Stacks — Decentralized Internet Built On Bitcoin For the Next Generation
Since the earlier age of internet which we are interacting with, everything including data, identity and more information are still owned and controlled by central third parties. Since then we were in the dark age of the internet. Now that everyone using internet want to keep and own their information safe and secure, they need a decentralized system that can give them power to control their own data and identity. Stacks provides with its sophisticated design, all these tools secured by bitcoin, to internet users to take back control of their information on their behalf.
Stacks, what is it ?
Stacks is a proven design which enables decentralized applications Dapps, smart contracts, DeFi and more innovations like NFTs, FTs,STX on Bitcoin by leveraging the security of Bitcoin blockchain where privacy is preserved and where users have control of their own data and identity. All these are made possible when Stacks 2.0 launched on 14th january 2021.
Stacks (originally blockstack) was co-founded in 2013 in Princeton computer science department by Muneeb Ali and Ryan Shea who left the project in development in 2018 to start his own company. Muneeb Ali is currently the CEO of Hiro PBC, an independent entity of Stacks that builds developer tools on Stacks blockchain.
In july 2019, Stacks conducted a token sale (the first token offering in the US history) under regulation A+ of Securities and Exchange Commission (SEC). It has now raised more than $75 million from investors such as Union Square Ventures USV, Y Combinator, Winklevoss capital, Lux capital, Foundation capital and many more. In october 2019, Stacks entered into a Token Integration Agreement and related to DDA with Blockchain Luxembourg S.A. to airdrop STX token to a set of Blockchain users under the Blockchain’s Airdrop Program.
STX which is a digital native cryptocurrency token of Stacks ecosystem is not a deflationary asset and becomes a non-security token in US with the launch of Stacks 2.0 ;Stacks cryptocurrency (STX) is used as fuel for smart contract execution, transaction processing, and digital asset registrations. STX is a unique crypto asset that can be locked by STX holders to actively participate in consensus and earn Bitcoin (BTC) rewards from the protocol.
Stacks becomes a layer-1 blockchain that uses Bitcoin blockchain as a secure layer-base blockchain. This is because Bitcoin is the most secure and proven blockchain in the world; And its design is minimal (21 million bitcoins) and meant not to change. But since Bitcoin’s design won the test of time, it becomes a secure base and truth to build internet on. Stacks enables the full Bitcoin network power and value by bringing innovations, Dapps, smart contracts and DeFi to Bitcoin blockchain without modifying it. Even though Stacks runs on its full blockchain, its security and transaction settlement depends on Bitcoin blockchain. Stacks also uses Bitcoin (BTC) for the reserve currency for its native token Stacks (STX).
There are more than 400 Dapps that have been built on Stacks including Blocksurvey, Pravica, Sigle, Zinc, Xor Drive, Sundly… Stacks ecosystem has registered over millions of users including the world wide web inventor Tim Berners-Lee.
Stacks brings the ecosystem of projects, independent entities (Hiro PBC, Stacks foundation, Freehold, Daemon Technologies, New Internet Labs, Secretkey Labs …) and community members to a single brand called Stacks ecosystem. This ecosystem works to build a user-owned internet on bitcoin.
How does Stacks work ?
Stacks develops Proof of Transfer (PoX) protocol which secure all the transaction in the network and Clarity language that is predictable and decidable for smart contracts. Stacks also unlocks secure innovations on Bitcoin and develops Auth & storage and The code.
PROOF OF TRANSFER (PoX)
Proof of Transfer is a novel innovative protocol mechanism developed by Stacks to secure transactions in the ecosystem. It is an algorithm that extends consensus between two blockchains and it concerns two consensus parties :
- Mining : Miners commit bitcoin mined from the Bitcoin blockchain to support the Stacks blockchain for a chance to mine Stacks block with no special hardware required and earn STX tokens.
-Stacking : Stackers lock up their Stacks (STX) tokens in the stacking consensus for a time period to earn as a reward Bitcoin (BTC) committed by miners in mining consensus. In this consensus there is no risk of slashing for STX holders.
These two consensus (mining and stacking) of PoX are securing the network’s protocol where new stacks block are generated every time that a new Bitcoin block is created and the STX tokens issuance follows the halving schedule similar to Bitcoin. Every Stacks block stores user identity and transaction. The user can use this identity to interact with all the Dapps in the ecosystem.So user do not have to create new login and password every time he has to access Dapps in the ecosystem.
Stacks blockchain is connected one to one to Bitcoin blockchain.This means that any changes or modifications made to users identity or wallet balances on the Stacks blockchain can be verified using Bitcoin blockchain. It’s really unique and make Stacks an open source truly decentralized.
CLARITY LANGUAGE
Clarity is a special coding language developed by Stacks ecosystem in collaboration with Hiro PBC and Algorand team. It is built for secure and predictable smart contracts on Bitcoin. Clarity protects smart contracts from many bugs and exploits. It also allows developers to make predictions on how their contracts will be executed exactly. Its security ensures user that a contract will never transfer unexpectedly a token owned by this user. Clarity language can be interpreted and broadcasts the source code on the blockchain. The code written, analyzed and tested by the developer will do exactly with precision what it is designed for.
Other innovations that Stacks makes is a decentralized Auth and scalable decentralized Storage called Gaia, where users can provide only one sign in and authenticating without third parties. Single Stacks ID allows users to login to 400+ Dapps currently on Stacks ecosystem. Stacks also provides open source code that makes everything decentralized in the network.
Stacks is an open source designed to build a better internet on the most secure and trusted Bitcoin blockchain in the world. It brings DApps , smart contracts, DeFi and many more innovations to Bitcoin with powerful Proof of Transfer and Clarity language. Stacks develops protocols that provide a new way to earn bitcoin. It makes STX cryptocurrency holders earn BTC with the stacking consensus and miners mine STX cryptocurrency with mining consensus by connecting BTC to Stacks blockchain. Stacks creates more tools that developers can use to innovate on Bitcoin network.
Learn more about Stacks .
