What is Stacks (STX)
Stacks is an open-source layer-one blockchain network that brings smart contracts and decentralized apps (DApps) to the Bitcoin network. Co-founders Muneeb Ali and Ryan Shea started working on the Stacks project back in 2013. The Blockstack team launched the Stacks network in 2018 and released the STX token in 2019. The platform is aimed at expanding Bitcoin’s possibilities.
With the help of its smart contract functionality, Stacks transforms the Bitcoin blockchain into a programmable base layer. The unique Proof-of-Transfer consensus mechanism makes Stacks truly decentralized, scalable, and environment-friendly. Microblocks are used to shorten transaction processing time at Stacks. Users can choose their own conditions for exchange via the platform’s own smart contract language Clarity. The native Stacks token is primarily used for fueling smart contracts, rewarding miners, and earning Bitcoin through “stacking”. STX is the first token qualified by the U.S. Securities and Exchange Commission (SEC).
After Stacks 2.0 was launched at the beginning of 2021, the STX token stopped being treated as a security by the SEC under U.S. securities laws. This means after the 2.0 launch Blockstack is no longer required to submit regular financial reports to the U.S. regulator.
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