The value of STX, the native token of the Stacks blockchain, has increased by more than 143% in the previous week and by 31.73% at press time. Today’s Stacks value surge is primarily due to two major whitepaper releases by the Stacks blockchain. It continues to pursue its goal of making the BTC blockchain a more programmable good contract hub.
Stacks is a Layer-1 blockchain solution that aims to improve the performance of decentralized applications (dApps) on the Bitcoin blockchain. Bitcoin is a proof-of-work (PoW) blockchain by design, with no built-in good contracts capabilities.
Whitepapers for the 2 Stacks
The first whitepaper launch is called “sBTC whitepaper,” and the second is called “stacks whitepaper.”
The primary whitepaper introduced a newly proposed asset known as sBTC, which can function as a trustless two-way Bitcoin peg, allowing for the quick transfer of assets to and from the BTC blockchain. Essentially, the sBTC will enable Bitcoin to become a more secure Web 3.0 hub by helping trustless writing to BTC and moving Bitcoin out and in of Bitcoin layers. 100% of Bitcoin hash energy can be used to secure transactions.
The sBTC improves on Stacks 2.0, introducing “learn” access to the Bitcoin protocol.
The stacks whitepaper (Nakamoto Launch) adds critical capabilities to the Stacks protocol, allowing it to function more effectively as a BTC layer. The whitepaper introduces lots of changes that could be made to the Stacks protocol to enable the trustless performance of the newly proposed sBitcoin asset.
While releasing the 2 whitepapers is a significant milestone for Stacks, it is also a substantial boost for the Bitcoin financial system. sBTC will usher in a new era of Bitcoin applications, which has the potential to unlock $300B+ in latent capital for Web3 and accelerate the growth of the Bitcoin financial system.
