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About Stacks (STX)

Stacks (STX) is an open-source network and decentralized platform for smart contracts, digital assets, and decentralized applications (DApps). It is designed to enable smart contracts and dApps to benefit from the security of Bitcoin's blockchain. STX is the native utility token used within the Stacks ecosystem for activities like executing smart contracts, processing transactions, and registering new digital assets.

    Stacks Frequently Asked Questions (FAQ)

      What enables Stacks to use Bitcoin for smart contracts and DApps?

      The Stacks blockchain incorporates a consensus mechanism called Proof of Transfer (PoX) and a smart contract language called Clarity, which enable it to leverage the security and capital of Bitcoin for smart contracts and decentralized applications (DApps). PoX connects the Stacks chain to Bitcoin by 'anchoring' to its blockchain, meaning Stacks transactions settle on Bitcoin, and Clarity provides a way to write smart contracts that can interact with Bitcoin's state directly.

      How does Stacks ensure the security of its blocks and transactions using Bitcoin?

      Stacks ensures the security of its blocks and transactions by leveraging the security of the Bitcoin network. It uses a consensus mechanism called Proof of Transfer (PoX), which anchors the Stacks blockchain to Bitcoin. This means that Stacks blocks and transactions achieve finality and security through the Bitcoin blockchain by recording state changes on it, effectively piggybacking on Bitcoin's established and robust proof-of-work system.

      Who founded Stacks and what was the significance of their background?

      Stacks was founded by Muneeb Ali and Ryan Shea. Their significant background includes Muneeb Ali having a Ph.D. in Computer Science from Princeton University, with research focused on decentralized systems, and Ryan Shea having a strong background in software development. Their combined expertise was crucial in creating Stacks, which aims to bring smart contracts and decentralized applications to the Bitcoin ecosystem.

      Can you explain the Proof of Transfer consensus used by Stacks?

      Proof of Transfer (PoX) is a consensus mechanism used by the Stacks blockchain that leverages the security of an underlying blockchain, such as Bitcoin. PoX recycles the energy and computation already expended on the Bitcoin network by allowing participants to transfer the native cryptocurrency of Bitcoin (BTC) to earn the native cryptocurrency of Stacks (STX). Miners bid BTC to participate in the mining process, and this BTC is then distributed to STX holders who are participating in the consensus algorithm by staking their tokens. This innovative mechanism creates a direct link between two blockchains and enables a more energy-efficient use of the Proof of Work already performed by the Bitcoin network.

      What language is used by Stacks for smart contract development?

      Stacks uses a language called Clarity for smart contract development.

      How does Stacks differentiate itself from other smart contract platforms?

      Stacks differentiates itself by enabling smart contracts and decentralized apps (DApps) that inherit the security of Bitcoin. It uses a consensus algorithm called Proof of Transfer (PoX) which is unique to Stacks and ties the ecosystem to Bitcoin, allowing for Stacks to benefit from Bitcoin's robust blockchain. Moreover, Stacks has a native programming language for smart contracts called Clarity, which is designed to be predictable and decidable, meaning it reduces certain risks associated with smart contract execution.

      What is the total future supply of STX coins and how is it distributed?

      The total future supply of STX coins is 1.8 billion. The distribution is as follows: 40% for Stacks token mining, 25% goes to the Stacks Foundation and independent entities dedicated to the Stacks ecosystem, 15% was allocated for offering and app mining, 10% to founders, early contributors and the Stacks nonprofit, and the remaining 10% were sold during the 2019 SEC-qualified offering.

      How does the Stacks network leverage Bitcoin's hash power for security?

      The Stacks network utilizes Bitcoin's hash power for security by anchoring to the Bitcoin blockchain through a consensus mechanism called Proof of Transfer (PoX). This mechanism allows Stacks to inherit the strong security properties of Bitcoin's proof-of-work system without performing its own mining, by recording state changes on the highly secure Bitcoin ledger, effectively leveraging the energy and computational power already expended to secure the Bitcoin network.

      What is sBTC and how does it interact with the Stacks and Bitcoin blockchains?

      sBTC is the representation of Bitcoin within the Stacks ecosystem. It allows Stacks users to transact with Bitcoin through the Stacks network. sBTC interacts with both blockchains by utilizing a trustless 2-way peg, which means users can lock up their Bitcoin on the Bitcoin blockchain and receive an equivalent amount of sBTC on the Stacks blockchain, and vice versa. This enables Bitcoin holders to engage in smart contract functionalities and decentralized applications on the Stacks platform, while benefiting from the liquidity and foundation of the Bitcoin network.