The founder of Stacks, a blockchain designed to scale bitcoin, just revealed that a major upcoming upgrade of the network is on the horizon.
Muneeb Ali, co-founder of Stacks and CEO of Trust Machines – a company developing applications on bitcoin and related networks, announced in a post on X that the upcoming sBTC token of the network may launch as early as next month.
“Early December is the target and it seems to be on track for the sBTC v1 release, with more upgrades to come in January and thereafter,” Ali wrote.
Stacks introduced sBTC as a solution to the “writing problem” of bitcoin, meaning the difficulty in writing data directly onto the main bitcoin chain, which is essential for decentralized finance applications. According to Stacks' announcement, sBTC will “allow smart contracts to automatically send sBTC to a BTC address, where it can be converted to BTC.”
Simply put, sBTC will provide a competitive option for other wrapped bitcoin forms, allowing token use in decentralized applications, such as wBTC and cbBTC, which are provided by centralized custodians. Stacks believes that the new decentralized two-way peg mechanism of sBTC will create value by providing a more suitable alternative that aligns with the decentralized philosophy of bitcoin.
The whitepaper of Stacks refers to wBTC as “…entrusted to a single custodian organization and thus contrary to the [decentralized] philosophy of Bitcoin,” although its ownership has changed since the whitepaper was published. In contrast, the whitepaper describes sBTC as “a decentralized BTC peg asset operated by a dynamic set of non-permissioned participants with clear economic incentives to operate the peg correctly.”
“The Bitcoin rail can be upgraded through Layer-2 solutions... This could open up various use cases and make capital more efficient – which will increase the value of bitcoin,” Ali shared in an interview with The Block in March this year.
Source: https://tapchibitcoin.io/stacks-du-kien-ra-mat-nang-cap-sbtc-vao-dau-thang-12.html
