoin, users can launch new features on the network without changing Bitcoin itself.
· Further, the biggest challenge for the Bitcoin network is scalability. Therefore, Stacks blockchain seeks to solve Bitcoin scaling problems. Stacks extend the artificial capacity of Bitcoin as Bitcoin has limited purchasing space.
· In addition, Stacks adopts active Bitcoin security and the conclusion of secure transactions made within the ecosystem. The network uses Bitcoin to resolve transactions in the Bitcoin blockchain on each block produced.
The current projects which are running on Stacks blockchain are:
Alex Stackswap
CityCoins Zion
Arkadiko Ryder
Sigle
DATE | NEWS/EVENT | IMPACT |
22-06-2021 | STX introduced smart contacts that enabled the launch of DeFi and NFTs on the Bitcoin network. | +134% Increase |
11-05-2021 | People's Bank of China announced that digital tokens can't be used as a form of payment by financial institutions. | -103% Decrease |
03-04-2021 | Stacks was listed on South Korea-based crypto exchange Upbit with an STX/KRW pair. | +130% Increase |
19-11-2020 | Stacks 2.0 to Reach Feature Completion by December 15th, Launch Date Set for January 14, 2021. | +67% Increase |
Stacks (STX), with its distinctive features are a great addition to the blockchain industry. As it allows users the benefits of merging smart contracts with Bitcoin operations, it is fair to say that Stacks services will improve the adoption and use of Bitcoin in the crypto industry.
The outstanding performance of the Stack blockchain makes it possible to predict a successful network future in the industry. The way it gives users the ability to earn BTC by simply participating in the network is also a place of attraction to the network.
Stacks