Stacks announces major partnerships following mainnet launch

Foundry Digital and Blockdaemon are backing the launch of Stacks 2.0.

Stacks, an open-source network for building smart-contract and DeFi bridges to Bitcoin (BTC), has secured several major partnerships in the wake of its mainnet launch — sending a strong signal that industry players are keen to back new use cases for BTC.

The Stacks 2.0 mainnet officially launched on Thursday, bringing the promise of new use cases for Bitcoin based on the Clarity smart contract language. As Cointelegraph reported, Stacks 2.0 is attempting to broaden Bitcoin’s utility beyond the digital-gold narrative to include decentralized finance and smart contracts. That includes putting to work the roughly $700 billion in Bitcoin capital currently on the sidelines.

Foundry Digital, a Digital Currency Group company, has since announced that it will provide mining services for STX, the native cryptocurrency of the Stacks ecosystem. Foundry said the move sends a “clear signal to miners about the opportunity to mine STX.”

Foundry was one of several independent miners to launch the Stacks 2.0 network on Thursday.

Blockdaemon, a blockchain infrastructure platform, has also announced integration with Stacks 2.0, which will allow institutions and investors to become node operators.

“We are currently witnessing unprecedented institutional investment into the crypto sphere, demonstrating the need for enterprise-grade infrastructure to connect and scale blockchain networks,” said Blockdaemon CEO Konstantin Richter.

Regarding Stacks 2.0, he added:“We’re aligned in our vision of building Web 3.0, and look forward to seeing the network deliver a truly decentralized and user-owned internet.”

Stacks 2.0 is based on a proof-of-transfer, or PoX, consensus mechanism. The novel mining system utilizes proof-of-work to create new blockchains that are rooted in Bitcoin’s security. Stacks co-founder Muneeb Ali said that PoX can incentivize network participation by offering Bitcoin rewards, something that wasn’t possible before the protocol was conceived.
http://dlvr.it/Rqjv53

You might be interested in …

Liquidators seek expanded probe of alleged South African Bitcoin scheme

Uncategorized

Liquidators of the embattled Mirror Trading International want a deeper probe of the alleged Bitcoin multi-level marketing scheme. Less than a month after a Cape Town High Court granted a provisional order of liquidation against Mirror Trading International, the liquidators are seeking expanded powers to investigate the company and recover investor funds. According to Herman […]

Read More

Crypto Regulation Commences in Serbia: Trading, Mining Legalized

Uncategorized

Serbia has started regulating the crypto industry as the country’s law on digital assets has gone into effect. It requires cryptocurrency service providers to obtain a license and legalizes crypto activities, including trading and mining. Serbia Starts Regulating Cryptocurrency Serbia’s recently adopted Law on Digital Assets went into effect last week with a publication in […]

Read More

German Stock Exchange’s Crypto Trading App Surpasses $1 Billion Volume This Year

Uncategorized

Cryptocurrency trading on the app provided by Germany’s second-largest stock exchange, Boerse Stuttgart, has hit record volumes. One billion euros in cryptocurrencies have been traded on the exchange’s crypto trading app, Bison, so far this year. 1 Billion Euros Crypto Trading Volume Germany’s second-largest stock exchange, Boerse Stuttgart, announced Monday that its cryptocurrency trading app […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php