The Stacks ecosystem is a collection of independent entities, developers and community members working to build a user-owned internet on the Bitcoin (BTC) blockchain. Stacks’ STX cryptocurrency was distributed to the general public through the first-ever Securities and Exchange Commission-qualified token offering in the United States.
Mitchell Cuevas, head of growth for the Stacks Foundation, held an exclusive ask-me-anything, or AMA, session with Cointelegraph Markets Pro users on Dec. 2. During the session, he discussed the Stacks blockchain’s technological capabilities, future growth and major developments.
Cointelegraph Markets Pro User: PoW [proof-of-work] blockchains are known to be the most secure. Does Stacks PoX [proof-of-transfer] match BTC security or are there other vulnerabilities?
Mitchell Cuevas: Stacks’ consensus recycles PoW already done to secure Bitcoin. It does this via Proof of Transfer, a mining mechanism that provides a new take on consensus, allowing for a Proof of Work chain to be leveraged and extended in new ways. As a result, all Stacks transactions settle on Bitcoin, enabling Stacks transactions to benefit from Bitcoin’s security. Every Bitcoin block, Stacks transactions are batched and hashed on the Bitcoin blockchain. In addition, the history of all Stacks blocks produced is recorded to Bitcoin.
CT Markets Pro User: With smart contract capabilities, how long before Stacks will be able to integrate NFTs, gaming, and metaverse experiences?
MC: This can already be done and is being done today. We see massive growth of NFTs, reaching…