![]() ![]() To fully understand how Stacks work we shall take a look at Proof of Transfer(PoX), Clarity smart contract which is what Stacks uses to implement PoX, Stacking, STX which is Stacks’ native token and BNS(Bitcoin Name System) as these are some of the features that make Stacks unique. The connection to Bitcoin ensures that any alterations made to Stacks’ IDs or wallet balances are verifiable on the Bitcoin blockchain. ![]() It is essential to note that each block in the Stacks blockchain records user identity and transaction metadata, allowing it to interact with all the applications in the Stacks ecosystem. Instead, they exchange previously mined BTC from the Bitcoin blockchain for a shot at earning STX coins this is known as “ Stacking”. Unlike traditional mining practices, miners do not actually mine anything in the Stacks blockchain. The fundamental concept behind the Stacks blockchain is the interplay between miners and stackers, governed by a unique consensus mechanism called Proof of Transfer (PoX). Understanding The Technology Behind Stacks Today, protocols on Stacks have a combined TVL of over $28m with it’s largest dAPP by TVL, ALEX, having a 91.53% dominance on the blockchain. In 2019, Blockstack had its public sale and became the first-ever US Securities and Exchange Commission (SEC) controlled token sale (STX), multiple leading crypto asset exchanges also listed STX in 2019. The company secured $50 million through a token offering and used 2018 to develop its mainnet. In 2017, Blockstack was co-founded by two Princeton alumni – Muneeb Ali and Ryan Shea, eventually rebranding to Stacks in 2020. ⭐ Unlocking #Bitcoin Decentralized Finance, NFTs, BNS, and more /VoHnypE1dx- stacks.btc February 21, 2023 ⭐ Settling transactions on the #Bitcoin blockchain Instead of using more energy, Stacks miners recycle Bitcoin’s Proof-of-Work (PoW) by transacting Bitcoin, and in turn produce new Stacks blocks.⭐ Enabling smart contracts and decentralized applications to trustlessly use $BTC as an asset Proof-of-Transfer is also a remarkably sustainable solution to Bitcoin’s programmability and scalability. This mechanism makes Stacks unlike any other layered solution. ![]() Subsequently, the history of every Stacks block is forever recorded on the Bitcoin blockchain. Bitcoin ultimately serves as the final settlement layer for Stacks, as Stacks transactions are bundled and then sent to be verified and validated on Bitcoin. Stacks interacts with Bitcoin without modifying its base layer’s protocol whatsoever. The Stacks protocol then randomly selects a winning miner for that block and rewards them with Stacks’ native token, STX. Since Stacks can read the Bitcoin network state, it can then verify the occurrence of these Bitcoin transactions. With Stacks, Proof-of-Transfer requires miners to send BTC (on the Bitcoin network) to other Stacks network participants, rather than a burn address. By burning, Stacks miners can mine more blocks, earning BTC rewards for helping secure the network. ![]() Proof-of-Transfer is a variation of Proof-of-Burn (PoB), which grants Stacks miners the right to mine blocks by “burning” a portion of their tokens (either a native asset or another cryptocurrency). Proof-of-Transfer (PoX) is a novel process for confirming Stacks blocks on the blockchain. On top of the Stacks network, developers can use smart contracts to build applications and other Web 3 infrastructure. Stacks capitalizes on Bitcoin’s success and helps transform it into a productive asset with extensive utility.īelow Stacks, Bitcoin serves as the solid foundation on which all transactions are settled. As Bitcoin adoption increases, so will its use cases. Since its first block in 2009, Bitcoin has experienced nearly 0 interruptions, with over a 99.98% uptime.īitcoin is by far the largest, most well-known cryptocurrency. The Bitcoin network is also extremely stable and decentralized with thousands of nodes. Transactions on Bitcoin are practically irreversible and nearly impossible to manipulate. Stacks chose to build on top of the Bitcoin blockchain for two main reasons: This update natively connected and anchored Stacks to Bitcoin, and introduced a new era of innovation for building on Bitcoin. A significant update to the network came in January 2020 with the Stacks 2.0 Mainnet Launch. The Stacks testnet was eventually launched in Q2 of 2018, with its mainnet released a few months later in October 2018. Originally named Blockstack, Stacks’ groundwork began as early as 2013. Stacks is an open-source layer 2 blockchain that introduces smart contracts and decentralized applications to Bitcoin. ![]()
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