I believe that in the future Blockstack/Stacks may create a new internet that we do not know yet.


Why have I been interested in Bitcoin for several years?

If you are reading my blog, you must have heard about Bitcoin. Many people consider it to be digital gold or internet money. There is certainly a lot of truth in this. I believe in fundamentally valuable projects and Blockchain technology. That's why I've been interested in Bitcoin since 2012.

Now imagine a piece of gold lying on your desk. It will not create something extra for you, e.g. after a year there will be no silver coins next to it. Just like Bitcoin, which so far by itself has not generated any additional value except that its price has fluctuated.

What if Bitcoin and its owners were put to work? It would be possible by mass adaptation and economies of scale to create additional value like those silver coins that will appear next to the gold bar. Well, there is already a project that, based on the Bitcoin ecosystem, adds additional utility to it. That project is Blockstack.


What is Blockstack?

As I mentioned above, Blockstack is a platform whose task is to increase the usefulness of Bitcoin and add value to it and its users. So that each of us can benefit from it.

Blockstack is like another layer built on the foundation of Bitcoin. This project is based on trust and security provided by Blockchain technology and Bitcoin itself.

At Blockstack, there are already various applications, tools and solutions similar to the ones we use every day. There are several hundred of them. Thanks to this, Bitcoin will gain utility and a wider adaptation that it lacks now.

So a decentralized Internet is created, which is in the hands of users while maintaining their privacy.

It all sounds very lofty doesn't it? You will certainly ask how it works? This is possible thanks to Stacks and the PoX (Proof of Transfer) mechanism.


What is Stacks and PoX?

I have outlined above the theoretical assumptions of the Blockstack project. In this paragraph, I will explain how it works in practice. How Blockstack intertwines with Bitcoin.

Well, there is a blockchain Stacks 2.0 secured by the PoX (Proof of Transfer) mechanism, whose task is to easily connect the existing Bitcoin ecosystem with our reality and Blockstack applications.

(PoX = spend BTC, receive STX)

As you can see in the PoX formula, the well-known Bitcoin and STX tokens representing the blockchain Stacks are well-known to us.

STX token holders (Stackers) will receive Bitcoins as a reward for stacking them. On the other hand, people who want to secure the network with the deposited Bitcoins have a chance to receive tokens in the VRF 500 STX competition.

In this way, both BTC and STX are transferred from one user to another. It is a two-way action that is similar to a Win-Win strategy in which both sides win.

  

Summary

I believe that in the future Blockstack may create a new internet that we do not know yet. And the project itself is certainly one of the most interesting for the coming years.

new internet

I encourage you to test the Blockstack project. For a good start, you can e.g. create your unique ID in a Blockstack project for free thanks to Blockstack Connect on this page: https://app.co

 

Thanks to this, you will be able to use decentralized applications. I recently tested a Blog application. You can check my entries here.

 

My ID on Blockstack is: jkopenart.id.blockstack

 

If you are interested in stacking and receiving Bitcoin rewards for it, you can download the Stacks Wallet. You can download the wallet from this page https://wallet.blockstack.org/

 

When you find that you identify with the Blackstock project and the idea behind it, you can help educate others by joining, for example, the Freehold community. Details can be found at: https://www.joinfreehold.com/

 

I also recommend that you obtain more information from the following sources:

https://www.blockstack.org/

YouTube: Dzienna Dawka Dyskonfortu

https://www.joinfreehold.com/

 

 



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