Article Summary, Automatically Generated By AI
Summary of Stacks (STX)
Overview
- Stacks is a Bitcoin layer for smart contracts, enabling decentralized applications to use Bitcoin as an asset and settle transactions on the Bitcoin blockchain.
- Unlocks $500B in BTC capital using the Bitcoin L1 as settlement for decentralized applications.
Founders and History
- Founded in 2017 by Muneeb, who released the original whitepaper and raised $50M.
- First-ever SEC qualified token offering in 2019.
- Team built protocols and apps on Bitcoin L1 before working on Stacks in 2017.
Unique Features
About Stacks: Empowering a New Era of Decentralized Applications
Introducing Stacks (STX): A Revolutionary Blockchain Ecosystem
Stacks is a pioneering Bitcoin layer that empowers smart contracts and decentralized applications to leverage Bitcoin as a valuable asset, while facilitating seamless transaction settlements on the Bitcoin blockchain.
Bitcoin stands as the premier, most valuable, and most resilient decentralized asset, boasting unparalleled stature in the cryptocurrency realm. The Stacks layer effectively unleashes $500 billion in BTC capital, leveraging the Bitcoin L1 as a settlement layer for decentralized applications, thereby fostering a new era of innovation.
By virtue of its innovative Proof of Transfer consensus mechanism and Clarity programming language, Stacks boasts comprehensive knowledge of the entire Bitcoin state, granting it the ability to seamlessly read from Bitcoin at will.
All transactions executed on the Stacks layer are inherently hashed and settled on the Bitcoin Layer 1, thereby ensuring an unparalleled level of security. Notably, Stacks blocks are fortified by the collective might of 100% Bitcoin hashpower. Consequently, any attempt to re-order Stacks blocks or transactions would necessitate a reorganization of the Bitcoin blockchain itself, a feat of monumental complexity.
The Visionaries Behind Stacks: Meet the Founders
The project’s genesis dates back to 2017, when Muneeb, fresh from completing his PhD, unveiled the original whitepaper and successfully raised $50 million. Notably, his doctoral thesis laid the groundwork for the Stacks layer on Bitcoin. Prior to this milestone, the early team had been actively developing protocols and applications on Bitcoin’s Layer 1, before shifting their focus to Stacks in 2017. An early vision for the project is eloquently articulated in this TEDx talk.
In 2019, a groundbreaking milestone was achieved with the launch of the inaugural SEC-qualified token offering, accessible to the general public, including the US. The comprehensive offering material provided exhaustive transparency, divulging every detail about the project, company, and individuals involved.
Between 2018 and 2020, the team dedicated themselves to developing the Stacks infrastructure—a programming layer for Bitcoin that operates akin to a blockchain, leveraging cross-chain consensus with Bitcoin—and Clarity, a secure programming language. Relevant technical resources can be accessed
here
.
Unveiling the Unparalleled Attributes of Stacks
- As a pioneering Bitcoin layer for smart contracts, Stacks boasts a plethora of innovations that set it apart:
- In the forthcoming release of Stacks, the platform will be fortified by the collective hash power of Bitcoin, thereby ensuring Bitcoin finality.
- Stacks will soon introduce a novel, decentralized, 1:1 Bitcoin-backed asset, which can be seamlessly transferred in and out of the Stacks layer.
- The introduction of sBTC, a 1:1 Bitcoin-backed asset, empowers Stacks smart contracts to interact with Bitcoin.
- Stacks facilitates atomic BTC swaps and enables assets to be owned by BTC addresses, fostering a new era of interoperability.
- Stacks leverages the Clarity programming language, renowned for its safe and determinate contract execution.
- Through Proof of Transfer and Clarity, Stacks possesses real-time knowledge of the entire Bitcoin state, allowing it to read from Bitcoin at will.
- Lastly, Stacks is a highly scalable layer, capable of processing fast transactions that settle on Bitcoin, thereby ensuring a seamless user experience.
What Is the Circulating Supply of Stacks (STX) Coins?
The Stacks cryptocurrency boasts a predetermined future supply, projected to reach approximately 1,818 million STX by the year 2050. The Stacks ecosystem comprises a diverse collective of independent entities, developers, and community members united in their mission to create a user-owned internet, anchored to Bitcoin. Notably, no single entity within this space holds more than 10% of the circulating STX supply, with early investors and entities typically holding less than 5%. These statistics, derived from self-reported data and on-chain analytics, are subject to periodic updates over time.
The Stacks Network’s Robust Security Mechanisms
Stacks leverages the Bitcoin blockchain as its foundational layer. As a Proof of Work (PoW)-based blockchain, Bitcoin relies on the collective efforts of thousands of miners and nodes to safeguard the network against potential threats, rendering it computationally and economically impractical for malicious actors to compromise the network’s integrity.
Notably, Stacks pioneers a proprietary consensus model, dubbed proof-of-transfer (PoX), a groundbreaking mining mechanism wherein users transfer the base currency (BTC) to mine STX, thereby effectively leveraging the security of the Bitcoin blockchain to bootstrap the Stacks network.
Where to Acquire Stacks (STX): A Comprehensive Guide
STX is listed on a multitude of esteemed exchange platforms, notably Binance, Coinbase, Kraken, Upbit, and KuCoin. For a comprehensive overview of available trading pairs and supported platforms, please refer to the markets section.
Discover the ins and outs of purchasing cryptocurrencies with fiat currencies by clicking
here
.
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