![]() ![]() The so-called stacking in Stacks is in many ways similar to the usual staking, but with certain features. For this, he receives a reward in the form of new coins of the network. The conditions may differ depending on the blockchain, but in general, the essence of staking is the same: the user stores the coins and thereby ensures the performance of the network, which operates on the PoS consensus algorithm. Staking allows you to create new cryptocurrencies by storing them in a wallet or a special smart contract. Stacking is what they call the alternative to staking on the Stacks platform. For this, they receive network coins The peculiarity of Proof-of-Transfer in Stacks is that BTC plays a key role in the mining of new coins – in order for miners to be able to mine new STX, they need to send their BTCs. The more coins the miner burns, the higher his chances of getting a reward.īut unlike PoB, you don’t have to burn coins – instead, miners send their coins to special addresses. In fact, Proof-of-Transfer is based on PoB, a consensus algorithm in which miners burn (that is, destroy) part of the network’s cryptocurrencies in exchange for the right to generate a new block and receive a reward for it. This approach allows achieving a high level of decentralization and scalability, but without such critical environmental consequences as in the case of classical PoW. It is a combination of Proof-of-Work, Proof-of-Stake, and Proof-of-Burn algorithms. However, unlike BTC, Stacks uses a new consensus algorithm – Proof-of-Transfer. The creators of Stacks, on the other hand, open up new opportunities for BTC holders: for example, use NFT or create DeFi protocols. The world community focuses on BTC and takes it as a kind of crypto standard. Not the last role played the fame of the world's first cryptocurrency. In addition, the security level of BTC can hardly be compared with any other network. Its effectiveness and reliability are recognized far beyond the crypto community. ![]() First of all, because BTC is the first blockchain network. The developers chose the oldest cryptocurrency network for several reasons. It turns out that BTC is a safe and reliable foundation, and Stacks is a first-level solution where smart contracts and dApps are available to users. Moreover, with its launch, STX has become a utility asset as coin holders can use it inside Stacks 2.0.Īlthough Stacks is a separate open source network, it is built on top of the BTC blockchain. The STX coin ceased to be a security, as control over the assets completely passed to the holders, Thus, the company has achieved a high degree of decentralization of Stacks 2.0. The launch of the Stacks 2.0 mainnet took place in 2021. As part of the ICO, the company sold STX as securities for $23 million.In total, 4,500 individuals and legal entities took part in it – both accredited and retail investors. Then the project team for the first time conducted an initial offering of STX coins, which received approval from the US Securities and Exchange Commission (SEC) in accordance with the “A +” provision. However, it was in September 2019 that Blockstack entered the history of the crypto market. This allowed the team to receive another $6.8 million in investment. And only in January 2020, an independent commission confirmed the achievement of the second key milestone – a millionth user registered in the Stacks 1.0 network. The first step was the launch of the Stacks 1.0 main network and crypto wallet in October 2018 – the team gained access to $25 million. However, the project's ICO was designed in such a way that 80% of the funding was blocked until the project reached certain development milestones. In November 2017, Blockstack held the first STX token sale (ICO), which raised $47.5 million from 800 accredited investors. The team started developing the Stacks 1.0 blockchain platform. In November 2014, the Blockstack team held a seed funding round, during which they managed to raise $1.3 million in investments. This idea was implemented in the blockchain platform designed to run smart contracts and decentralized applications. Such applications cannot store or modify user data or transfer it to third parties. This way, applications will only be able to access the data they need to function. Involved in the development of the Blockstack project, it subsequently released the Stacks platform.ĭevelopers sought to create a protocol for a decentralized parallel Internet, functioning independently of the main one Instead of storing all the necessary information on the servers of different applications (for example, using Google to store emails, and WhatsApp for messages), they suggested storing data locally, that is, on the user’s device. In 2013, two crypto enthusiasts founded the non-profit organization Blockstack PBC in New York. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |