A platform for smart contracts. Secured by the Bitcoin network.
QC by RayQuan Fields
Stacks (formerly Blockstack) is an open source blockchain network that leverages the security and capital of Bitcoin for decentralized apps and smart contracts through its consensus mechanism, Proof of Transfer (PoX). Muneeb Ali and Ryan Shea founded Blockstack in 2013 at the Princeton Computer Science department to solve the underlying problems of current web and mobile apps. After launching a blockchain-based decentralized identity (DID) system in 2014, the team released the initial design for the then-Blockstack (now Hiro) platform in 2015. The development of the Stacks network is now a global endeavor, as the network’s development is decentralized.
Stack’s roadmap includes the first public alpha version of the Blockstack Browser (now Stacks Browser) released in October 2017. As well as, in January 2021, Stacks 2.0 received a major upgrade introducing Clarity, a new smart contract language, and a new mining mechanism that leverages the Bitcoin blockchain and allows users to earn BTC rewards.
The project raised $47M in a token offering for the Stacks cryptocurrency in 2017, and an additional $23M through an offering in 2019. More than 4,500 Stacks holders participated in these offering, including USV, Lux, DCG, and Winklevoss Capital among others.
Hiro PBC filed a form 1-U report with the SEC that summarizes the successful adoption of the Stacks blockchain by independent miners and the board approval of management’s determination to no longer treat the Stacks cryptocurrency as a security under U.S. federal securities laws.
As of February 3, 2022, Stacks (STX) has a circulating supply of approximately 1.3b STX. Currently, this represents 71% of the total supply.
As of January 23, 2022, Stack’s community is active on Discord, Telegram, Twitter, and Reddit. The Stack Community also hosts a variety of events and discussion forums. The Stack’s ecosystem has over 100k followers across its social media platforms.
Potential Red Flags
No blatant red flags were identified for the project at the time of the analysis.
View the Stacks (STX) Dark Paper for a detailed scoring breakdown.
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