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Bitcoin smart contract platform From Wikipedia, the free encyclopedia
Stacks, formerly Blockstack, is a blockchain platform for smart contracts, decentralized finance ("DeFi"), non-fungible tokens (NFTs), and decentralized apps ("DApps"). Stacks blockchain is a layer for bitcoin similar to the Lightning Network.[1]
Concerns around internet privacy, security, and data breaches brought attention to the Stacks project.[2] Software developers have used the Stacks software to build decentralized alternatives to popular services.[3][4][5] Stacks (STX) token is the native cryptocurrency of the Stacks blockchain, which is used as gas fee for executing smart contracts and processing transactions.[6]
Stacks project was originally started by Muneeb Ali and Ryan Shea as Blockstack.[7] STX became the first SEC qualified token offering in 2019.[8][9] Blockstack PBC, a company working on the Stacks technology, raised around $75 million through a mix of venture capital and token sales.[7] The main Stacks blockchain launched in Jan 2021.[10]
The Blockchain Naming System is an application used to register human-readable, globally unique names with accounts on the Stacks blockchain. A BNS name consists of a namespace, the name and optionally a subdomain.[11] Examples are muneeb.id, muneeb.btc and muneeb.id.blockstack.
In 2021, the CityCoins project 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,[needs context] valued at $21 million at the time.[14] MiamiCoin's value crashed, and so Stacks donated $5.25M to the City of Miami.[15]
As of March 2023, Bloomberg was reporting that CityCoin was facing a "quiet demise" as liquidity issues and a lack of interest caused both the New York City and Miami coins to be delisted from the OkCoin cryptocurrency exchange.[16]
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