Bitcoin is software and can be programmed like any software. As Kriptokoin.com, we will focus on the Blockchain project Stacks, which enables Bitcoin to be programmed. In this article, you can access answers to questions such as what Stacks is, what it offers, what is STX coin, how to get it, what is it used for. Let’s examine the project together.
What are stacks?
Stacks is a layer-1 solution that aims to increase the potential of Bitcoin through smart contracts and decentralized applications (dApps). The project provides various services to investors, such as building a financial system on the Bitcoin network. The local cryptocurrency of the project, which started with the motto of “a better internet built on Bitcoin”, is STX coin. The network uses this cryptocurrency to register new digital assets, speed up the processing of smart contracts, and process transactions.
Stacks makes it possible to create digital assets linked to the Bitcoin blockchain and economy. The project, which also has services in the field of decentralized finance (DeFi), gives Bitcoin rewards to users through staking. The project uses a new smart contract programming language called Clarity to offer all the mentioned features to its users. This language is also used by the popular blockchain Algorand. Clarity allows easy and secure design of smart contracts.
What is STX coin? What is it used for?
STX coin is a token that works as the native cryptocurrency of the Stacks project. The maximum supply of the token is capped at 1.81 billion units. STX holders can use their tokens to perform various transactions and gain benefits within the network. Among these advantages, staking comes first. Users can earn passive income with Bitcoin at maturity by locking their STX holdings with a certain maturity.
In addition, users who want to create tokens on the network have to pay with STX coin. STX is also a payment method for deploying smart contracts. At the time of writing, STX coin was the 61st largest cryptocurrency with a market cap of $1.62 billion. In addition, 1.31 billion tokens were in circulation, corresponding to 72% of STX’s maximum supply.
What are the advantages?
- STX coin holders can stake their tokens via smart contracts. This means that assets can be locked to a certain expiration date, earning additional token rewards at maturity. In the Stacks project, staking rewards are given in Bitcoin.
- Transactions made through the platform occur very quickly. STX users can complete the transaction in just a few minutes, even for cross-border asset transfers.
- The platform makes it possible to generate digital assets tied to Bitcoin through smart contracts.
- Recently, the Unbanked platform announced that it supports the Stacks network and STX coin for new debit cards.
What are the disadvantages?
- The project is not suitable for users with basic knowledge of blockchain technology. Participants of the network have to learn various processes that require knowledge, such as creating smart contracts and testing these contracts.
- The popularity and value of the network is directly related to Bitcoin adoption. A negative experience in the Bitcoin network can directly affect Stacks.
What are stacks? How to get STX coins?
STX coin currently; It is listed by many major and reliable cryptocurrency exchanges such as Binance, KuCoin, Crypto.com, ByBit, and Gate.io. Investors interested in the Stacks project should be a member of one of these exchanges. Investors who have fully signed up and deposited a fiat currency such as lira or dollars in their wallets can purchase the token.