On January 15th, Stacks 2.0, which was upgraded by the distributed computing network Blockstack, was officially released. After this upgrade, developers will be allowed to build decentralized applications based on Bitcoin to help release the value of Bitcoin on the chain.
Dr. Muneeb Ali, Co-founder of Stacks and CEO of Hiro PBC, said: "The launch of Stacks 2.0 marks a future that many people think is impossible. It is a way people can build applications on Bitcoin and use their innovative ideas. Bring it to the Bitcoin network and unleash its full potential in the future.”
Stacks 2.0 has been tested and audited by independent security companies for several months before its launch. It is worth noting that PoX enables STX holders to receive Bitcoin rewards on a regular basis in exchange for actively supporting consensus on the network.
"The Stacks community is working to build a common goal of a user-owned Internet. I believe this is only the first step. I believe that PoT (Proof-of-Transfer) has the potential to make the economy around Bitcoin possible and actually ensure The future of the Internet on the Bitcoin blockchain.”
This historic launch will also mark that the Stacks network has reached the status described in the summary of the legal memo drafted by WSGR and published by the then Blockstack PBC, which outlines how STX can get rid of the definition of "securities" in accordance with US law. After obtaining the SEC-certified US$15 million Reg A+ securities issuance and the US$18 million Reg S issuance, the Stack network has experienced the first legal and technical decentralization process.
Meaning for Bitcoin
Due to its limited scripting language, although Bitcoin is the most secure blockchain, it also limits the possibilities of smart contract tools and other innovations on the network. Stacks 2.0 bridges the gap between security and scalability, enabling smart contracts and other Web3 applications written with clarity to inherit the security of the Bitcoin blockchain.
For the broader Bitcoin ecosystem, this means that new DeFi and Web3 applications can be clearly written and deployed on Bitcoin, which may activate nearly $627 billion in passively locked-in Bitcoin capital. In the future, a large amount of liquidity can be used to build local Bitcoin definition applications based on Bitcoin security and language (clarity) designed to be predictable and safe, both of which have advantages over current definition tools.
Why you need Stacks
Stacks 2.0 is essentially a Bitcoin toolkit. Stacks cryptocurrency is used as gas to execute smart contracts, and Stacks miners maintain the state of smart contracts and other data outside the Bitcoin blockchain. Supporting the stack blockchain in the trusted base layer enables the stack to extend flexible tools such as Clarity to developers. In turn, this will open the door to this ecosystem, attracting an astonishing amount of spectator capital. By using Bitcoin as the settlement layer for Stacks 2.0 smart contracts and applications, more developers can create unreliable Web3 applications based on the most tested blockchain-Bitcoin.