Cryptocurrency has taken the world by storm and it has done this through the first cryptocurrency, Bitcoin. Bitcoin is no doubt the “King” of the market with the price of the coin, at the time of writing, is $57,023.08. But bitcoin does have its problems. Along with egos to have their ingenuity recognized by the public, most other developers have ventured off from that of Bitcoin and have tried to make their own mark on the market. Ethereum is an example of this.
But Stacks 2.0 (STX) believes that the future of cryptocurrency is Bitcoin. Decentralized applications and use cases will gradually be constructed on Bitcoin. This, they believe, by analogizing the same during the early Internet boom and, while there were different kinds of competing protocols, TCP/IP had emerged as the winning standard, and everything on the Internet was eventually built on it. The same can be said for Bitcoin.
Stacks (STX), developed by Princeton and MIT scientists, employ a consensus algorithm separate from any other which is a consensus algorithm between two blockchains. This is the Proof of Transfer (PoX), that connects the Bitcoin and the Stacks blockchains and extends the functionality of Bitcoin. Leader election occurs on the base Bitcoin chain, and subsequently, novel blocks are written on the connected Stacks chain.
The Stacks 2.0 (STX) is actually a layer-1 blockchain that is to bring smart contracts and decentralized apps to Bitcoin. It proposes two beneficial features to blockchain; the first is scalable transactions and the second is the general-purpose smart contracts using the Bitcoin blockchain without changing it. The miners of Stacks can employ Bitcoin to mine newly minted Stacks. On the other hand, Stacks holders can lock their STX in consensus to earn Bitcoin, making STX a unique crypto asset that is priced in BTC and gives BTC earnings.
Current Price – Stacks (STX)
At the time when this article is being written, the current value of STX, the native token of Stacks is, $2.75, which is a 27.25% increase over the past twenty-four hours. The current trading volume of the coin is $663,004,640 with an increase of trading volume of nearly 340%. The monthly high of the coin of $3.80 was reached just a week ago but aftermarket corrections, the market came down again. But the prospects of the coin do look bright. The Stacks ecosystem is slowly growing such ALEX (Automated Liquidity Exchange) announcing it raised $5.8 million for decentralized finance (DeFi) on Bitcoin. Some analysts predict that the coin is going to hit the $4 mark soon.
