Stacks is a blockchain that is linked to the Bitcoin network to store transactional metadata and user identity information. The Stacks ecosystem connects natively to the Bitcoin network and uses a Proof of Transfer algorithm to ensure the security and privacy of transactions. The Stacks network also features a separate data storage solution called Gaia, which provides cold and cloud storage for users’ data. The Stacks coin is the main cryptocurrency token.
The Stacks blockchain is currently in its v1 version and is slated to launch v2 in Q4 2020. The v2 version will incorporate Clarity smart contract language and a Proof of Transfer (PoX) consensus mechanism. The Proof of Transfer consensus mechanism will require independent Stacks miners to pledge Bitcoin to secure the network. This mechanism will make it possible for users to use the Stacks blockchain to create and store digital assets.
The Stacks blockchain is different than other blockchains because its block production requires extrinsic expenditure and is not tied to native token ownership. Instead, miners must send bitcoin to a predetermined list of addresses to be rewarded with Stacks. In addition, Stacks allows for forks, with a fork protocol that enables each fork to rank itself according to quality. Its forks are also independent of miners.
Stacks is a layer-1 blockchain solution that integrates decentralized applications and smart contracts with Bitcoin. Because of this, the Stacks network’s transactions benefit from the finality and security of Bitcoin settlements.
