• Stacks blockchain released two whitepapers today which advanced its aim of making Bitcoin a more programmable smart contract hub.
• The price of STX, the native token of the Stacks blockchain, has risen by more than 143% over the past week.
• The releases introduced sBTC that will act as a trustless two-way Bitcoin peg to allow for the swift transfer of assets to and from the Bitcoin blockchain.
Overview: Stacks Releases Two Whitepapers
Stacks is a Layer-1 blockchain solution that aims works on bringing smart contracts and decentralized applications (dApps) functionality to the Bitcoin blockchain. Today, Stacks released two whitepapers – sBTC whitepaper and stacks whitepaper – which have caused the price of STX, its native token, to surge 31.73%.
The first whitepaper release is titled „sBTC whitepaper“ introduces a newly proposed asset referred to as sBTC that will act as a trustless two-way Bitcoin peg to allow for the swift transfer of assets to and from the Bitcoin blockchain. These transactions will be secured using 100% of Bitcoin hash power and this complements Stacks 2.0 which introduced „read“ access to the Bitcoin protocol.
The second whitepaper release is titled „stacks whitepaper“. This paper adds important capabilities to enhance its power as a Bitcoin layer with changes made in order to enable trustless functionality for sBTC asset.
Impact on Bitcoin Economy
The releases of these two whiitpapers are major milestones for Stacks but also major boosts for the Bitcoin economy as sBTC will introduce new era apps unlocking $300B+ worth market potentials within BTC layer 1 protocols.
Stacks continues advancing its aim of making Bitcoin a more programmable smart contract hub with these two releases which have seen an increase in STX prices by 31%. With sBTC introducing trustless transfers between layers and stacks providing enhanced capabilities, it could unlock many opportunities in BTC layer 1 protocols estimated at $300B+.