Stacks (STX): cryptocurrency review and level 1 blockchain solution, price, course chart, how to buy and store STX token
Stacks is a tier 1 blockchain designed to improve Bitcoin; it connects to bitcoin and opens up opportunities for the development of smart contracts, decentralized applications, and additional security features. At the moment, the current version is Stacks 2.0, which implements the Proof-of-Transfer consensus mechanism, similar to staking.
STX is a Stacks platform token that can be earned by staking. Also, this asset is used in mining on Proof-of-Transfer and allows you to earn bitcoins. The editorial staff of Btcnewsweb.com will tell you about the principles of the Stacks platform, which make it in demand – the STX cryptocurrency has grown in price by 75% over the past month.
STX token price to USD
|Name||Price||Market Cap||Supply||Change % (7D)||Performance|
STX to USD chart
|Current issue as of 04/29/21||1 052 561 461 STX|
|Maximum emission||1 818 000 000 STX|
|Course on 04/29/21||2,17 $|
|Capitalization on 04/29/21||2 279 180 242 $|
|Social networks||https://twitter.com/Stacks, https://t.me/BlockstackChat, https://forum.stacks.org/, https://www.youtube.com/c/Blockstack/videos|
|Exchanges||Binance, KuCoin, OKEx, Gate.io and others|
Miners and holders in the Stacks network
Within the Proof-of-Transfer consensus mechanism, there are two types of participants:
- Miners STX. Send transactions to the Bitcoin blockchain; a verifiable random function (VRF) randomly selects the leader of each round (the higher the BTC bet, the greater the likelihood of winning). The leader adds a new block to the Stacks chain. STX miners are rewarded in STX, transaction fees are also paid in STX. At the same time, miners express the cost of mining in BTC and spend BTC to participate in the struggle for the right to add a block. STX miners model the total cost of the new Stacks block as a BTX / STX trading pair – so if STX from mining is cheaper than buying from exchanges, then this is an incentive for them to participate in the process.
- STX holders. Participate in consensus and receive BTC rewards by participating in a process called Stacking (not to be confused with staking). To participate, users block their STX for a reward distribution cycle (about two weeks), launch and maintain a full node, send the necessary data to the network in the form of STX transactions. STX holders who actively participate in Stacking receive rewards in BTC at the end of the cycle.
Proof-of-Transfer is the first consensus algorithm that combines two blockchains. Bitcoin is used as a base chain, Stacks is used as a pegged chain. Leader elections take place on the Bitcoin blockchain. The upside is that instead of wasting electricity on Proof-of-Work, the mechanism reuses the already created BTCs as evidence of the calculations performed. The bitcoins used for betting by miners are sent to specific addresses owned by STX token holders who are actively involved in the consensus. Thus, the BTC consumed in the mining process goes to the Stacks holders as they are based on ownership and participation in the Stacking algorithm.
Proof-of-Transfer Technical Parameters
The consensus mechanism uses the following parameters:
- Block reward: 1000 STX for the first 4 years; 500 STX over the next 4 years; 250 STX for another 4 years; 125 STX indefinitely thereafter.
- Block Time: The Stacks blockchain generates blocks at the same rate as Bitcoin (approximately every 10 minutes). However, there are still microblocks that can give faster confirmation.
- Block reward redemption window: 100 blocks, that is, if a miner creates a block, he will receive a reward for it after another 100 blocks.
- Stacking parameters: two reward addresses per block, the reward cycle is 2000 blocks (approximately 2 weeks), the total number of reward slots is 4000.
- The minimum required amount of STX for Stacking is dynamic, depending on the number of participants.
Clarity smart contracts
Clarity is a programming language for writing smart contracts. Stacks 2.0 binds Clarity smart contracts to Bitcoin, after which they work based on events taking place in the Bitcoin network. The main feature of the language is its transparency, which allows you to minimize errors in the development process. Additional security is provided by an automatic check system.
The main difference between Clarity and Solidity (the language used in Ethereum smart contracts):
- Solidity is an undecidable programming language. Without fulfilling the contract in a given situation, it is impossible to know exactly how the contract will behave in it.
- Clarity is a decidable language. From the code itself, you can reliably find out what the program will do and avoid unnecessary complications.
Clarity lacks a compiler. The source code of the contract is published and executed by the nodes of the blockchain. Removing the compiled intermediate representation minimizes the surface area where errors can occur. Compiler errors are a common occurrence in blockchains, because even if the code itself is written without errors, when launched on the blockchain, the program can have errors, often irreparable.
Stacks Token (STX)
The Stacks (STX) cryptocurrency primarily serves as the fuel for the execution of smart contracts. But it is also used for other network functions (payment of transaction fees, registration of digital assets, publication of contracts on the blockchain.
STX can be blocked by users to participate in consensus and receive BTC rewards. The Proof-of-Transfer consensus mechanism based on the STX / BTC currency pair makes STX a unique asset, unlike the traditional Proof-of-Stake, where participants receive income in the same cryptocurrency that they block.
Where to buy and store Stacks (STX)
Cryptocurrency exchanges that provide the ability to buy and store the Stacks token:
You can buy STX with BTC, USDT, USD, ETH.
Stacks Storage Wallets (STX):
- Desktop & Web – https://www.hiro.so/wallet
- Mobile – http://boom.money/
- Mobile – https://www.secretkeylabs.com/
- Mobile and Browser Extension – https://www.newinternetlabs.com/
- Web – https://neptunewallet.io/
- Desktop and Mobile – https://cerebrowallet.com/
The Stacks platform enables Bitcoin users to access highly efficient smart contracts and secure decentralized applications. The developers fully believe in bitcoin and believe that it is on this blockchain that all innovative crypto systems should ultimately work. With the help of Stacks, those who wish can earn bitcoins in a new way, without energy-consuming PoW mining. In the future, new improvements are planned, such as increased throughput, auctions for creating blocks, expanding the functionality of the Clarity programming language, etc.