Friday, June 21, 2024

Stacks

by Hideo Nakamura
Stacks

#Stacks (STX)

Stacks (STX) is a blockchain-based smart contract platform that strives to make it easier for developers to create and deploy decentralized applications. It is powered by the Stacks 2.0 protocol, which allows users to securely store digital assets on the Bitcoin blockchain using an advanced form of smart contracts called Clarity. The main goal of Stacks is to provide a secure and user-friendly way for developers to build apps that are censorship resistant, trustless, open source and interoperable with other blockchains.

The Stacks token (STX) was launched in February 2021 as part of the public sale of STX tokens held on CoinList. The total supply of STX tokens is capped at 1 billion coins, out of which 800 million were available through the public sale. All unsold tokens from this event were burned by the project in order to prevent inflationary pressures on its price over time.

Asides from being used as currency within apps built atop the Stacks network, STX also plays an important role in how miners are rewarded for their efforts when verifying transactions made over the network’s distributed ledger technology infrastructure known as Blockstack Blockchain; miners are rewarded with both Bitcoin and newly minted STX coins each time they add a new block onto it – incentivizing them further into helping keep it secure against malicious attacks or outside interference while allowing any developer building atop its platform accesses necessary resources needed towards creating functioning dApps capable competing favorably alongside existing ones already available today on different networks such as Ethereum or Tron among others.

Beyond these use cases however, holders can look forward to more utility functions coming soon such staking rewards where holders will be able receive additional bonuses if they stake their holdings within certain protocols inside specialized wallets – providing them with additional passive income opportunities similar what has already been seen elsewhere like NEO’s GAS rewards system or EOSIO’s Resource Exchange (RE). With all these features combined together along with many others still yet announced but currently undergoing development stages – there appears no limit promising potential ahead for those looking capitalize off all these exciting possibilities provided through investing into Staxk’s ecosystem!

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