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What is Stacks (STX)?

Stacks (STX) is a virtual currency that seeks to make the Bitcoin network compatible with decentralised applications (dApps) and smart contracts. It places a strong emphasis on user privacy and data ownership and employs a novel consensus mechanism called Proof of Transfer (PoX).

The History of Stacks

Stacks began as a decentralised domain name system (DNS) built on top of the Bitcoin blockchain when it was first introduced in 2013 as Blockstack. But in 2017, the creators of Blockstack unveiled the Stacks blockchain, a different blockchain that operates side-by-side with the Bitcoin blockchain. To secure the Stacks blockchain and enable smart contracts, Stacks uses a special consensus mechanism called Proof of Transfer (PoX), which combines proof of work (PoW) from the Bitcoin blockchain with fresh Stacks tokens (STX).

The Use Case of Stacks

Stacks seeks to make it possible for decentralised applications (dApps) and smart contracts to operate on the Bitcoin network, enabling developers to construct a variety of applications on top of the most trusted and widely used blockchain network. It is suitable for a variety of use cases, including decentralised finance (DeFi), digital identity, social networks, and more. Stacks offers a set of developer tools and libraries that make it simpler to build and deploy smart contracts.

The emphasis that Stacks places on user privacy and data ownership is one of its distinctive features. By granting users complete control over their data and digital assets, Stacks aims to enable users to maintain ownership and privacy without the need for middlemen. Stacks supports cross-chain communication and cooperation by supporting interoperability with other blockchains.