Stacks releases two whitepapers: STX price shoots up 31%

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  • The Stacks blockchain was designed to bring smart contracts and dApps to bitcoin.
  • Stack is providing a way to transfer assets out of bitcoin using smart contracts.
  • Its release today furthers its aim of making bitcoin a more programmable smart contract hub.

STX priceStack, the native token of the blockchain, is up more than 143% over the past week in addition to a 31.73% jump today at press time. The main reason for today’s stack price increase Two major white papers released by Stack Blockchain as it continues with its goal of making bitcoin blockchain A more programmable smart contract hub.

Stacks’ is a layer-1 blockchain solution that aims to bring smart contracts and decentralized application (dApps) functionality to the bitcoin blockchain. Bitcoin by design is a proof-of-work (PoW) blockchain with no in-built smart contract capability.

two stacks of white paper

The first whitepaper release is titled “sBTC Whitepaper” while the second whitepaper release is titled “Stack Whitepaper”.

The sBTC whitepaper introduces a new proposed asset referred to as sBTC that would act as a trustless two-way bitcoin peg to allow instant transfer of assets off and on the bitcoin blockchain. In essence, SBTC will allow bitcoin to become a more secure web3 hub by enabling trusted writing and movement of bitcoin in and out of the bitcoin layers. Transactions will be secured using 100% bitcoin hash power.

sBTC is a complement to Stack 2.0 which introduced “read” access to the bitcoin protocol.

The Stack whitepaper (Nakamoto release) adds significant capabilities to the Stack protocol to enhance its power as a bitcoin layer. The whitepaper presents a number of changes to be made to the Stack protocol to enable trustless functionality of the newly proposed sBTC asset.

While the release of the two whitepapers is a major milestone for Stack, it is also a major boost for the bitcoin economy. sBTC will usher in a new era of bitcoin applications, which in turn will unlock $300B+ in hidden capital within the bitcoin ecosystem for Web3 and also accelerate the development of the bitcoin economy.

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