With Bitcoin ordinals taking center stage earlier this year, projects like Stacks are looking to double-down on interest in the world’s largest cryptocurrency, and build the foundations needed to allow a functionality-rich Bitcoin ecosystem…
At time of writing, Stack’s native cryptocurrency, STX, is leading market resurgence, following Grayscale’s yesterday success in its lawsuit over the SEC, regarding its rejected application to convert its Bitcoin trust into an ETF.
But what is Stacks, and does it stand to revolutionize what the Bitcoin network is capable of?
Stacks (STX): Background
Originally ‘Blockstack’, Stacks was founded all the way back in 2013, and is the brainchild of Princeton computer scientists, Ryan Shea and Muneeb Ali, with the project flowing through Y Combinator’s cohort in 2014.
According to data from Crunchbase, Stacks has raised an impressive $93.8 million, including ICOs, sourcing capital from top-tier investors such as Hashkey, Fenbushi Capital, IOSG Ventures, and many more.
How Does Stacks (STX) Work?
Rather than being a layer-2 on Bitcoin,…