Finance:Stacks blockchain

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Short description: Bitcoin smart contract platform

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,[needs context] 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". https://www.zdnet.com/article/blockstack-anchors-to-bitcoin-network-with-new-mining-algorithm/. 
  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. https://www.scmp.com/news/hong-kong/economy/article/2113521/new-internet-looks-keep-user-data-away-tech-giants-and-bypass. 
  3. ↑ Fung, Brian (23 March 2018). "The new technology that aspires to #DeleteFacebook for good". The Washington Post. https://www.washingtonpost.com/news/the-switch/wp/2018/03/23/the-new-technology-that-aspires-to-deletefacebook-for-good/?noredirect=on. 
  4. ↑ Dillet, Romain (5 September 2018). "Stealthy wants to become the WeChat of blockchain apps". TechCrunch`. https://techcrunch.com/2018/09/05/stealthy-wants-to-become-the-wechat-of-blockchain-apps/. 
  5. ↑ Simonite, Tom (5 March 2018). "The Decentralized Internet Is Here, With Some Glitches". Wired Magazine. https://www.wired.com/story/the-decentralized-internet-is-here-with-some-glitches/. 
  6. ↑ Daly, Lyle (10 Jun 2022). "What is Stacks (STX)?". The Motley Fool. https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/stacks/. 
  7. ↑ 7.0 7.1 "Blockstack raises $52 million to build a parallel internet where you own all your data" (in en-US). 2017-12-04. https://venturebeat.com/2017/12/04/blockstack-raises-52-million-to-build-a-parallel-internet-where-you-own-all-your-data/. 
  8. ↑ SEC. "PART II — INFORMATION REQUIRED IN OFFERING CIRCULAR". https://www.sec.gov/Archives/edgar/data/1719379/000110465919020748/a18-15736_1partiiandiii.htm. 
  9. ↑ Vigna, Paul (2019-07-11). "SEC Clears Blockstack to Hold First Regulated Token Offering" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/sec-clears-blockstack-to-hold-first-regulated-token-offering-11562794848. 
  10. ↑ Chavez-Dreyfuss, Gertrude (2020-12-07). "Blockstack's digital currency 'Stacks' to be tradable in U.S. once new blockchain arrives" (in en-US). Reuters. https://www.reuters.com/article/crypto-currencies-blockstack/blockstacks-digital-currency-stacks-to-be-tradable-in-u-s-once-new-blockchain-arrives-idUSKBN28H22O. 
  11. ↑ "sebis TU München : Master's Thesis Martin Schäffner". https://wwwmatthes.in.tum.de/pages/hhh5oin2o5sw/Master-s-Thesis-Martin-Schaeffner. 
  12. ↑ Brown, Dalvin (2021-09-30). "Crypto tax: 'MiamiCoin' has made the city $7 million so far, a potential game-changer for revenue collection" (in en-US). Washington Post. https://www.washingtonpost.com/technology/2021/09/30/crypto-miamicoin/. 
  13. ↑ Chen, Elaine (2021-11-03). "Eric Adams Aims to Make NYC Crypto-Friendly With Coin Similar to Miami's" (in en-US). Bloomberg. https://www.bloomberg.com/news/articles/2021-11-03/mayor-elect-eric-adams-to-explore-nyc-coin-similar-to-miami-s. 
  14. ↑ Greely, Brendan (2021-11-03). "MiamiCoin, a currency without sovereignty" (in en-US). Financial Times. https://www.ft.com/content/f2907890-c2da-4959-bc39-589ada847b0a. 
  15. ↑ Benavides, Cristian (February 3, 2022). "Miami Announces It Cashed Out Some MiamiCoin as Crypto Markets Are Down" (in en-US). https://www.nbcmiami.com/news/local/miami-announces-it-cashed-out-some-miamicoin-as-crypto-markets-are-down/2680613/. 
  16. ↑ Wanna, Carly (21 March 2023). "Miami and New York's Crypto CityCoins Meet Quiet Demise". MSN. Bloomberg. https://www.msn.com/en-us/money/personalfinance/miami-and-new-york-s-crypto-citycoins-meet-quiet-demise/ar-AA18U7y1. 




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