What is Stacks? Information about STX Token

What is Stacks? Information about STX token? Join AZC.NEws to learn about STX and its potential in the future.

What Is Stx Stacks? Learn Detailed Information About Stx Coin_65d5cf6592e20.webp

What is Stacks?

Stacks is an open source blockchain, including decentralized applications (dApps) and smart contracts built on the Bitcoin platform. What’s unique about Stacks is the use of a new consensus mechanism called Proof-of-Transfer (PoX), which helps Bitcoin become a Layer 1 blockchain, where any dApps and smart contracts can be programmed and built. Although Stacks and Bitcoin are two separate blockchains, they have the ability to work effectively together.

What is Stacks? Information about STX Token
What is Stacks? Information about STX Token

https://www.stacks.co

Stacks uses the Clarity smart contract language, a language with simple programming syntax that does not compromise the security of the Bitcoin network. The PoX mechanism then connects the Stacks blockchain directly to the Bitcoin blockchain. Clarity also brings convenience to developers and users when reading source code in English. Most importantly, Stacks allows the creation of smart contracts secured by Bitcoin.

Stacks products

Stacks extends Bitcoin to allow dApps to be applied and scaled in a decentralized manner. The products/features are as follows:

Bitcoin NFTs

Each NFT created on the Stacks blockchain through Clarity smart contracts will be secured by leveraging the potential of Bitcoin. At the same time, Stacks blockchain offers NFT Marketplaces like Gamma, where users can trade NFTs for Stacks (STX) or Bitcoin (BTC). Currently, the ecosystem has appeared many outstanding Bitcoin NFT collections on exchanges such as TwelveFold, Megapunks…

B4s8ul1JlFg0AAAAAElFTkSuQmCC

NFTs on the Stacks blockchain. Source: Gamma

Bitcoin DeFi

Currently, Bitcoin (BTC) is the asset with the highest capitalization on the market and is held by many traditional financial institutions, however, it is still not utilized by many organizations. With the goal of enabling DeFi for Bitcoin, providing opportunities for Bitcoin holders to mine profits through STX Stacking and participate in the Proof of Transfer consensus mechanism to earn BTC. Users can also use BTC for payments in dApps built on the blockchain.

In particular, Stacking activity is a process of finding profits carried out through the Proof of Transfer (PoX) consensus mechanism, a feature only available on the Stacks platform, different from Staking (done through the Stacks platform). Proof of Stake consensus mechanism). This means users pledge a certain amount of STX to the protocol for a chance to mint BTC rewards.

What is Stacks? Information about STX Token 1

  Stacking feature interface

Blockchain Naming System (BNS)

Blockchain Naming System (BNS) is a Web3 domain name system operating in the Stacks ecosystem. The highlight of BNS is that it allows users to increase identification in the market as well as increase transparency because each domain name is stored on the blockchain.

Domain naming interface (.BTC)

Up to now (April 2023), the total Total Total Value (TVL) including the amount of STX being staked on platforms in the Stacks blockchain has reached more than 25 million USD, an increase of 1.78% (according to DefiLlama). In the community, more than 2,000 BTC (rewards) are earned each month thanks to the PoX consensus mechanism, which also increases the appeal for Bitcoin investors and promotes the development of Stacks. Currently, the Stacks ecosystem is expanding in many fields such as:

  • DeFi: ALEX, Arkadiko, Stackswap, UWU Protocol…

  • NFT: Gamma, StacksBridge…

  • DAO/Community: LydianDAO, Stacks Foundation…

What is Stacks? Information about STX Token 2
Total TVL (including the amount of STX staked) across multiple platforms in Stacks. Source: DefiLlama

Highlights of Stacks

Stacks is one of the projects particularly interested in Bitcoin during a prominent period of other Layer 1s such as Ethereum, Solana,…

Projects run on the blockchain with Smart Contracts, controlled by code rather than by companies or anyone else who can access them. This opens up the possibility for decentralized applications to perform functions that conventional applications cannot perform.

All transactions are settled on Bitcoin, ensuring that applications and transactions on Stacks are as secure as transactions on Bitcoin. Applications can be written based on Bitcoin logic.

Stacks chooses a Bitcoin-centric approach, which means developing and expanding Bitcoin instead of creating a new Layer 1 to compete with Bitcoin. This helps Stacks develop in sync with Bitcoin.

Related: What is Bitcoin? Why was Bitcoin Created?

What is STX token?

Key Metrics STX

  • Token Name: Stacks

  • Ticker: STX

  • Blockchain: Stacks

  • Token Standard: Updating…

  • Contract: Updating…

  • Token Type: Utility.

  • Total Supply: 1,818,000,000 STX

  • Circulating Supply: 1,422,785,613 STX

STX Token Use Case

STX will be used to:

  • Register digital assets

  • Pay transaction fees

  • Implement Clarity Smart Contract

  • Stake to become a node to receive rewards of BTC and STX

STX Token Allocation

sAAAAASUVORK5CYII=