Web3 on Bitcoin – How Stacks makes Bitcoin programmable
Trevor Owens is the managing director at Stacks Accelerator. Stacks 2.0 (formerly Blockstack) is a layer-1 blockchain that connects to Bitcoin and brings smart contracts, DeFi, NFTs, and decentralized apps to Bitcoin. Smart contracts and apps developed on the Stacks platform are natively integrated with the security, stability, and economic power of Bitcoin.
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Trevor Owens is the managing director at Stacks Accelerator. The Stacks Accelerator works with the Stacks Foundation’s Grants program to deliver flexible, fair, and efficient funding options. It invests $50K at a no-valuation cap into teams solving real world problems on Stacks.
Stacks 2.0 implements a new mining mechanism called Proof of Transfer (PoX). PoX is a consensus algorithm between two blockchains. It uses an established blockchain (in this case Bitcoin) to secure a new blockchain (Stacks). PoX connects to Bitcoin with a 1:1 block ratio, meaning anything that happens on the Stacks blockchain can be verified on the Bitcoin Blockchain. Instead of burning electricity on proof of work, PoX reuses already minted bitcoins as "proof of computation" and miners represent their cost of mining in bitcoins directly.
Clarity is a new language for smart contracts on the Stacks 2.0 blockchain. The Clarity smart contract language optimizes for predictability and security. Stacks 2.0 anchors clarity smart contracts to Bitcoin making it possible for smart contracts to operate based on actions seen on the bitcoin blockchain.
Crash Punks are a 10,000 collection of unique and generative art profile pictures as Bitcoin/Stacks NFTs, inspired by the novel Snow Crash by Neal Stephenson. It’s the first major collection by entrepreneur and crypto artist Grace Ng and will be the community dedicated to all of her future artistic work related to AR/VR, 3D, visual art, music, and neuro-feedback art.
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