Overview of the Astex network; The first Bitcoin-based smart contract project
The total value of locked-in capital on the Stacks network recently exceeded $ 1 billion. With this new idea, the project has provided users with various features such as support for Bitcoin-based smart contracts, and has also distributed significant rewards among its holders.
To Report Kevin Telegraph, with more than 350 million API applications, 40,000 Hiro wallet downloads and the development of 2,500 smart contracts using the Clarity programming language, are among the highlights of the first The year of establishment of China Stacks block for this network fell.
Hierro is the name of the digital currency and chlorite wallet of the Stacks Network’s proprietary programming language. Hairo is also used as a tool to build bitcoin-based applications. According to Electric Capital Investment Company, which focuses on digital currencies and financial technologies, these figures show that Stacks is the largest Bitcoin-related project.
Because the Stux network uses the Proof of Transfer mechanism, more than 11,000 users have been able to receive more than 100 bitcoins a month. The miners of this network use bitcoin as collateral to confirm transactions, execute smart contracts and extract new blocks in the China Stacks block, and are rewarded with “STX” tokens in return. In addition, the source of the bitcoins pledged in the protocol is used to reward holders who perform tasks such as executing nodes. To date, the mechanism has rewarded more than $ 50 million in bitcoins, and the value of the locked-in capital has exceeded $ 1 billion.
Thanks to the Stacks project, the decentralized finance (DeFi) sector has also grown in the bitcoin ecosystem. These include the launch of “xBTC”, the Arkadiko Lending Protocol, and decentralized exchanges based on Bitcoin Lightning. XBTC is the first and only Bitcoin representative token on another network where privacy issues are fully respected.
The first projects to be launched in Stacks were official tokens for the cities of Miami and New York, each raising $ 50 million for their city treasury.
“Brittany Laughlin, executive director of the Stacks Foundation, said:
In just one year, the Stex community has demonstrated the incredible potential of Bitcoin-based smart contracts, from defa to NFTs, city tokens, humanitarian activities, portable digital identities, and new infrastructure. The required technology and resources are available to everyone; But what will happen is determined by future developers.