![]() ![]() What makes this programming language efficient is that it is not ambiguous as traditional programming languages.Įven though on its core Stacks is a Proof-of-Work blockchain, it has actually developed its own consensus mechanism named Proof-of-Transfer (PoX). Additionally, Stacks is the first cryptocurrency to use the programming language Clarity, where smart contracts can be written with it. Similar to Bitcoin, Stacks uses Proof-of-Work (PoW) as an underlying consensus mechanism, where the likelihood of being rewarded through mining depends on the power of the mining rig. Stacks is a layer-1 blockchain, meaning that is independent of other blockchains Stacks received large attention when it was first released to the public as it was the first cryptocurrency with a plan of adding new functions to the Bitcoin blockchain without the need of forking Bitcoin. It was later rebranded as Stacks so that the name is not confused with Blockstack PBC, which is the team behind the project. Initially named as Blockstack, Stacks was funded by private investors such as Winklevoss Capital, Digital Currency Group, etc. His expertise was enough to develop a plan for Stacks. The former is a computer scientist who graduated from Princeton University. Stacks was founded by Muneeb Ali and Ryan Shea. Let’s begin with the main components of Stacks. If you are considering investing in STX, you need to know some of its features in order to understand what its future goals and price entail. Additionally, Stacks has proved to be a wise investment for some traders so far. Today, this cryptocurrency is known as Stacks (STX) and has given Bitcoin much more utility as a cryptocurrency. However, despite being the first and most successful cryptocurrency in the world, Bitcoin could not implement these other decentralized services in its network.Ī new cryptocurrency named Blockstack was launched to resolve this issue that enabled users to use its smart contracts indirectly within the Bitcoin network. After Bitcoin, more cryptocurrencies were created with the plan of making more services decentralized, such as decentralized finance (DeFi), voting systems, databases, etc. What made Bitcoin special was its decentralized blockchain, where each transaction was conducted without the need of a third party. ![]() Bitcoin (BTC) is the world’s first cryptocurrency that was integrated into the crypto market.
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