Stacks, formerly Blockstack, is a blockchain platform for smart contracts, decentralized finance ("DeFi"), NFTs, and decentralized apps ("DApps"). Stacks blockchain is a layer for bitcoin similar to the Lightning Network.[1]

Design

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

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

Blockchain Naming System (BNS)

The Blockchain Naming System is an application used to register human-readable, globally unique names with accounts on the Stacks blockchain. A BNS name consists of a namespace, the name and optionally a subdomain.[11] Examples are muneeb.id, muneeb.btc and muneeb.id.blockstack.

CityCoins

In 2021, the CityCoins project launched fungible tokens for the cities of Miami and New York City.[12][13] In September 2021, Miami's city commissioners voted to accept the protocol treasury, valued at $21 million at the time.[14] MiamiCoin's value crashed, and so Stacks donated $5.25M to the City of Miami.[15]

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.[16]

References

  1. ↑ "Blockstack anchors to Bitcoin network with new mining algorithm". ZDNet.
  2. ↑ Singh, Harminder (1 October 2017). "'New internet' looks to keep user data away from tech giants and bypass China censorship". South China Morning Post.
  3. ↑ Fung, Brian (23 March 2018). "The new technology that aspires to #DeleteFacebook for good". The Washington Post.
  4. ↑ Dillet, Romain (5 September 2018). "Stealthy wants to become the WeChat of blockchain apps". TechCrunch`.
  5. ↑ Simonite, Tom (5 March 2018). "The Decentralized Internet Is Here, With Some Glitches". Wired Magazine.
  6. ↑ Daly, Lyle (10 Jun 2022). "What is Stacks (STX)?". The Motley Fool. Retrieved 28 September 2022.
  7. 1 2 "Blockstack raises $52 million to build a parallel internet where you own all your data". VentureBeat. 2017-12-04. Retrieved 2021-06-22.
  8. ↑ SEC. "PART II — INFORMATION REQUIRED IN OFFERING CIRCULAR". www.sec.gov. Retrieved 2021-06-22.
  9. ↑ Vigna, Paul (2019-07-11). "SEC Clears Blockstack to Hold First Regulated Token Offering". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-06-22.
  10. ↑ Chavez-Dreyfuss, Gertrude (2020-12-07). "Blockstack's digital currency 'Stacks' to be tradable in U.S. once new blockchain arrives". Reuters.
  11. ↑ "sebis TU München : Master's Thesis Martin Schäffner". wwwmatthes.in.tum.de. Retrieved 2023-01-22.
  12. ↑ 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.
  13. ↑ Chen, Elaine (2021-11-03). "Eric Adams Aims to Make NYC Crypto-Friendly With Coin Similar to Miami's". Bloomberg.
  14. ↑ Greely, Brendan (2021-11-03). "MiamiCoin, a currency without sovereignty". Financial Times.
  15. ↑ 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.
  16. ↑ 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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