|Time period||Change amount||%Chg|
|7 days||$ 0.52||79.06%|
|30 days||$ 0.53||81.62%|
|3 months||$ 0.69||143.06%|
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.
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 its independent layer-1 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.
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.
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 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.
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.
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.
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.
In 2017, when Stacks was launched, the Genesis block had 1.32 billion STX distributed as follows:
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.
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.
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..
Easily buy STX tokens on the OKX cryptocurrency platform. Available trading pairs in the OKX spot trading terminal include STX/USDT, STX/USDC, and STX/BTC. You can also swap your existing cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC), for STX with zero fees and no price slippage by using OKX Convert.