Blockstack’s STX system may not be on every investor’s radar, but the 72nd market value of cryptocurrency does some serious work behind the scenes.

The company behind the token was founded in 2013 and has raised funds from Union Square Ventures, Naval Ravikant, Lux Capital and Digital Currency Group.

The ICO actually took place in September 2019, and the collection was $ 28 million at a price of $ 0.30 per token. There were over 165 apps in the Blockstack ecosystem at the time, and 78.3 million tokens were sold before the ICO at $ 0.12 each.

The project aims to function as an alternative to centralized cloud services that require storage of user information, and thus create integrated solutions for decentralized applications (DApps).

Despite having its own blockchain, most of the calculation is performed on the client’s hardware, which allows stacks to be scaled. A browser portal is all a user needs to start using the Blockstack ecosystem.

According to Blockstack founder Munib Ali:

“Stacks 2.0 is a unique Tier 1 blockchain with its own bridge to Bitcoin.”
In the future, Ali said the team plans to “limit our focus to building tools for developers who build smart applications and contracts in bitcoin.”

Basic networks continue to improve
In July 2019, Blockstack launched its first token offering as part of the Securities and Exchange Commission’s Reg A waiver. Investor expectations are now linked to the launch of Stacks v2, introducing a new smart contract language and a new consensus mechanism.

In terms of token value, STX has risen 85% since November, and market value has jumped from $ 100 million to $ 188 million in nine weeks.

The subtle increase actually began in June, when Blockstack announced an open source joint venture to develop a smart contract language called Clarity. This partnership with Algorand aims to create something more reliable and predictable than existing solutions available on the market.

On September 24, the team successfully launched Phase 3 of the Stacks 2.0 test network, including Proof of Transport (PoX) and “Staking” mechanisms. One week later, Blockstack announced the integration of Chainlink as its “Oracle of Preferred Solution”.

The PoX mechanism allows independent STX miners to secure the network by transferring bitcoins (BTC) as security. In return, these miners will have a chance to earn newly minted STX tokens.

On October 9, just two weeks after launch, Blockstack announced its economic model for rewarding Bitcoin for collecting STX tokens. In November, the company also announced a partnership with Staked, an infrastructure service provider for companies looking to reward their cryptocurrencies.

Notice how tweet activity usually peaks before price stays. A remarkable climax came on November 10 when the open source tool Coinbase Rosetta was integrated into Blockstack.

There are some things to consider before releasing the mainnet.
No later than December 7, the company published a legal note in which it argued that Blockstack STX tokens could not be considered securities.

Following the reorganization of Hiro’s parent company, Blockstack announced that Master Network Code 2.0 would be completed by December 15 and set a launch date of January 14, 2021.

All this shows that there are a large number of large drivers who support the strong STX rally, and it should be noted that the release schedule for the token until October 2021 is very aggressive.

This position puts enormous pressure on the price of the instrument, as evidenced by the discrepancy between market value and BTC price chart.

While the recent positive price volatility is significant, investors need to be aware of the trend of buying rumors and selling news as STX approaches the 2.0 release date.

Source: CoinTelegraph

LEAVE A REPLY