![]() With its initial funding secured, the Blockstack continued to realize its vision: building a full-stack solution for decentralized applications ( dApps). Stacks coin History Re-envisioning how users interact with applications ![]() At the end of 2017, the company also secured two additional rounds of funding through the USV-led Series A, with the participation of Capital Lux, Digital Currency Group, and others, as well as a token through the Reg D framework. The R&D phase lasted until 2017, with Blockstack releasing an alpha version of its developer platform that included the developer version of the Blockstack browser and a decentralized storage system. They began to research and development on a peer-to-peer communication and information transfer system. Upon completion, both rounds led by Union Square Ventures (USV), with the participation of Naval Ravikant, SV Angel, and others, raised a seed round.Īfter launching a blockchain-based decentralized identity (DID) system in 2014, the team released a prototype of the then-Blockstack platform in 2015. The two began their new career in the summer of 2014 with the Y accelerator. The Blockstack project was actually the dissertation of Dr. Munib Ali and Ryan Shi founded Blockstack (later renamed Stacks) in 2013 at Princeton Computer Science to solve the underlying problems of current web and mobile applications. Also, they use the Blockchain only when necessary. In Stacks Blockchain, calculations are at the edges (ie client devices), and applications in the operating system store the data separately. The Stacks coin network allows users to directly access digital assets such as usernames, domain names, computer programs, and more. Its main purpose is to replace the trust in centralized cloud service providers and applications that collect and monetize user information. They are developed to power the computing network and ecosystem for decentralized applications (dApps). Currently, the token is trading at around $1.4.Stacks (formerly Blockstack) provides Internet ownership software that includes infrastructure and development tools. However, it is important to note that STX has a capitalization of just $1.5B, so price movements of this type are not that surprising. In contrast, STX, Stacks’ native token, spiked 75%, but corrected and closed the day with 28% growth against the dollar and 34% against BTC, showing that the hodlers of this cryptocurrency were indeed more enthusiastic and optimistic despite the circumstances. It has been hit hard by macroeconomic events, and although there was a breath of fresh air two days ago on the back of good news about the White House’s “crypto-friendly” stance, a further drop made the news about the fund a “meh” event among cryptocurrency traders. Markets React: Bitcoin Goes Down, Stacks Goes Up Way Upīitcoin has not yet been able to recover from its ongoing downtrend. However, it is worth noting that Bitcoin is not Touring-complete, i.e., it is not capable of running dApps or supporting complex instructions in the same way a traditional computer would, so the Bitcoin ambitions of Stacks and OKCoin are indeed an odyssey. What we want to do is essentially create a matchmaking service between the top-tier VCs and projects.”Ĭhizhik highlighted Bitcoin’s potential as the most decentralized network in the entire ecosystem, asserting that precisely for this reason, it “should remain at the epicenter of crypto adoption.” “We don’t want to create a centralized fund that allocates dictated amounts. In an interview for CoinDesk -a crypto news outlet funded by Digital Currency Group- Alex Chizhik, head of listings at Okcoin, explained that the initiative would be jointly managed and would not be taken as an absolute hierarchical structure where all decisions are centralized: The project, which they called The Bitcoin Odyssey, is supported by other venture capital firms such as Digital Currency Group, White Star Capital, GSR, among others. OKCoin and Stack Work Towards a More Advanced, Capable Bitcoin EcosystemĪs OKCoin explained on its social networks, they decided to provide $165 Million to a group of projects aimed at developing decentralized applications on Bitcoin. Today, the Asian exchange announced a partnership with Stacks to bring the highlights of the WEB3 revolution to the Bitcoin blockchain – and the investment to achieve this is strong. If you talk to any cryptocurrency aficionado about DeFi, Dapps, DAOs, NFTs, they are unlikely to think of Bitcoin as the first relevant blockchain, but OKCoin wants to change that.
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