Stacks news crypto : Can you use Bitcoin to buy Internet?

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Stacks is a Bitcoin-connected app infrastructure that is less expensive and more efficient.


"An open-source blockchain network that uses the security and capital of Bitcoin (BTC-USD) for decentralized apps and smart contracts," according to Stacks (STX-USD).


To put it another way, Stacks is a layer-1 blockchain solution that aims to introduce smart contracts and decentralized applications to Bitcoin in order to create a better internet on the cryptocurrency. What gives that this is possible? Starting with a solution to one of Bitcoin's core issues, Stacks has a lot of potential.


Stacking is a novel method of earning bitcoin.


Support the network's security and consensus by holding and temporarily locking STX, Stacks' native currency. You'll get BTC as a prize.


Stacks' Concentration


Stacks' solution to Bitcoin's main challenge is to address the need for more functionality.


Bitcoin is a digital currency, a store of wealth, and a speculative investment. However, it has a slew of other applications that are worth exploring. One of the most pressing questions surrounding Bitcoin is how to create a two-way peg system that is totally trustless while still improving its usefulness. A two-way peg method creates a sidechain by allowing Bitcoins to be transferred from the Bitcoin blockchain to a secondary blockchain and vice versa.


This sidechain can be more programmable, allowing smart contracts and valuable applications to be developed. This adds to the appeal of native Bitcoin transactions.


The two-way peg model, which Stacks is exploring and developing, is an example of this method. This improves expressive Bitcoin transactions and Bitcoin swaps by providing practical solutions. Stacks is pushing Bitcoin's security and stability to the next level.


Smart Contracts for Clarity: Improving Bitcoin Transactions


Clarity, a new smart contract programming language developed by Stacks, is supposed to be both secure and simple to create. Clarity smart contracts can read Bitcoin transactions, allowing them to be more expressive. As a result, developers may focus more on building functions and features that are more innovative and effective.


Stacks smart contracts can react to Bitcoin transactions whenever they happen. This takes on even more significance because smart contract triggering conditions allow users to buy as an asset or conduct a swap using native Bitcoin transactions.


Highlights


Without changing the original Bitcoin network, Stacks is bringing more functionality to decentralized finance, non-fungible tokens (NFTs), apps, and smart contracts for Bitcoin.


"The Stacks chain is connected to Bitcoin through its Proof of Transfer consensus mechanism, thus all Stacks transactions settle on Bitcoin," according to the statement.


This Proof of Transfer (PoX) is the first blockchain consensus mechanism to connect two distinct blockchains, Bitcoin and Stacks.


The ability for anyone to mine without any specific hardware is one of the major benefits of the PoX technique. The electricity needed to secure Bitcoin may be reused by Stacks, which has a sustainability benefit. There are also other business model possibilities to investigate. For assisting in the network's security, network participants can earn a Bitcoin dividend.


The annual percentage yield on Bitcoin was 8.2 percent during the previous stacking cycle, so this yield is not insignificant. Users who support the Stacks network keep their STX tokens and are rewarded in Bitcoin.


Stacks also supports the Blockchain Naming System, a network that allows users to generate permanent usernames with three key characteristics. For starters, they are one-of-a-kind on the planet. Second, they have a human-meaning because the creator selects the usernames. Third, they are strongly owned, which means that only the owner has the power to change them.


Clarity Aids Growth of Decentralized Apps on Stacks


On Stacks, there are now 26 decentralized apps. This number is projected to rise as Clarity offers developers various advantages when developing new applications. Clarity is predictable, determinable, secure, and improves Bitcoin visibility.


Should You Put Money Into Stacks?


STX Token is currently trading at $1.44, down from a high of $2.46 in January. I feel the token has value, but keep in mind that it is still quite speculative and volatile. I'm not certain that its over $1.9 billion market capitalisation is justified.


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