What is Stacks Cryptocurrency? With a Proof of Transfer Algorithm





 Stocks 2.0 blockchain is another promising technology innovation, a layer-1 blockchain that uses the Bitcoin blockchain as a secure base-layer. Stacks brings apps and smart contracts to Bitcoin unlocking innovation, new value, and a new way to earn BTC.

Why Bitcoin? According to GitHub, Bitcoin is the most durable and secure blockchain. Bitcoin in minimal by design and is meant to not change.

Stacks extends the design of Bitcoin to enable smart contracts and apps without modifying Bitcoin and with minimal transaction load on bitcoin.

Stacks Cryptocurrency (STX) is used as fuel for smart contract execution, transaction processing, and digital asset registrations.

It's the first-ever token to be qualified by SEC in U.S history

STX holder to actively participate in consensus and earn Bitcoin (BTC) rewards from the protocol.

STX holders can either lock STX in consensus to earn BTC rewards or use STX as fuel for smart contracts and transportations.

Proof of Transfer (PoX)

Proof of Transfer consensus is a new algorithm that spans consensus between two blockchains. Ledger election happens on a base chain and new blocks are written on a connected chain.
PoX has the unique property that it establishes a native exchange pair between two crypto currencies. Miners uses a base cryptocurrency to mine newly minted units of a new cryptocurrency.

Stacks ecosystem

The stack ecosystem is approaching an incredible milestone- a mainnet is expected to be launch on January 14, 2021.
Stack 2.0 ecosystem promises to bring secure apps and smart contracts to Bitcoin unlocking a new wave of innovation upon the world's most robust blockchain.
Visit blockstacks white paper for more details


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Enato Dare
Enato Dare is a Digital Marketer, Cryptocurrency lover writer at Enat DigitalBiz, who love to share information about digital activities to the public through his blog.