New Listing: Stacks (STX) Token

STX is the native token for the Stacks Protocol, which is used for fueling the execution of smart contracts, processing transactions and registering new digital assets on the Stacks 2.0 blockchain.

STX uses the Bitcoin blockchain as its base layer. As a Proof-of-Work (PoW)-based blockchain, Bitcoin uses the combined efforts of thousands of miners and nodes to protect the network against attacks by making it computationally and economically unfeasible to subvert the network.

The Stacks network aims to take one of the greatest qualities of the Bitcoin network and include an extension of functionality. Depending on the platform, it provides this service without the need to ford or change the original Blockchain. The platform is able to achieve this by connecting to the Bitcoin Blockchain directly through its proof-of-transfer (POX) consensus algorithm, which requires miners to make Bitcoin payments for new ones. Stack network participants can also stack (not stake) their STX tokens to earn rewards in the form of Bitcoin.

On top of this, Stacks was the first cryptocurrency to receive SEC qualification for a sale in the United States, allowing it to launch a $28 million Reg A+ sale cash offering for its STX tokens in July 2019.

What is Stacks? 

Stacks is an open-source, layer-1 blockchain solution that leverages the security and capital of Bitcoin for decentralized application (DApps) and smart contracts. These smart contracts are brought to Bitcoin without changing any of the features that make it so powerful — including its security and stability.

Instead of starting from scratch, Stacks extends Bitcoin with new functionality. Bitcoin is Stacks’ secure and robust base layer where all transactions are settled, and Stacks adds complex apps and smart contracts. Stacks apps can interact with Bitcoin state, so you can have an app that uses Bitcoin as its currency.

Stacks introduces a new smart contract programming language known as Clarity, which is designed to be both secure and easy to build with thanks to its unambiguous syntax.

The platform was formerly known as Blockstack, but was rebranded to Stacks in Q4 2020 in order to “separate the ecosystem and open source project from Blockstack PBC” — the company that built the original protocols.