Stacks is a smart contract platform built on Bitcoin, also known as Bitcoin's Layer 2 (L2). It allows developers to build smart contracts and decentralized applications (DApps) on top of Bitcoin. One of the features of Stacks is its "Proof of Transfer" (PoX) mechanism, which allows the Stacks blockchain to process its own transactions while leveraging the security of Bitcoin. Stacks also enables smart contracts and decentralized applications to interoperate with Bitcoin, allowing them to seamlessly interact with Bitcoin's native assets and ecosystem. Stacks' innovative architecture establishes a secure decentralized application environment that leverages Bitcoin's foundational layer of security, enhancing trust and enabling developers to design applications that handle sensitive data and valuable assets.
The founders of the Stacks project are Muneeb Ali and Ryan Shea.Muneeb Ali， Blockchain technology expert, PhD from Princeton University, Co-Founder and CEO of Stacks company. Ryan Shea, Serial entrepreneur, Co-Founder of Stacks company.
In 2016, Muneeb and Ryan founded Blockstack PBC company (later renamed Hiro Systems PBC), focusing on building decentralized networks and applications using blockchain and cryptography technologies. Their developed Stacks blockchain is a Layer 2 solution built on Bitcoin, aiming to expand Bitcoin's functionality through smart contracts etc.
2016: Muneeb Ali and Ryan Shea founded Blockstack PBC.
2017: Published the Blockstack Whitepaper, proposing the idea of building a decentralized internet.
2018: Mainnet upgrade for the Blockstack network was completed.Testnet launch of Stacks blockchain.
2019: First token issuance conducted for Stacks project.
2020: Stacks 2.0 mainnet goes live, enabling a programmable Bitcoin.
2021: STX, the native token of Stacks, listed on major exchanges. CityCoins project introduced. Clarity smart contract language released.
2022: Stacks DAO organization introduced. Ecosystem grows quickly to over 1 million wallet addresses.
The Stacks Network, represented by its native token STX, operates on a unique consensus mechanism called hashgraph, which differs from traditional blockchain systems. Here's how the Stacks Network and STX work:
Consensus Mechanism: Stacks uses a directed acyclic graph (DAG) structure to store and manage transactions, allowing for parallel processing and achieving high throughput and fast confirmation times.STX Utility: STX serves as the native cryptocurrency within the Stacks Network, facilitating transactions, securing the network, and participating in consensus.Governance: STX holders may have the opportunity to participate in the network's governance and decision-making processes, including voting on proposals and protocol upgrades.Security Features: STX plays a crucial role in the consensus mechanism, with validators staking STX as collateral to participate in the consensus process, incentivizing honest behavior and maintaining the network's security.Token Services: Stacks provides two core network services, the Stacks Consensus Service (HCS) and the Stacks Token Service (HTS), both offering distinct functionalities that play significant roles in asset tokenization and decentralized applications.In summary, the Stacks Network leverages hashgraph consensus, with STX serving as the utility token for transactions, network security, and governance, while also supporting token services for asset tokenization and decentralized applications.
The primary use cases of the STX token include:
STX had an initial token supply of 1.3 Billion that will eventually grow to 1.82 Billion. The token release schedule was designed to roughly follow Bitcoin’s halving cycle, with the rate of new token unlocks cut in half every four years.
2017 - Whitepaper published outlining vision for decentralized internet
2018 - Blockstack mainnet launches and STX testnet introduced
2019 - First token offering conducted to fund ecosystem growth
2020 - Stacks 2.0 mainnet goes live enabling programmable Bitcoin
2021 - STX token lists on major exchanges reaching $1B market cap
2022 - DAO organization introduced for governance participation with rapid ecosystem growth
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Stacks