- Stacks blockchain is designed to bring smart contract and dApps to Bitcoin.
- Stacks allows you to move assets from and to Bitcoin with smart contracts.
- Its current releases advance its goal to make Bitcoin a more programmable smart-contract hub.
The price of STX, the native token of the Stacks blockchain, has risen by more than 143% over the past week besides today’s surge of 31.73% at press time. The reason for today’s Stacks price surge is mainly because of two major whitepaper releases Stacks blockchain, as it continues its mission to make the Bitcoin blockchain a more programmable smart contracts hub.
Stacks’ is a Layer-1 blockchain solution that aims works on bringing smart contracts and decentralized applications (dApps) functionality to the Bitcoin blockchain. Bitcoin by design is a proofof-work (PoW), decentralized blockchain without smart contracts capabilities.
The whitepapers from Stacks
The first whitepaper release is titled “sBTC whitepaper” while the second whitepaper release is titled “stacks whitepaper.”
The sBTC whitepaper introduces a new asset called sBTC. This asset will act as a two-way trustless Bitcoin peg and allow for swift transfers to and from the Bitcoin blockchain. The sBTC is a trustless two-way Bitcoin peg that will allow for Bitcoin’s rapid transfer of assets to and from the Bitcoin blockchain. All transactions will be protected using 100% of Bitcoin hashpower.
The sBTC complements Stacks 2.0 which introduced “read” access to the Bitcoin protocol.
The stacks whitepaper (Nakamoto release) introduces key capabilities to the Stacks protocol in order to increase its power as a bitcoin layer. This whitepaper introduces a series of changes to the Stacks protocol to allow for the trustless functionality of the new sBTC asset.
Although the publication of the whitepapers marks a significant milestone in Stacks’ history, it also serves as a major boost to the Bitcoin ecosystem. sBTC will open up a new era for Bitcoin applications. This will unlock $300B+ in latent capital for Web3 within the Bitcoin ecosystem and accelerate the growth of Bitcoin’s economy.
