What are Stacks (STX)? Here is the Crypto Currency STX Token in All Details

What are Stacks (STX)?

Bitcoin was invented in 2009, Byzantine Solved the Generals problem, and probably for the first time in human history, two people can reliably transact 24 hours a day, 7 days a week, anywhere on the planet without relying on any third party.

In the last few years, there have been many rapid innovations in the blockchain industry, especially digital dollars (stablecoins), financial internet (DeFI), Decentralized exchanges, NFTs (Non Fungible Token), Decentralized storage networks and formats (IPFS). Decentralized data markets, Decentralized VPN, Decentralized video streaming infrastructure, Unstoppable areas, gaming applications, Inter blockchain communications, etc. All these innovations are happening on multiple smart contract platforms.

Stacks 2.0 Bringing Smart Contracts to Bitcoin

Smart contracts on Stacks 2.0: The Stacks 2.0 blockchain is a Layer 1 blockchain that brings predictable smart contracts and decentralized applications to Bitcoin. Stacks expands Bitcoin’s design to enable smart contracts and apps without modifying Bitcoin and with minimal transaction overhead on Bitcoin.

Clarity: Clarity is a programming language used to write smart contracts on the Stacks 2.0 blockchain, it is interpreted (not compiled) and Turing is deliberately incomplete to avoid “Turing complexity”. The clarity language was developed using lessons learned from the Solidity / Ethereum ecosystem to provide more secure tools to developers. Clarity is a decisive language, developers can anticipate what a particular Clarity program will do and how much it will cost to run smart contracts on the STX blockchain.

Proof of Transfer (POX): Proof of transfer is a new mining mechanism that provides a new consensus by using and extending a specific work chain proof (BTC in this case). This is the first time a consensus algorithm that works between two blockchains has been introduced. More technical details from the PoX technical paper are here.

STX mining: The Stacks network is secured by miners who compete to mine STX blocks and receive the corresponding stack block rewards. Anyone who wants to extract STX blocks must send BTC to a specific address provided by the protocol. The protocol uses BTC entries provided with a verifiable random function (VRF) to execute the leader selection and select a winning miner. The winning miner can broadcast the block over the network and receive 500 STX tokens. Leader selection takes place in the BTC network where newly minted blocks are written to the STX network. Here is an unofficial mining calculator.

STX token holders can lock STX tokens in the network for a given cycle and receive a proportional reward in BTC for accumulating STX in the network. BTC sent from miners are essentially sent to STX token stackers that complete the economic transfer proof.

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