Stacks blockchain
Stacks, formerly Blockstack, is a blockchain platform for smart contracts, decentralized finance ("DeFi"), non-fungible tokens (NFTs), and decentralized apps ("DApps"). Stacks blockchain is a layer for bitcoin similar to the Lightning Network.[1]
Design
[edit]Concerns around internet privacy, security, and data breaches brought attention to the Stacks project.[2] Software developers have used the Stacks software to build decentralized alternatives to popular services.[3][4][5] Stacks (STX) token is the native cryptocurrency of the Stacks blockchain, which is used as gas fee for executing smart contracts and processing transactions.[6]
History
[edit]Stacks project was originally started by Muneeb Ali and Ryan Shea as Blockstack.[7] STX became the first SEC qualified token offering in 2019.[8][9] Blockstack PBC, a company working on the Stacks technology, raised around $75 million through a mix of venture capital and token sales.[7] The main Stacks blockchain launched in Jan 2021.[10]
Applications
[edit]CityCoins
[edit]In 2021, the CityCoins project launched fungible tokens for the cities of Miami and New York City.[11][12] In September 2021, Miami's city commissioners voted to accept the protocol treasury,[needs context] valued at $21 million at the time.[13] MiamiCoin's value crashed, and so Stacks donated $5.25M to the City of Miami.[14]
As of March 2023, Bloomberg was reporting that CityCoin was facing a "quiet demise" as liquidity issues and a lack of interest caused both the New York City and Miami coins to be delisted from the OkCoin cryptocurrency exchange.[15]
References
[edit]- ^ "Blockstack anchors to Bitcoin network with new mining algorithm". ZDNet.
- ^ Singh, Harminder (1 October 2017). "'New internet' looks to keep user data away from tech giants and bypass China censorship". South China Morning Post.
- ^ Fung, Brian (23 March 2018). "The new technology that aspires to #DeleteFacebook for good". The Washington Post.
- ^ Dillet, Romain (5 September 2018). "Stealthy wants to become the WeChat of blockchain apps". TechCrunch`.
- ^ Simonite, Tom (5 March 2018). "The Decentralized Internet Is Here, With Some Glitches". Wired Magazine.
- ^ Daly, Lyle (10 Jun 2022). "What is Stacks (STX)?". The Motley Fool. Retrieved 28 September 2022.
- ^ a b "Blockstack raises $52 million to build a parallel internet where you own all your data". VentureBeat. 2017-12-04. Retrieved 2021-06-22.
- ^ SEC. "PART II — INFORMATION REQUIRED IN OFFERING CIRCULAR". www.sec.gov. Retrieved 2021-06-22.
- ^ Vigna, Paul (2019-07-11). "SEC Clears Blockstack to Hold First Regulated Token Offering". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-06-22.
- ^ Chavez-Dreyfuss, Gertrude (2020-12-07). "Blockstack's digital currency 'Stacks' to be tradable in U.S. once new blockchain arrives". Reuters.
- ^ Brown, Dalvin (2021-09-30). "Crypto tax: 'MiamiCoin' has made the city $7 million so far, a potential game-changer for revenue collection". Washington Post.
- ^ Chen, Elaine (2021-11-03). "Eric Adams Aims to Make NYC Crypto-Friendly With Coin Similar to Miami's". Bloomberg.
- ^ Greely, Brendan (2021-11-03). "MiamiCoin, a currency without sovereignty". Financial Times.
- ^ Benavides, Cristian (February 3, 2022). "Miami Announces It Cashed Out Some MiamiCoin as Crypto Markets Are Down". NBC 6 South Florida. Retrieved 2022-04-13.
- ^ Wanna, Carly (21 March 2023). "Miami and New York's Crypto CityCoins Meet Quiet Demise". MSN. Bloomberg. Retrieved 8 April 2023.
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