Without altering any of the core code, this second layer extends Bitcoin’s functionality and scalability. Despite being excellent for security, Bitcoin’s code was not able to support today’s top crypto features. Stacks (STX) is a major player in bringing it to another level.
Slovenska Bistrica, Slovenia - November 8, 2021 /PressCable/ —
Bitcoin gains programmability with the Stacks (STX) protocol. Its functionality and scalability are extended by this second layer without altering any of the core code. Developers can use Stacks to build Dapps, smart contracts, and digital assets that share Bitcoin’s security and decentralization.
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How does it work?
In spite of the fact that Stacks is an independent entity, it leverages Bitcoin during its core process. Stacks’ transactions are settled by the Bitcoin blockchain, and the network nodes earn Bitcoin rewards. It also serves as the platform’s reserve assets.
How does Stacks (STX) attempt to solve problems?
The inherent limitations of Bitcoin are a major problem that Stacks solves. Through Proof of Transfer, microblocks, and an entirely new programming language, Clarity, Stacks alleviates these concerns. Bitcoin remains the pioneer of cryptocurrencies. Nevertheless, the coin existed long before smart contracts or DeFi were available.
Bitcoin’s creator, Satoshi Nakamoto, chose a limited programming language to prevent hackers from sneaking malicious code into the system. Although excellent for security, this code couldn’t support today’s top crypto features. Developers can harness the programmability of fourth-generation blockchains and the liquidity and security of Bitcoin using Stacks’ second-layer solutions.
Stacks attempts to solve and address various topics such as security issues, scalability, developer restrictions, censorship, and many more.
Shortly about the Stacks (STX) coin/token itself.
STX plays several roles within the Stacks protocol. The token serves as the network’s native utility. To run Dapps and execute smart contracts, there is STX needed. Smart contracts are published to STX by developers for a small fee. As a cryptocurrency, the token can be used to send value globally peer-to-peer.
The Proof of Transfer (PoX) consensus mechanism is utilized by Stacks. Stacks and Bitcoin are connected through this custom-built protocol. Traditional bitcoin miners are not required. Stackers instead transfer Bitcoins to nodes that perform computational tasks for the network.
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