- The Stacks blockchain is designed to bring smart contracts and applications to Bitcoin.
- Stacks provide a way to transfer assets to and from bitcoin using smart contracts.
- Its releases today further its goal of making Bitcoin a more programmable smart contracting hub.
The price of STX, the native token of the Stacks blockchain, is up more than 143% over the past week along with today’s rally of 31.73% at press time. Stacks’ higher price today is mainly due to two major releases of the Stacks blockchain white papers as it continues to achieve its goal of making the Bitcoin blockchain a more programmable smart contracting hub.
Stacks’ is a layer one blockchain solution that aims to work on bringing smart contracts and decentralized application (dApps) functionality to the Bitcoin blockchain. Bitcoin by design is a proof-of-work (PoW) blockchain with no built-in smart contract capabilities.
Stacks White Papers
The first version of the white paper is titled “sBTC whitepaper” while the second version of the white paper is titled “stacks whitepaper”.
The sBTC whitepaper presents a newly proposed asset referred to as sBTC that would act as a two-way trustless Bitcoin peg to allow for the rapid transfer of assets to and from the Bitcoin blockchain. Essentially, sBTC will allow Bitcoin to become a more secure Web3 hub by enabling untrusted writing to Bitcoin and the movement of Bitcoin in and out of the Bitcoin layers. Transactions will be secured using 100% of the Bitcoin hashing power.
Complements sBTC Stacks 2.0 which provided “read” access to the bitcoin protocol.
The stack whitepaper (Nakamoto version) adds significant capabilities to the Stacks protocol to enhance its strength as a Bitcoin layer. The white paper presents a number of changes that need to be made to the Stacks protocol in order to enable the trustless functionality of the newly proposed sBTC asset.
While the issuance of the two white papers is a significant milestone for Stacks, it is also a huge boost for the bitcoin economy. sBTC will usher in a new era of Bitcoin applications, which in turn will unlock over $300 billion within the Bitcoin ecosystem in the underlying capital of Web3 and also accelerate the growth of the Bitcoin economy.