Stacks blockchain

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. "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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