📙 Future-Proofing Stacks: Toward Post-Quantum Cryptography Readiness
Made a post @Stacks Forum, if anyone wants to take a read.
Should "Quantum Resistant" exploration on the Stacks Roadmap?
Drop your thought below👇
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🟧 HeroGamer🥕⚡
Jesse W - Integration and Security Lead
is a chad in the @StacksOrg, in case anyone who didn't know.
He is deeply involved with the Stacks Core, the SIP process, and making editing to SIP docs!
I will send more Editors help soon!
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stacks.btc
Stacks is the leading Bitcoin Layer 2.
STX Eco - Pass it on.
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DeFi News
Wormhole — a blockchain interoperability protocol that secured $225 million in funding at a $2.5 billion valuation from Coinbase Ventures, Multicoin Capital, and Breven Howard — has added support for Stacks, one of the first Layer 2 (L2) networks on Bitcoin.
With the integration, Stacks’ two key assets — sBTC and STX — can now move across other blockchains using Wormhole’s infrastructure, beginning with Solana and Sui, Wormhole said in an announcement on Tuesday, July 1.
The tokens will adopt Wormhole’s Native Token Transfers (NTT) standard, “enabling native issuance across major DeFi ecosystems.”
To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
The current price of Stacks is $0.69099. Over the last 24 hours, Stacks has increased by +9.16%. It currently has a circulating supply of 1,532,665,565 STX and a maximum supply of 1,818,000,000 STX, giving it a fully diluted market cap of $1.06B. At present, Stacks holds the 48 position in market cap rankings. The Stacks/USD price is updated in real-time.
Stacks’s biggest 24-hour price drop was on Mar 4, 2021, (UTC+8), when it fell by $2.7000 (-77.14%). In Mar 2021, Stacks experienced its biggest drop over a month, falling by $2.7000 (-77.14%). Stacks’s biggest drop over a year was by $3.1474 (-86.23%) in 2021.
The rating provided is an aggregated rating collected by OKX from the sources provided and is for informational purpose only. OKX does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX does not guarantee any return, repayment of principal or interest. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
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When introduced in 2009, Bitcoin brought about remarkable autonomy using blockchain technology, signifying a significant leap forward. However, as blockchain technology has evolved, it has revealed certain constraints within Bitcoin's foundational structure. Compared to Ethereum platforms, Bitcoin falls short in terms of programmability and versatility necessary for extensive functionality. To fully unleash the latent capabilities of the Bitcoin network, Stacks (STX) has introduced smart contracts and decentralized applications (DApps) to this innovative blockchain.
What is Stacks?
Stacks, formerly known as Blockstack, is an open-source blockchain platform designed to enhance the capabilities of the Bitcoin blockchain by introducing smart contracts and DApps. Through Stacks, Bitcoin users and developers can engage with smart contracts, enabling access to decentralized finance (DeFi) protocols and non-fungible tokens (NFTs) – aspects absent from Bitcoin's original design.
As Stacks operates as layer-2 blockchain, introducing smart contracts doesn't alter any of Bitcoin's inherent features, allowing it to preserve its characteristics like security and stability. Furthermore, since Stacks is built upon Bitcoin's base layer, every action within the Stacks ecosystem is backed by the security of Bitcoin.
The Stacks team
In 2013, Muneeb Ali and Ryan Shea, both Princeton University alumni, conceptualized the idea of Stacks. The co-founders committed themselves to the project's development, leading to the Mainnet's successful launch in January 2021. Since then, the team has expanded to encompass more developers, advisors, and contributors, enriching the project's growth and impact.
How does Stacks work?
Ethereum employs Layer 2 protocols for its scaling solutions, while Stacks adopts a distinct consensus algorithm to establish a scaling layer that integrates smart contracts into the Bitcoin network. Stacks introduces Clarity, a novel smart contract code, to uphold Bitcoin's network security and stability. Clarity's design prioritizes secure and predictable execution, minimizing vulnerabilities and unforeseen issues.
Stacks also introduced Proof of Transfer (PoX), a distinctive consensus mechanism where STX miners leverage their Bitcoin holdings to lead mining in the next block, earning new STX tokens. Each block mined on the Stacks blockchain stores users' identities and uses this information to interact with the Stacks ecosystem. Given the interconnectivity between Stacks and Bitcoin blockchains, any modifications made are interconnected.
STX: The utility token of Stacks Network
STX is the native utility token of Stacks Network, enabling the integration of DeFi, NFTs, apps, and smart contracts onto the Bitcoin blockchain. For network security and DApp development, STX plays a crucial role in the Stacks blockchain.
Stacks tokenomics
With a hard cap of 1.818 billion coins, approximately 1.38 billion STX tokens are in circulation. Following a fixed annual supply similar to Bitcoin, STX is projected to reach its hard cap by 2050.
Stacks mining
Utilizing the PoX consensus mechanism, Stacks introduces an energy-efficient approach in contrast to Bitcoin's resource-heavy mining. STX miners on the Stacks network bolster its security by using Bitcoin to add new blocks, receiving STX block rewards as compensation.
STX use cases
As the native utility token, STX is essential in ensuring the network's seamless operation. These roles encompass accessing, constructing, and engaging with DApps, contributing to network governance, covering transaction fees, and facilitating purchases.
STX distribution
In 2017, when Stacks was launched, the Genesis block had 1.32 billion STX distributed as follows:
8.34 percent went to a long-term treasury.
13.53 percent was given to the founders of the project.
8.23 percent was allocated to equity investors.
5.65 percent was kept for employee distribution.
29.93 percent was distributed in the 2018 token sale.
9.09 percent was distributed in the 2019 token sale.
3.03 percent was set aside for the Reg A app mining program. This program rewards application developers and reviewers.
22.20 percent was designated for a short-term treasury.
The future of Stacks
The Stacks Network's future is poised for transformation with the forthcoming Nakamoto upgrade, representing a substantial leap in technological progress. This upgrade brings forth a spectrum of significant enhancements. Upon Nakamoto's implementation, Stacks will fortify its security by harnessing Bitcoin's hash power. This upgrade will also usher in noticeable speed improvements, empower atomic BTC swaps, and introduce a trust-minimized Bitcoin peg mechanism, among other noteworthy innovations.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 13K new posts about Stacks, driven by 8.5K contributors, and total online engagement reached 5M social interactions. The sentiment score for Stacks currently stands at 79%. Compared to all cryptocurrencies, post volume for Stacks currently ranks at 841. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Stacks.
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Posts
13,376
Contributors
8,513
Interactions
5,025,958
Sentiment
79%
Volume rank
#841
X
Posts
9,373
Interactions
640,051
Sentiment
78%
Stacks FAQ
Is Stacks a Bitcoin layer 1 or layer 2 protocol?
Stacks operate as a layer that sits atop the Bitcoin network, facilitating the integration of smart contracts. While often associated with Layer 2 protocols due to its utilization of Bitcoin, Stacks stands as an autonomous network with the fundamental attributes of a Layer 1 blockchain.
How does Stacks compare to rollups?
Unlike rollups, which serve as scaling solutions, Stacks do not function as a layer network. However, with the forthcoming introduction of sBTC on Stacks, the platform can support rollup deployment on the Bitcoin network..
Currently, one Stacks is worth $0.69099. For answers and insight into Stacks's price action, you're in the right place. Explore the latest Stacks charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Stacks, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Stacks have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
Disclaimer
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