- Category:Smart Contract Platform
- Coin Launched: May, 2019
- Resources: White Paper
- Official Website: Stacks
- Reddit: Stacks
Stacks brings Apps and Smart Contracts to Bitcoin. Apps built on Stacks inherit all of Bitcoin’s powers. They run their logic on the block chain with smart contracts, are controlled by code instead of companies, and are accessible to anyone. This enables decentralized apps to do things that regular apps can’t.
STACKS History / Information / Buying / Staking
Stacks' Ivy League origins Muneeb Ali and Ryan Shea founded Blockstack (which later rebranded to Stacks) in 2013 at the Princeton Computer Science department to solve the underlying problems of current web and mobile apps. Muneeb’s Ph.D. thesis was on Blockstack. The two led their new startup through the Y Combinator accelerator in the summer of 2014. Upon completion, the two raised a seed round led by Union Square Ventures (USV), with participation from Naval Ravikant, SV Angel, and others. After launching a blockchain-based decentralized identity (DID) system in 2014, the team released the initial design for the then-Blockstack platform in 2015. They began R&D on its peer-to-peer communication and data storage system. The R&D phase lasted through 2017 and concluded with Blockstack releasing an alpha version of its developer platform, which included a developer release of the Blockstack Browser and a decentralized storage system.
HOW STACKS WORKS
Stacks is a layer-1 blockchain that allows for the execution of smart contracts. In contrast to commonly known smart-contract blockchains like Ethereum, Cardano, Solana, or Avalanche, Stacks is associated with the Bitcoin ecosystem because it aims to enhance Bitcoin’s capabilities by building on top of it. While this goal might be similar to that of Bitcoin sidechains, drivechains, or second-layer solutions, being a layer-1 blockchain itself, Stacks has a unique way of achieving this. The project has its own nodes, its own network, its own miners as well as its own coin. Contrary to different Bitcoin sidechains, Stack’s coin (STX) is not pegged to on-chain BTC.
BENEFITS OF USING STACKS
Some of the benefits of using Stacks are:
PoX consensus mechanism is efficient, and all participants are rewarded
Stacks has a robust ecosystem and makes verification with Bitcoin easy
In using Bitcoin as a base layer, everything that happens on the Stacks network is settled on the most secure blockchain.
DApps which are featured on the Stacks blockchain are both open and modular. This means that developers can build on one another’s applications to produce features that cannot be found in one singular application.
CAN YOU STAKE STACKS
You can stake Stacks by locking your STX temporarily to support the Stacks blockchain's security and consensus mechanism. As a reward, you will earn Bitcoin.
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