Join Our Mailing List
Sunday February 05, 2023
Bitcoin (BTC) $23,339.25   Ethereum (ETH) $1,667.02
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Networks & Protocols

Blockstack opens Stacks 2.0 public testnet

Published by CryptoNinjas.net
04/23/2020
Blockstack opens Stacks 2.0 public testnet

Today, Blockstack PBC, the company building core protocols for Blockstack, a project for a user-owned internet, has officially launched the Stacks 2.0 Testnet. A key milestone on the road to the mainnet, this public testnet will allow blockchain developers and miners to participate in the deployment of Blockstack’s new consensus mechanism, dubbed Proof of Transfer (PoX), as well as trial Clarity smart contracts.

Blockstack PBC will work alongside potential miners and testers through testnet phases to prepare the network for the Stacks 2.0 upgrade by independent miners in mid-2020.

The Stacks 2.0 blockchain will have a unique design where it interconnects with the Bitcoin blockchain. PoX ties the Stacks blockchain to the security of the Bitcoin network by requiring BTC commitments instead of native Proof of Work mining. Instead of expending electricity and computing power to compete to earn newly minted STX tokens, Stacks blockchain miners will be able to participate in the leader election by committing BTC. Additionally, STX token holders will be able to participate in the consensus algorithm by locking up STX tokens and running a full node, further securing the network, and earning forwarded BTC from miners. The Stacks 2.0 testnet will allow interested node operators to trial Blockstack’s PoX mechanism by simulating both mining by forwarding free testnet BTC and by locking simulated STX to earn simulated BTC rewards.

Blockstack Founder Muneeb Ali said, “We view this testnet launch as a chance to battle test our newly announced Proof of Transfer consensus mechanism. Stacks 2.0 is our master design of a blockchain, the blockchain we wished existed when we were starting off. It anchors to Bitcoin for security and yet allows scalable transactions and full smart contracts. If we can pull off anchoring the Stacks blockchain to the Bitcoin network, it would have huge implications for how smart contract platforms choose their consensus mechanisms going forward. Until PoX, smart contract platforms have had to choose between starting new Proof of Work blockchains or doing Proof of Stake mining, both of which would not match powerful security guarantee of Bitcoin’s Proof of Work. A successful trial of Proof of Transfer would signal a viable third option that relies instead on Bitcoin as a foundation for Web3 going forward. It would literally create a new use case for BTC.

Privacy-focused applications will benefit from the additional capabilities of Stacks 2.0, which includes the release of Blockstack’s new smart contract coding language, Clarity. In 2019, the Blockstack network grew from 20 applications to more than 350. App developers will now gain access to the Clarity smart contract language and resources, including a series of tutorials. The testnet launch will also give developers a chance to earn bounty rewards for surfacing blockchain and smart contract bugs and vulnerabilities, writing useful smart contracts, developing tools, and more. Blockstack has set up five bug bounty phases leading up to the launch of the Stacks 2.0 mainnet and is offering rewards in BTC for identifying bugs or building specific tools and resources on top of PoX.

Stacks 2.0 mainnet launch is currently planned for summer 2020. If you would like to learn more about the Stacks 2.0 testnet please visit testnet.blockstack.org.

91
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Stacks Accelerator introduces 25 investments to expand dApp ecosystem built on Bitcoin

06/24/2021
Stacks Accelerator introduces 25 investments to expand dApp ecosystem built on Bitcoin

The Stacks Accelerator, a three-month mentorship program for building decentralized applications (dApps) on Bitcoin, today announced 25 investments across verticals such as privacy, decentralized finance (DeFi), sustainability, incentive rewards, music/art, and fertility. The Stacks...

Read more

Blockstack partners with Staked enabling STX holders to earn bitcoin

11/18/2020
Blockstack partners with Staked enabling STX holders to earn bitcoin

Blockstack PBC, an independent entity in the Stacks ecosystem that's bringing apps and smart contracts to bitcoin, announced today its partnership with Staked, an infrastructure services provider for institutions seeking to earn rewards on...

Read more

Daemon Technologies launches to bring new use case for Blockstack and bitcoin mining to Asia

08/31/2020
Daemon Technologies launches to bring new use case for Blockstack and bitcoin mining to Asia

Today, Daemon Technologies officially launched to serve the thriving cryptocurrency mining community in Asia. Daemon Technologies will help bring Blockstack’s mining mechanism, Proof-of-Transfer to the Asian market, giving miners a new way to earn...

Read more

Blockstack proposes new consensus which provides network rewards in bitcoin

01/22/2020
Blockstack proposes new consensus which provides network rewards in bitcoin

The team of Blockstack, a decentralized computing network and app ecosystem, recently proposed a potentially major improvement to the Stacks consensus algorithm. Stacks 2.0 is expected to launch in Q2 this year and is...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
Trust Wallet launches anticipated browser extension of its crypto management app

Trust Wallet launches anticipated browser extension of its crypto management app

11/14/2022
ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

02/02/2023
Where Exactly Can You Spend Monero Cryptocurrency?

Where Exactly Can You Spend Monero Cryptocurrency?

10/20/2021
6 Best Cloud Mining Platform In 2022

6 Best Cloud Mining Platform In 2022

11/20/2022
ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support

02/02/2023
Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

01/24/2023
Crypto exchange Gemini launches new electronic OTC trading solution

Crypto exchange Gemini launches new electronic OTC trading solution

01/19/2023
Crypto securitization platform-GenTwo links to all Coinbase assets

Crypto securitization platform GenTwo links to all Coinbase assets

01/14/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy