It does this by connecting directly with the Bitcoin blockchain through its proof-of-transfer (PoX) consensus mechanism, which has miners pay in BTC to mint new Stacks (STX) tokens. Stacks looks to take what makes Bitcoin so powerful, and extends it with additional functionality, without needing to fork or change the original Bitcoin blockchain.
Stacks of money pictures software#
Prior to his role at Stacks, Shea worked as a software engineer. The second co-founder of the platform, Ryan Shea, also served co-CEO between 20, before disembarking from the project to pursue other ventures - including co-founding a new tech startup that is currently operating in stealth. After graduating from Princeton University with an MA and PhD in computer science, Muneeb Ali co-founded Stacks in 2013, and still works with the platform today as the CEO of Hiro Systems PBC. It was developed by Blockstack PBC, which has its headquarters in New York.īlockstack PBC now operates under the name Hiro Systems PBC and joins a wide range of companies building on Stacks' platform.īlockstack PBC was founded by Muneeb Ali and Ryan Shea. Stacks was initially funded by a range of prominent venture capital funds, including Y Combinator, Digital Currency Group and Winklevoss Capital. The mainnet for Stacks 2.0 launched in January 2021. The platform was formerly known as Blockstack, but was rebranded to Stacks in Q4 2020 in order to "separate the ecosystem and open source project from Blockstack PBC" - the company that built the original protocols. The platform is powered by the Stacks token (STX), which is used for fueling the execution of smart contracts, processing transactions and registering new digital assets on the Stacks 2.0 blockchain. Since Stacks uses Bitcoin as a base layer, everything that happens on the network is settled on the most widely used arguably the most secure blockchain in operation - Bitcoin. These DApps are open and modular, meaning developers can build on top of each other's apps to produce features that are simply not possible in a regular app. These smart contracts are brought to Bitcoin without changing any of the features that make it so powerful - including its security and stability. Stacks is a layer-1 blockchain solution that is designed to bring smart contracts and decentralized applications ( DApps) to Bitcoin (BTC).
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