Introduction-
Stacks ecosystem is a comprehensive platform that extends Bitcoin’s functionality by enabling smart contracts, decentralized applications (dApps), and digital assets on top of the Bitcoin blockchain.
In simple words, Stacks is trying to make Bitcoin more than the digital money.
It aims to enhance Bitcoin, its services and functions. It increases Bitcoin’s functionality by enabling smart contracts, decentralized applications (dApps), and digital assets on top of the Bitcoin blockchain.
Stacks enables the creation of digital assets that are directly tied to Bitcoin addresses. This means that users can create and manage tokens and other digital assets using their Bitcoin wallets.
Stacks powers atomic BTC swaps and assets owned by BTC addresses. Atomic swaps are peer-to-peer exchanges of cryptocurrencies from different blockchains without the need for a trusted third party. It means Stacks allows the direct exchange of BTC for other assets on the Stacks blockchain without needing any middleman.
Blockchain
STX uses its own blockchain, the Stacks blockchain but it connects to bitcoin for security. Stacks enhances Bitcoin by enabling smart contracts and decentralized applications (dApps) without modifying Bitcoin itself. It uses the Bitcoin blockchain as a secure base layer.
So Stacks uses its own blockchain but with its close integrity to BTC, Stacks is bringing functionality of smart contracts and decentralized applications to the Bitcoin ecosystem while providing additional features and capabilities.
* Some unique facts about Stacks-
* Greyscale, one of the world's largest digital asset management firms, has included Stacks (STX) in its portfolio of investment products. Greyscale also launched a Stacks Trust, which lets big investors get involved with STX without needing to buy, store, or handle the cryptocurrency themselves.
Basically Greyscale is endorsing Stacks as Stacks is totally connected to Bitcoin.
*No entity in the market holds more than 10% of the circulating STX supply. Even the early investors and entities typically hold less than 5%. These statistics are self-reported and gained from on-chain data, which naturally updates over time.
* Muneeb Ali, the co-founder of Stacks, spoke at TEDx in 2016. In his talk, he discussed the potential of blockchain technology to create a user-owned internet and how Stacks aims to bring smart contracts and decentralized applications to Bitcoin.
* Future plans-
STX is planning to launch sBTC that will be backed by BTC with 1:1 ratio. It is also working towards reducing transaction fees and increasing the speed of transactions on the Stacks blockchain. Another focus is implementing and supporting Layer-2 solutions to improve the scalability and transaction on Stacks network.
* Technical Analysis-
The price is struggling to break out of the descending channel. We are waiting for the price to move above this channel. Currently, it is still trading below the 100-day moving average. To start an uptrend, the price needs to flip this level, as it has acted as strong resistance. If the price fails to break out, we can expect possible bearish movement and continued trading within the channel for a while.
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