Stacks and stacks ecosystem
Unlock financial freedom by Stacking (STX)
Most of you may be familiar with the term bitcoin which is the most durable and secure blockchain. Bitcoin is esteemed for its high security, settlement assurances, and network effects. However, a stacks blockchain has been launched which builds and extends Bitcoin functionality.
What is Stacks?
According to the Stacks website,
Stacks is an open-source network of decentralized apps and smart contracts built on bitcoin.
Characteristics of Stacks
· Smart contracts for the certainty of outcome without any intermediaries or time loss
· Decentralized apps that can do things that regular apps cannot do
· Anyone with an internet connection can use or build stack apps
· Makes bitcoin programmable
· Places users back in control of their data by eradicating data centralization and giving users the option to store their data in an encrypted manner on an existing cloud service provider or using their hardware
· Clarity contracts
· Offers faster confirmations and transactions
Stacking process
Transaction processing in stacks is powered by the Stacks cryptocurrency(STX). To achieve smart contract functionality and privacy, blockstack connects its blockchain to the bitcoin blockchain using an exclusive consensus mechanism called Proof of transfer (PoX) mining. PoX is designed so that builders can gain from bitcoin’s properties without modifying bitcoin itself. Here:
Stack miners participate in the stacking ecosystem by bidding bitcoin for the chance to win the opportunity of writing the next block and collecting STX. So in general, miners simply send bitcoin to compete to earn STX tokens.
Stackers or stack holders on the other hand add value to the Stacks network by holding and locking STX tokens for a specific period to earn bitcoin rewards.
Below is an illustrative diagram of the Proof of transfer (PoX) mining retrieved from Stacksblue.
Earning bitcoin as a reward through the Proof of transfer mechanism is, therefore, an attractive offer because users know that there is a secure reward in bitcoin which is of high value.
Stacks Ecosystem
The Stacks ecosystem is decentralized and not owned by one party. This has led to the development of a user-owned internet built by a growing community of people who care deeply about the future of our digital lives.
· Independent entities including non-profit stacks foundation such as freehold
· Non-custodian wallets used for sending and receiving STX tokens such as Xverse for (mobiles) and Stacks wallet (for desktops)
· Trading can be carried out on exchanges such as Okcoin and KuCoin
Stacking is evidence that the internet is evolving each day. Amazing isn’t it? So you definitely would not want to miss out on this opportunity to earn massive rewards in bitcoin by simply locking your STX. Start stacking today and you will thank me later.
Click on the following links to learn more about Stacks, Stacks worth, and how to stake.
Sources:
https://www.youtube.com/watchv=uSk8t4D2q3w , https://www.stacks.co/, https://paper.dropbox.com/published/stacksblue-Stacks-Brief--BAgmewm8TFk~Dw2LYNcU6_tYBg-JOEqkfUQsrhINkQyCyBc5cK
