4/13/2023 0 Comments Block stack![]() Boom, NFT marketplace that is secured by Bitcoin.Stacks 2.0 attempts to scale up the Bitcoin network by allowing the network users to experience fast transaction times (as opposed to waiting 10 minutes for a Bitcoin transaction) as well as near-instant finality.Īdditionally, Stacks 2.0 anchors on Bitcoin to back the history of smart contract transactions, using a programming language that is designed for transparency and auditability, called Clarity.Īs of now, more than 20 dapps have been launched on Stacks 2.0, such as: This is to discern the decentralised network from the early version of Stacks, back when it was a more centralised test network controlled by Hiro Systems PBC, the chief developer of Stacks that we know today. The official name for the blockchain that powers the Stacks network is Stacks 2.0. Read also: What is Proof of Work? A Closer Look. We will go through this again in later sections. ![]() Apart from Bitcoin’s Proof of Work protocol, staking STX is also a big part of how Stacks works. This is just a very general overview of how bitcoin and STX coin interact within the Proof of Transfer protocol. The value of STX coin is therefore derived from bitcoin and the cost of its proof of work protocol. Stacks nodes are rewarded with transaction fees and freshly minted STX coins, the native cryptocurrency of the Stacks blockchain. The bidder’s bitcoins are then sent over to two random Bitcoin wallets owned by STX staking pools (more on this below). Once the Stacks network reaches consensus, the transactions on the new Stacks block are stored on the Stacks blockchain as well as the Bitcoin blockchain, which doubles the security of the layer-2 network. In Proof of Transfer, network nodes on Stacks use bitcoin to bid against each other in order to become the next block leader and to earn block rewards from the Stacks blockchain. In order to reach network consensus, Stacks uses a unique protocol called the Proof of Transfer. This blockchain processes smart contract transactions, which are validated by nodes in the Stacks network. As a result, transactions on Stacks are backed by Bitcoin’s security.Įssentially, dapp developers build dapps on top of the Stacks blockchain. In Stacks, the block leader mints new STX coins and receives transaction fees as rewards. ![]() Nodes use bitcoin to bid for a block leader position, and STX stakers receive bitcoin staking rewards. In short, Blockstack (more commonly known as Stacks) is a smart contracts platform that runs in parallel with Bitcoin. Read also: What is Bitcoin? A Complete Guide. Learn about how Blockstack (or Stacks) works in this article. While smart contracts running with Bitcoin seems to be an exciting concept, the reality is a little more complex. As a result, bitcoin holders can become more involved with DeFi, such as the NFT marketplace, without converting bitcoin into other cryptocurrencies. Specifically, Blockstack (more commonly known as Stacks) runs smart contracts off-chain and in parallel to Bitcoin, and then stores the transactions on the Bitcoin network. So, what is Blockstack (STX) anyway?Ī new technology called Blockstack attempts to revamp the classic cryptocurrency, by making it even more powerful and useful, without changing any of Bitcoin’s source code. At least, that was the narrative for Bitcoin for over a decade. ![]() Because it is the first-ever cryptocurrency in the world, it can only be used to transact and store monetary value - in bitcoins. Bitcoin has proven itself to be the world’s most secure and longest-running decentralised network that is powered by blockchain technology.
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