Since mining is a single-leader process, there is no quorum required to produce a block. The fact that the history of all Stacks blocks is encoded within the Bitcoin chain means that all nodes can enumerate all Stacks blocks that have ever existed, and identify which Stacks blocks are missing from their local chain states. In the event of a systemic network or miner failure, or even systemic block loss, other nodes can become miners at any time and proceed to produce new blocks. Moreover, miners do not even need to possess a full replica of the chain state to begin mining - they are free to pick any existing Stacks block to build their block on top of, which permits the creation of blockchain forks.įorks are a failure recovery mechanism in Stacks, just as they are in PoW blockchains. The only barrier-to-entry to becoming a miner in the Stacks chain is to acquire and spend BTC. This means that the safety of the canonical fork of the Stacks blockchain is underpinned by its entire token economy’s value, whereas the safety of a sidechain’s canonical fork is underpinned only by whatever system-specific measures incentivize its validators to produce blocks honestly, or the Bitcoin miners’ willingness to process peg-in requests (whichever is the weaker guarantee). Second, the Stacks blockchain has its own token it does not represent pegged Bitcoin. Sidechains offer no such security benefit. This in turn makes it so attacks on the chain that rely on creating private forks (such as selfish mining and double-spending) are much harder to carry out profitably, since all honest participants can see the attack coming before it happens and have a chance to apply countermeasures. This means that the act of producing a private Stacks fork is at least as hard as reorging the Bitcoin chain. First, the history of all Stacks blocks produced is recorded to Bitcoin. Stacks is NOT a sidechain, for two key reasons."Miami and New York's Crypto Cit圜oins Meet Quiet Demise". "Miami Announces It Cashed Out Some MiamiCoin as Crypto Markets Are Down". ^ Benavides, Cristian (February 3, 2022)."MiamiCoin, a currency without sovereignty". "Eric Adams Aims to Make NYC Crypto-Friendly With Coin Similar to Miami's". "Crypto tax: 'MiamiCoin' has made the city $7 million so far, a potential game-changer for revenue collection". ^ "sebis TU München : Master's Thesis Martin Schäffner"."Blockstack's digital currency 'Stacks' to be tradable in U.S. "SEC Clears Blockstack to Hold First Regulated Token Offering". "PART II - INFORMATION REQUIRED IN OFFERING CIRCULAR". ^ a b "Blockstack raises $52 million to build a parallel internet where you own all your data"."The Decentralized Internet Is Here, With Some Glitches". "Stealthy wants to become the WeChat of blockchain apps". "The new technology that aspires to #DeleteFacebook for good". " 'New internet' looks to keep user data away from tech giants and bypass China censorship". "A Survey on Essential Components of a Self-Sovereign Identity". ^ "Blockstack anchors to Bitcoin network with new mining algorithm".Īs of March 2023, Bloomberg was reporting that Cit圜oin 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. MiamiCoin's value crashed, and so Stacks donated $5.25M to the City of Miami. In September 2021, Miami's city commissioners voted to accept the protocol treasury, valued at $21 million at the time. In 2021, the Cit圜oins project launched fungible tokens for the cities of Miami and New York City. Examples are muneeb.id, muneeb.btc and muneeb.id.blockstack. A BNS name consists of a namespace, the name and optionally a subdomain. The Blockchain Naming System is an application used to register human-readable, globally unique names with accounts on the Stacks blockchain. Applications Blockchain Naming System (BNS) The main Stacks blockchain launched in Jan 2021. Blockstack PBC, a company working on the Stacks technology, raised around $75 million through a mix of venture capital and token sales. STX became the first SEC qualified token offering in 2019. Stacks project was originally started by Muneeb Ali and Ryan Shea as Blockstack. Stacks (STX) token is the native cryptocurrency of the Stacks blockchain, which is used as gas fee for executing smart contracts and processing transactions. Software developers have used the Stacks software to build decentralized alternatives to popular services. ( August 2021)Ĭoncerns around internet privacy, security, and data breaches brought attention to the Stacks project.
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