- What is Stacks?
- Who are the founders of Stacks?
- How does the Stacks work?
- Key Attributes of Stacks
- How to buy Stacks Coin (STX in India
What is Stacks (STX)?
Stack, which was previously known as Blockstack was initially launched in 2017. Users completely owned and control their personal data within the network. The network’s applications that use the data are run locally on the user’s browser. All that is needed to access everything available on Blockstack is a compatible browser. It was after getting approval from the SEC that Blockstack introduced its native token Stacks (STX) in an ICO in 2019. The STX token became available for investing after Blockstack introduced Stack Blockchain 2.0 in January 2021.
Stacks; an open-source blockchain network, leverages the security and capital of Bitcoin for decentralized apps and smart contracts. All of these smart contracts are brought to Bitcoin along with their powerful features of security and stability.
Stacks’ layer-1 blockchain solution that enables bringing smart contracts and decentralized applications onto Bitcoin (BTC) is open and modular. Developers are able to build on top of each other’s apps in order to produce features that are generally not possible in a regular app. Since Stacks uses Bitcoin as a base layer, everything that happens on the network is decided on arguably the most secure blockchain in operation; i.e. Bitcoin.
Who are the founders of Stacks?
Stacks, developed by Blockstack PBC, was initially funded by an array of prominent venture capital funds, which included:
- Y Combinator
- Digital Currency Group
- Winklevoss Capital
Blockstack PBC, which now operates under the name Hiro Systems PBC was founded by Muneeb Ali and Ryan Shea.
How does Stacks Work?
Stacks, which utilizes the opportunities that make Bitcoin so powerful and includes additional functionality to make it more suited, without needing to fork or change the original Bitcoin blockchain. Being the first cryptocurrency to receive SEC qualification for a sale in the United States, Stacks introduced a new smart contract programming language called Clarity, also used by the Algorand (ALGO) blockchain is designed to be both secure and easy to build programs with.
Key Features of Stacks:
- Built on Bitcoin: The Stacks token extends Bitcoin with new functionality instead of starting from scratch. Stacks use Bitcoin as a secure and robust base layer where all transactions are settled. While Bitcoin is helping there, Stacks adds complex apps and smart contracts. Apps built on Stacks can interact with Bitcoin state, so you can have an app that uses Bitcoin as its currency.
- Clarity Smart Contracts: The logic behind decentralized apps is a smart contract that is a code that runs on the blockchain. Since nobody owns the logic behind decentralized apps, there is no recourse for users if something goes wrong. That’s why Clarity is designed to prevent bugs, common exploits, and to proactively protect the user.
- Proof of Transfer: Proof of Transfer is the consensus mechanism; introduced by Stacks, that runs between Bitcoin and Stacks. It recycles Bitcoin’s Proof of Work consensus mechanism to accomplish both high levels of decentralization and scalability without additional energy consumption. Proof of Transfer’s other half is called Stacking, which enables holders of Stacks Token to earn Bitcoin.
How to Buy Stacks?
Use these three-step processes to buy your first Stacks at the CoinDCX crypto investing app
- Sign Up for the CoinDCX account
Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account
You need to complete your KYC, to buy XMR on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy Stacks
After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
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