What is Stacks (STX)?

Stacks (STX) is a cryptocurrency designed to enhance the functionality of Bitcoin by enabling smart contracts and decentralized applications.

How does Stacks work?

Stacks allows users to generate STX through mining and utilizes a consensus mechanism called Proof of Transfer.

What are the key characteristics of Stacks?

Stacks is categorized as mineable and supports smart contracts, NFTs, and decentralized applications on the Bitcoin blockchain.

What are the risks associated with transferring Stacks?

Digital asset prices can be volatile, and users should verify asset and network before transferring assets.

How can I verify Stacks before acquiring it?

Verify the asset name, network, and destination details before transferring, and review the custody method.

Where can I find official resources for Stacks?

Official resources for Stacks can be found on their website and GitHub repository.

Stacks (STX)

Rank #85

Market snapshot

Price: $0.264596
Market cap: $480.1M
24h volume: $18.9M
Circulating supply: 1,814,605,788.1905
Total supply: 1,814,570,813.1905
Max supply: N/A

What is Stacks?

Stacks (STX) is a cryptocurrency that aims to bring smart contracts and decentralized applications to Bitcoin. It operates as a layer-2 solution, allowing developers to build on the Bitcoin blockchain while leveraging its security and decentralization.

How Stacks works

Users are able to generate STX through the process of mining. Stacks miners commit real Bitcoin every 10 minutes to compete for STX block rewards. The STX20 protocol enables the creation and sharing of digital artifacts on the Stacks blockchain. Rewards are derived from a consensus mechanism known as Proof of Transfer, which has been in place since 2021.

Key information

Symbol: STX
CMC rank: #85
Network / platforms: N/A
Categories: Mineable
Date added: Oct 28, 2019

Key characteristics

Stacks is categorized as mineable, platform, smart contracts, layer-2, collectibles, NFTs, gaming, and metaverse. It employs a unique approach to integrate with Bitcoin, allowing for the creation of decentralized applications and digital assets.

Official resources

Risks

Digital asset prices can be volatile and can change materially. Users should verify the contract address and network before transferring assets. Self-custody requires secure private-key and recovery-phrase handling. Centralized platforms can involve operational, custody, and counterparty risk. Availability and regulatory treatment can vary by jurisdiction. Transaction finality and reversibility can differ by network.

Transfer and custody notes

Verify the asset name, network, and the destination details before transferring. Verify destination address and network before sending assets. Review the custody method, including self-custody versus a third-party platform. Understand that transfers may be irreversible and that CoinLoom does not confirm exchange availability.

FAQ

What is Stacks (STX)?: Stacks (STX) is a cryptocurrency designed to enhance the functionality of Bitcoin by enabling smart contracts and decentralized applications.
How does Stacks work?: Stacks allows users to generate STX through mining and utilizes a consensus mechanism called Proof of Transfer.
What are the key characteristics of Stacks?: Stacks is categorized as mineable and supports smart contracts, NFTs, and decentralized applications on the Bitcoin blockchain.
What are the risks associated with transferring Stacks?: Digital asset prices can be volatile, and users should verify asset and network before transferring assets.
How can I verify Stacks before acquiring it?: Verify the asset name, network, and destination details before transferring, and review the custody method.
Where can I find official resources for Stacks?: Official resources for Stacks can be found on their website and GitHub repository.

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