Stacks blockchain

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Stacks, formerly Blockstack, is a layer-2 blockchain.

Contents

History

The Blockstack project was originally founded by Muneeb Ali and Ryan Shea in 2013. By 2017, Blockstack locked in two additional funding rounds totalling $4 million. In 2017, Blockstack went on to launch an initial coin offering (ICO). BlockStack PBC (now called Hiro PBC) was the first to launch a SEC qualified token offering in July 2019. The start-up spent almost a year to ensure they met the SEC qualifications. [1]

In October 2020 the community rebranded Blockstack to Stacks.

With the introduction of the Stacks Blockchain 2.0 on 14 January 2021, Hiro PBC revoked their sole control of the network. [2] Due to this, the Stacks token could no longer be viewed as a security under SEC Regulation A+ qualifications and filed an exit report. [3] [2]

Design

At its inception, Blockstack aimed to offer solutions to the problems of internet privacy, security and data breaches (especially in cloud storage). [4] It did so through offering a decentralized internet platform where users could completely own and control their personal information through a network of compatible browsers. [2] With Blockstack, users have choice on what data they share with other users and applications [5] [6] [7] and no longer have to upload data to an external site. [2] By using the decentralized security Bitcoin offers, an user would receive digital private keys to create their internet identity on the Blockstack network. [2]

CityCoins

In 2021, the CityCoins project launched fungible tokens for the cities of Miami and New York City. [8] [9] In September 2021, Miami's city commissioners voted to accept the protocol treasury,[ needs context ] valued at $21 million at the time. [10] MiamiCoin's value crashed, and so Stacks donated $5.25M to the City of Miami. [11]

As of March 2023, Bloomberg was reporting that CityCoin was facing a "quiet demise" as liquidity issues and a lack of interest caused both the New York City and Miami coins to be delisted from the OkCoin cryptocurrency exchange. [12]

References

  1. ↑ Vigna, Paul (2019-07-11). "SEC Clears Blockstack to Hold First Regulated Token Offering". Wall Street Journal. ISSN   0099-9660 . Retrieved 2021-06-22.
  2. 1 2 3 4 5 "Blockstack (Stacks): What it is, How it Works, FAQ". Investopedia. Retrieved 2024-11-19.
  3. ↑ Chavez-Dreyfuss, Gertrude (7 December 2020). "Blockstack's Digital Currency 'Stacks' to Be Tradable in U.S. Once New Blockchain Arrives". U.S. News.
  4. ↑ Singh, Harminder (1 October 2017). "'New internet' looks to keep user data away from tech giants and bypass China censorship". South China Morning Post.
  5. ↑ Fung, Brian (23 March 2018). "The new technology that aspires to #DeleteFacebook for good". The Washington Post.
  6. ↑ Dillet, Romain (5 September 2018). "Stealthy wants to become the WeChat of blockchain apps". TechCrunch`.
  7. ↑ Simonite, Tom (5 March 2018). "The Decentralized Internet Is Here, With Some Glitches". Wired Magazine.
  8. ↑ Brown, Dalvin (2021-09-30). "Crypto tax: 'MiamiCoin' has made the city $7 million so far, a potential game-changer for revenue collection". Washington Post.
  9. ↑ Chen, Elaine (2021-11-03). "Eric Adams Aims to Make NYC Crypto-Friendly With Coin Similar to Miami's". Bloomberg.
  10. ↑ Greely, Brendan (2021-11-03). "MiamiCoin, a currency without sovereignty". Financial Times.
  11. ↑ Benavides, Cristian (February 3, 2022). "Miami Announces It Cashed Out Some MiamiCoin as Crypto Markets Are Down". NBC 6 South Florida. Retrieved 2022-04-13.
  12. ↑ Wanna, Carly (21 March 2023). "Miami and New York's Crypto CityCoins Meet Quiet Demise". MSN. Bloomberg. Retrieved 8 April 2023.


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