When the internet was still young, visionaries described how it could bring about a future of endless possibilities, free exploration, uncensored communication and unconstrained creation. Instead, what is left today is constant surveillance and a handful of giant corporations extracting all the profits they can from selling your private data. Luckily, there is big change on the horizon.
Bitcoin has the potential to free humanity from the shackles of centralized banking systems and in many places, corruption. By virtue of its decentralized nature, the elimination of the need for a trusted 3rd party, and by being a provable and reliable store of value, it is already revolutionizing money. Now it can do the same for the internet.
Stacks 2.0 will reinvent the internet by enabling a whole new ecosystem of services and applications where the users own their personal data and everything is secured by bitcoin.
In straightforward technological terms, Stacks 2.0 is a layer-1 blockchain that uses the BTC blockchain as a base-layer. Proof-of-Transfer allows for consensus between two blockchains, Bitcoin and Stacks, creating a native connection that allows for innovation on Bitcoin without ever modifying it. Along with Stacks 2.0 also comes a new programming language called Clarity which gives developers a safe way to build complex smart contracts where the code itself clearly shows what the program will do when run (hence the name).
Beyond these important technological innovations, Stacks 2.0 will allow users to earn BTC in a brand new way that is currently missing from the scene. For the first time ever you can lock up one asset (STX) and earn rewards from the protocol in a reserve currency (BTC). This is called ‘Stacking’ and is a key aspect of the aforementioned ‘Proof-of-Transfer consensus mechanism. Stackers support consensus on the blockchain by locking or delegating their STX and are rewarded each cycle with BTC payouts.
Currently, DeFi users are forced to stake all kinds of tokens and usually earn the same token in kind, which they then usually convert to BTC for safe keeping. Stacks 2.0 will enable STX holders to directly earn the most valuable and sought after cryptocurrency in the world, without the extra hassle. Additionally, there is no need to trust any shady projects with buggy code that the current DeFi landscape is sadly full of.
STX were initially distributed to the public through the first-ever SEC-qualified token offering in U.S. history and the project recently released a legal memo outlining how STX can exit securities status and become tradable on US exchanges. In fact, OKCoin has committed to listing STX in the US upon the Stacks 2.0 launch.
Stacks 2.0 is based on the success of Blockstack that raised over $75 million from equity investments and token offerings for the Stacks 1.0 ecosystem which currently includes over 400 apps. The new mainnet launch is expected on January 14, 2021. To learn more about the upcoming Stacks 2.0 launch visit the project’s website and make sure to register to secure your spot for the event.
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