Stacks is one of the Bitcoin solutions that aims to bring smart contracts and decentralized applications to the Bitcoin ecosystem.
Due to the influence of the recent Bitcoin NFT agenda, Stacks has been widely discussed, and as a result, the price of Stacks token STX has skyrocketed in a few hours.
On the morning of the 20th, stacks founder muneeb shared the detailed stacks forecast and schedule on Twitter.
# sBTC approved by SEC, smart contract
According to Munib, the Stacks team was originally a group of Bitcoin builders and has extensive experience building applications and protocols on top of Bitcoin.
Stacks has been focused on scaling new transactions or requests on Bitcoin since the block capacity wars started in 2017.
According to a report by Blocktempo, Munib explained, “The difference between Stacks and Lightning Network, which belongs to Bitcoin Layer 2, is that Lightning Network is a peer-to-peer network used for payments, while Stacks is more like L2 chain used for smart contracts.”
Stax for the issuance of the STX token also received permission from the SEC, which was unprecedented at the time. The decentralization project implemented before the mainnet was launched. STX was used as a reward for sBTC pegging miners and signers and served to support decentralized mining and signatures. When sBTC is launched, users will be able to spend it in most wallets and apps.
# NFT expansion based on Bitcoin blocks
Munib noted that the next version, due this year, will add decentralized BTC faking, which makes it easy to transfer Bitcoin (BTC) in and out of Stacks L2. At the same time, it plans to have a security upgrade that determines finality with 100% Bitcoin hash power.
Best of all, he said, the next version will improve the block speed so it can no longer be limited by the Bitcoin block time.
Meanwhile, Munib mentioned that Ordinals, an NFT Bitcoin protocol that has recently gained market attention, could be complementing Stacks.
As for L1’s own scalability limitations, Stacks added that it provides a clear expansion path, such as the Xverse wallets and Hiro Wallet that already support Ordinals.
Meanwhile, Stacks token STX has maintained between $0.35 and $0.4, but after yesterday’s tweet, it increased to $0.84 and is now at $0.626, up 53.87% over 24 hours.
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