The top NFT collection on Ethereum is CryptoPunks which has done about one million ether worth of volume, or about $1.3 billion at press time. It has traded a total of 4.3m STX, or at the current price of STX about $1.4 million. The largest collection of all time found there is the ‘Megapont Ape Club,’ which is a reminder of how all great artists create. There are of course other NFTs on Stacks, including the Gamma marketplace, which hopes someday soon to integrate native bitcoin payment. Stacks users complain that the working group brought together to advance the BNS ecosystem are “missing in action.”.They are difficult to trade, requiring special escrow contracts.It’s broadly analagous to the Ethereum Naming Service, but currently has some troubling limitations. One of the most popular use cases for NFTs on Stacks has been for the Blockchain Naming Service. Even other chains that try to explicitly enable DeFi for Bitcoin, like Liquid and RSK, have 3,500 and 3,100 respectively. This compares to over 244,000 bitcoins currently used for wBTC on Ethereum, and 16,000 bitcoins currently wrapped in Sollet for Solana. These user experience hurdles have probably contributed to the anemic usage of xBTC with less than 250 total bitcoins currently in use. In the future it hopes to be able to use atomic swaps to make it easier to onboard bitcoin into xBTC using something like the ‘ Magic‘ protocol, to make it easier to swap between bitcoin and xBTC. You can also acquire your STX by doing a submarine swap using a service like LN SWAP from Bitcoin. In order to use Bitcoin in most Stacks applications you need to first acquire xBTC - a wrapped form of bitcoin that was listed on OkCoin less than a year ago and now has zero 24h volume.Ĭurrently if you have dollars or bitcoin and want xBTC, the easiest way to do that is to purchase STX on an exchange, transfer that STX to your wallet, then use a protocol like Alex to then swap your STX for xBTC. The marketing of Stacks repeatedly emphasizes the idea that it’s secured by Bitcoin, but that truly only means “ as a way to store history.“ Is it “for Bitcoin?” It’s still possible for a change in the Stacks client to happen and for previous state to be declared invalid. What this practically enables is the ability to better recognize bad actors. So, Stacks uses Bitcoin as an additional data availability layer, making it possible for someone who can access the Bitcoin blockchain to determine which Stacks blocks have been broadcast and built on. However, recently the chain has been struggling as users attempt to register names using the Blockchain Naming Service - which made us wonder, how well does this work? Is Stacks as secure as they say?įundamentally, Stacks is connected to Bitcoin because the ‘miners’ who participate in the process of securing the Stacks blockchain write their block headers to the Bitcoin blockchain using OP_RETURN when they ‘commit’ their Bitcoin to mine. The Stacks chain uses the STX token as its native token. Stacks is marketed as enabling “DeFi, NFTs, apps, and smart contracts for Bitcoin.” It’s a blockchain that tries to share in some of Bitcoin’s security by writing blockheaders into the Bitcoin blockchain.
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