Stacks has been around since 2018 and bill themselves as a layer 2 for Bitcoin, similar to the Lightning Network. The Stacks blockchain runs in parallel with Bitcoin’s blockchain and allows NFTs, DeFi, and other dApps to be built on Bitcoin. In other words, they bring smart contracts and dApps to Bitcoin. Deep dive into Stacks
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This brutal crypto winner started with a Lot of centralized players and sought Any power and then abusing it to serve Their own Ponzi schemes I mean purposes But even after all the fun and fraud We've seen recently an old friend is Bringing the fun back to bitcoin and Might be just what we need to chase away Those bear Market Blues with some silly Wizard magic to boot let's get it Thank you [Music] [Music] Welcome to book boy crypto my name is Ben today we're going to be trying to Find out how stacks Stacks up Stacks or block Stacks has been around Since 2018 and built himself as a layer 2 for Bitcoin similar to the lightning Network Stacks blockchain runs in parallel with Bitcoin's blockchain and allows nfts Devite and other dapps to be built on Bitcoin in other words they bring smart Contracts and dapps to bitcoin tax token Or STX is the native token of the stacks Blockchain as I said Stacks has been Around for a while but it wasn't until Recently that the project really caught The spotlight the now famous Bitcoin Ordinals Community are closely tied to Stacks as a result of the attention These magical wizard friends have
Conjured the sax token has jumped over 250 percent from January to March of This year those are some fat stacks for Sure but since then the Arnold's Mania Has begun to wane somewhat and so has The price of STX Now trading at just over 50 cents and Sitting at number 51 on coin market cap And I want you guys know that we as a Company do have a bag of stacks in our Portfolio And also I worked with Stacks in the Past but this video is not paid Promotion and the information here is Where educational purposes only Stacks was originally founded under the Name block Stacks in 2013 By munib Ali And Ryan Shea a couple of computer Scientists out of Princeton University The project came out of munib's doctoral Thesis which described a way to build a New version of the internet centered Around the Bitcoin blockchain talk about Visionary blog Stacks is unique in the Crypto space for one specific reason it Went through all the SEC Hoops of being Registered as a security for their Ico Back in 2019 and they were the first to Do so the reg A-Plus sale of tokens to Non-accredited investors was the first Of its kind too but was the juice worth The squeeze probably not because just a Year later block Stacks rebranded Stacks In October of 2020 and SEC paperwork
Filings were no longer being processed By Hero PBC the parent company of stacks After all that song and dance crypto and The SEC Shenanigans STX is no longer Security is traded all over the world What a mess just shows how corrupt Things Are in the United States Government But the upside of this mess is the Battles with the SEC are behind stacks For the foreseeable future and that is Putting air under the wings of the token Price recently more on that later and Make sure guys go ahead and smash that Like button make sure to subscribe to The channel make sure a proud member of The bit Squad and lets you stay up to Date with the latest need to know info In the wonderful world of crypto Okay so enough history lessons let's Talk technicals and get comfortable Because there are a lot of them Stacks uses a proof of transfer Consensus mechanism this is a variation On their previous proof of burn or pob Mechanism with proof of burn miners burn Bitcoin to get STX and they have token The more Bitcoin they burn more blocks They can mine however improve of Transfer they transfer the Bitcoin to Other users of the network instead of Burning it then a randomly selected Miner gets to validate the block on the Stack's blockchain and voila consensus
In parallel with Bitcoin just like Nature intended the reward for Validating is paid in STX and one Randomly chosen STX token Holder will Receive the transfer Bitcoin in order to Be eligible to get the Bitcoin users Must stack or stake their STX that's Where we get the name stacks sorry I Know that was a long walk stack is Basically another name for staking STX Is that Udiotic Well who do you be the judge of that [Music] [Music] [Applause] Now if you know Bitcoin you know its Block times are around 10 minutes a big Problem for scaling but Stacks has a Solution they have anchor blocks that Are in line with the Bitcoin 10 minute Output Stacks also has micro blocks Which integrate into their normal blocks This makes Stacks more scalable it's Complicated but the gist of it is they Figured out a clever way to scale Bitcoin without totally sacrificing Security an impressive technical feat to Be sure Smart contracts on Stacks are written in Clarity ironic a language developed in Partnership with algorand smart contract Data generated by the stacks blockchain And is stored off chain in a
Decentralized data storage solution Called Gaia data is linked to a unique Wallet address and only the holder can Give permission to access their data These guys really thought of everything There's a lot more technical info out There on this tax ego system and what They have going on so if you're Interested in mining or stacking on Stacks I encourage you to look into it For yourself there's a ton more to learn It's genuinely impressive what they've Been building on bitcoin okay that's how The fundamentals stack up now let's see If the pump of minerals pile high too Stack blockchain's native STX token Jumping from 20 cents nearly 1.20 in February March things to Hype around Bitcoin FTS and an announced upgrade to The project the STX token dilutes at About 2.5 annually the inflation rate Reduces after the Bitcoin having which Is expected in March 2024. that's pretty Low inflation compared to most other Projects which is bullish it's also Bullish to hit the like and the Subscribe button so make sure to Subscribe to the channel stay in the Know about crypto So where does the roadmap go from here Well the current strategy over its tax Is to make Bitcoin ordinals more Accessible to users by facilitating Minting processes and hosting
User-friendly marketplaces Stacks Foundation the team managing blockchain On February 22nd announced Stacks 2.1 an Upgrade to add evm compatibility and Synthetic Bitcoin through a secure Bridge to bitcoin these could be huge And greatly expand what's possible to Build on stacks Can you imagine little Wizards crossing A Bitcoin Bridge like a scene out of The Lord of the Rings ah I can feel the Maxi Rage already in addition to that the dot BTC naming service lives on this tax Network and these could drive a lot of Activity if they catch on in the same Way the ethereum name service did on Eve Big drawback here though is that for now At least users cannot send and receive Bitcoin at these dot BTC addresses like They can with a.ev address big adoption Hurdle there although we've seen a lot Of hype as bear market we've had a whole Heck of a hoot hanging out with the Wizards trolley Maxie's I'm still not Seeing a ton of organic activity on Stacks yet only around 1 000 unique Active wallets engage with apps on Stacks in February most dragging Stacks Usage data point for me was that gamma The leading NFC Marketplace on Stacks Had less than 100 wallets trading daily During the pump in February in their Defense developers in this tax ecosystem Like the experts team are working on a
Wallet to bring user-friendly ordinal Support they're also experimenting with Atomic swaps between Bitcoin and FTS and STX but so far the results don't quite Stack up to the tech those tax Strokes Are really stacking up I chalk this up Though to people losing interest in the Bear Market the real test for Stacks is Going to be can they get everything Ready in time for the next Bull Run and Can they win market adoption once it Comes taxes yet to deliver all the Functionalities required to support an FC trading ecosystem and it faces Competition from projects Ordinex is developing an ordinals Trading platform which will be Accessible for ethereum users through Metamask Unchained birds and sappy seals Have also inscribed the MTS on bitcoin And enabled trading on open C none of These have gotten huge adoption either But my point is Stax has competition Coming in hot While Stacks enjoys a technical Advantage ethereum has a loyal user base And a huge liquidity that can outperform Stack's ecosystem if they can find a way To deliver Another concern I see is that there are Still some barriers to entry for Miners And stackers on the stacks Network and It seems like has resulted in a lot of Big players leaving the network and
Retail being reluctant to participate Because they don't want to part with Their Bitcoin exchange for an altcoin And I get why that's a valid concern That causes a lot of people to hesitate Remember the words of the almighty Maxi Sailor you do not sell your Bitcoin All these things are soft problems that Stacks will have to solve and they won't Be able to code their way around Market Sentiment the next Bull Run will be Their big chance to realize their Initial vision of an Internet built on Bitcoin or see them get passed by by Other projects who just built better Market fit let me know Down Below in the Comments what you believe about stack City you think it has what it takes to Empty the internet Honeypot and bring Magic internet money to the masses or if You think they're impressive Tech is Going to get trampled and Stampede for The next Bull Run that's all I got be Blessed Big boy Big boy out [Music] [Music] [Applause] [Applause] [Music] Thank you [Music]