Stacks blockchain

Stacks project, formerly Blockstack, is an open-source platform to build smart contracts and decentralized blockchain applications.[1] Stacks blockchain connects to Bitcoin to enable apps and smart contracts.[2] In addition to smart contracts, the Stacks project provides open-source software for authentication, and data storage.[3]

Design

Concerns around internet privacy, security, and data breaches brought attention to the Stacks project.[4] Software developers have used the Stacks software to build decentralized alternatives to popular services.[5][6][7] Stacks (STX) token is the native cryptocurrency of the Stacks blockchain, which is used as gas fee for executing smart contracts and processing transactions.

History

Stacks project was originally started by Muneeb Ali and Ryan Shea as Blockstack.[8] STX became the first SEC qualified token offering in 2019.[9][10] Blockstack PBC, a company working on the Stacks technology, raised around $75 million through a mix of venture capital and token sales.[8] The main Stacks blockchain launched in Jan 2021.[11]

Applications

CityCoins

The CityCoins project has 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 $21M at the time.[14] MiamiCoin's value crashed, and so Stacks donated $5.25 million to the City of Miami.[15]

References
  1. Corbyn, Zoë (2018-09-08). "Decentralisation: the next big step for the world wide web". The Observer. ISSN 0029-7712. Retrieved 2019-10-05.
  2. "Blockstack anchors to Bitcoin network with new mining algorithm". ZDNet.
  3. Mühle, A.; Grüner, A.; Gayvoronskaya, T.; Meinel, C. (November 2018). "A Survey on Essential Components of a Self-Sovereign Identity". Computer Science Review. 30: 80–86. arXiv:1807.06346. Bibcode:2018arXiv180706346M. doi:10.1016/j.cosrev.2018.10.002. S2CID 49867601.
  4. Singh, Harminder (1 October 2017). "'New internet' looks to keep user data away from tech giants and bypass China censorship". South China Morning Post.
  5. Fung, Brian (23 March 2018). "The new technology that aspires to #DeleteFacebook for good". The Washington Post.
  6. Dillet, Romain (5 September 2018). "Stealthy wants to become the WeChat of blockchain apps". TechCrunch`.
  7. Simonite, Tom (5 March 2018). "The Decentralized Internet Is Here, With Some Glitches". Wired Magazine.
  8. "Blockstack raises $52 million to build a parallel internet where you own all your data". VentureBeat. 2017-12-04. Retrieved 2021-06-22.
  9. SEC. "PART II — INFORMATION REQUIRED IN OFFERING CIRCULAR". www.sec.gov. Retrieved 2021-06-22.{{cite web}}: CS1 maint: url-status (link)
  10. Vigna, Paul (2019-07-11). "SEC Clears Blockstack to Hold First Regulated Token Offering". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-06-22.
  11. Chavez-Dreyfuss, Gertrude (2020-12-07). "Blockstack's digital currency 'Stacks' to be tradable in U.S. once new blockchain arrives". Reuters.
  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.
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