According to BlockBeats, the core development team of Stacks Nakamoto has announced that 90% of their development work is complete. The team is now making final preparations for the official launch slated for July 15th.
The Stacks project, which began in 2013, was the first Layer2 project on Bitcoin. However, due to the Bitcoin UTXO transaction model, the transaction efficiency of Stacks was relatively low, unable to meet the rapidly growing demand of the Bitcoin Layer2 ecosystem. The Stacks Nakamoto upgrade is expected to achieve transaction speeds of around 5-10 seconds, a significant improvement of approximately 100 times the current transaction speed.
This development is a significant milestone for the Stacks project and the broader Bitcoin ecosystem. The upgrade will not only enhance transaction speed but also improve the overall efficiency and scalability of the Bitcoin Layer2 ecosystem. The Stacks Nakamoto team's progress indicates a promising future for Layer2 projects on Bitcoin, potentially leading to more efficient and faster transactions for users.