The Stacks Network is a Layer2 blockchain designed to bring smart contracts and decentralized applications to Bitcoin. It operates by periodically committing its transaction state to the Bitcoin blockchain, leveraging Bitcoin’s security for its own operations. This network enables the creation of decentralized finance applications and non-fungible tokens directly secured by Bitcoin. Its native token, STX, is used for transaction fees and network consensus.
Context
The primary discussion regarding the Stacks Network involves its capacity to extend Bitcoin’s programmable functionality without altering the base layer protocol. Debates often concern the technical specifics of its Proof of Transfer consensus mechanism and its interoperability with Bitcoin. Critical future developments include increased developer activity on Stacks, leading to a broader ecosystem of Bitcoin-secured applications and further integration with the main Bitcoin chain.
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