Stacks (formerly known as Blockstacks) is an open-source blockchain network that leverages the security and capital of Bitcoin for decentralized apps and smart contracts. Stacks uses a technology called Proof of Transfer (POT) to connect Bitcoin and Stacks, allowing transactions to be verified in Bitcoin and developers can use data from the Bitcoin blockchain to create new apps.
Stacks aims to create an ecosystem of decentralized apps that use Bitcoin as means of payment and a store of value. STX is the native cryptocurrency of the Stacks network that used to fuel smart contracts for Bitcoin, to reward miners on the open Stacks network and enables holders to earn Bitcoin by Stacking.
How does Stacks work?
Stacks is designed to leverage the security and capital of Bitcoin for decentralized apps and smart contracts. Stacks Blockchain allows developers to build decentralized apps on the Bitcoin blockchain using the Clarity programming language. Developers can deploy smart contracts on the Bitcoin blockchain without creating a separate blockchain but using Bitcoin blockchain as the infrastructure instead.
Also, Stacks uses a mechanism called Proof of Transfer (PoX) to ensure the security of the Stacks Blockchain and provide a payment method for new miners. This mechanism involves two parties, miners and stackers. Miners have to stake their Bitcoin for a chance to mine a block of STX. Stackers will stake their STX to secure the network and earn Bitcoin from miners who have previously staked. This increases the security of the network and at the same time encourages the participation of both miners and stackers in the Stacks ecosystem.
Highlights
The most outstanding feature of Stacks is that it allows the creation of smart contracts on Bitcoin blockchain, thereby supporting developers to easily deploy dApps. This helps the Bitcoin ecosystem to have more applications than just being a payment tool.
In addition, Stacks also has the following highlights:
Built on Bitcoin: Stacks is built on Bitcoin, which makes it easier than ever to develop decentralized applications on the Bitcoin blockchain.
Support popular programming languages: Stacks supports popular programming languages like Clarity, JavaScript, Python, and more. This makes it easy for developers to build applications on Stacks.
Fast and energy efficient: Stacks consensus mechanism (STX) is more energy efficient and much faster than Bitcoin’s Proof-of-Work.
Security: Stacks uses technologies that ensure security, including Proof of Transfer (POT), which makes it more secure to develop applications on this platform.
Interoperability with Bitcoin: Stacks provides interoperability with Bitcoin without the need to create a new blockchain or use a new cryptocurrency.
STX token and Tokenomic
STX is the native cryptocurrency of Stacks. STX holders can use it to pay transaction fees, or staking to receive rewards from nodes.
Token data
- Token Name: Stacks.
- Ticker: STX.
- Blockchain: Stacks.
- Token Standard: Updating…
- Token Type: Utility.
- Max Supply: 1,818,000,000 STX.
- Total Supply: 1,352,464,600 STX.
- Circulating Supply: 1,366,616,649 STX.
Allocation
- Token Sales (2018): 30%
- Short-term Treasury: 22%
- Founder Distribution: 13.6%
- Token Sales (2019): 9%
- Long-term Treasury: 8.3%
- Equity Investor Distribution: 8.2%
- Employee Distribution: 5.6%
- Reg A App Mining: 3%
Roadmap
Q1 2023:
- Stacks 2.1 – The Latest Stacks network upgrade
- Hiro platform – Empower developers to build and deploy smart contracts on Stacks
Q4 2023:
- Nakamo release: Introduce sBTC, Clarify language update, faster transactions, and more.