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What is Stacks?
Stacks (STX) is a Layer 2 blockchain solution designed to bring smart contracts and decentralized applications (dApps) to the Bitcoin network. It leverages Bitcoin’s security while enabling scalability and functionality for developers.
Key Features of Stacks
- Unlocking Bitcoin’s Potential: Stacks unlocks the ability to build smart contracts and dApps on the Bitcoin blockchain, expanding its functionality beyond a simple store of value.
- Security Inherited from Bitcoin: Stacks benefits from Bitcoin’s robust security model, inheriting its proven track record of reliability.
- Proof of Transfer (PoX) Consensus: Stacks utilizes a Proof of Transfer (PoX) consensus mechanism, which leverages Bitcoin transactions to secure the Stacks network.
Uses of STX Token
- Transaction Fees: STX tokens are used to pay for transaction fees on the Stacks network.
- Stacking Rewards: Users can lock up STX tokens (stacking) to earn rewards and participate in network governance.
- Smart Contract Fuel: STX is used to fuel smart contract execution on the Stacks blockchain.