About Wrapped Stacks coin
Wrapped Stacks coin provides an overview of the Stacks 2.0 blockchain, a layer-1 blockchain that brings smart contracts and decentralized apps to Bitcoin. They introduce the first consensus algorithm between two blockchains. Stacks 2.0 integrates smart contracts and decentralized apps natively with Bitcoin’s security, stability, and economic power. Blockchains are the most significant upgrade to the internet since the Web’s creation over 30 years ago. For the first time, you can define and engage with digital assets using open protocols, unlocking new business models and capabilities that were not possible before.
Bitcoin is the earliest and most secure blockchain; it provides a new type of money that cannot be controlled or altered by any single party. The Bitcoin network provides the foundations for not just the Bitcoin cryptocurrency but a general settlement protocol. Blockchains enable new types of computer programs: (a) smart contracts that can be published on a blockchain to execute in a trustless manner and anyone can verify their outputs, and (b) decentralized apps that are user-owned and avoid centralized servers.
Ethereum demonstrated the power of smart-contracts, and Stacks brings these capabilities to Bitcoin. Your thesis is that decentralized apps and use cases will eventually get built on Bitcoin, the strongest and most widely used blockchain network, instead of disconnected networks. In the early days of the internet, there were several competing protocols. TCP/IP emerged as the winning standard, and everything else was built on it. Bitcoin is that standard for crypto.
Wrapped Stacks coin Point Table
| Coin Basic | Information |
|---|---|
| Coin Name | Wrapped Stacks coin |
| Short Name | WSTX |
| Circulating Supply | N/A |
| Max Supply | N/A |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Why Bitcoin
Bitcoin is the strongest sovereign blockchain. Bitcoin is a tamper-proof source of truth; a value settlement protocol. Once you have the ultimate source of truth, other decentralized protocols and use cases can be built on it. On the traditional internet, TCP/IP protocol emerged as the standard and didn’t need to change for people to innovate on it. Protocols, once established, are fairly hard to compete with. Bitcoin is sovereign money and a value settlement protocol.
The world will likely converge to one standard of value. They believe that this standard of value will be Bitcoin, given the network effects, security, and crypto market dominance. There is a misconception that Bitcoin is a “one-trick pony” and cannot have use beyond store of value. It is possible to innovate around the Bitcoin settlement protocol and enable general-purpose smart contracts and decentralized apps. Bitcoin does not need to change.
Stacks 2.0 Design
Stacks 2.0 is a layer-1 blockchain that connects to Bitcoin for security and enables decentralized apps and predictable smart contracts. Stacks 2.0 implements PoX mining that anchors to Bitcoin security. Leader election happens at the Bitcoin blockchain and STX miners write new blocks on the connected Stacks blockchain. With PoX there is no need to modify Bitcoin to enable smart contracts and apps around it.
STX miners can view state on both the Bitcoin blockchain and the Stacks blockchain. STX miners participate in leader election by sending transactions on the Bitcoin blockchain, a Verifiable Random Function (VRF randomly selects leader of each round (while giving more weight to higher BTC bids), and the leader writes the new block on the Stacks chain. STX miners get newly minted STX (coinbase rewards), transaction fees paid to them in STX, and Clarity contract execution fees of each block also paid in STX. STX miners express the cost of mining in BTC and spend BTC to participate in leader election.
The STX miners can model the total value of a new Stacks block as a BTX/STX on-chain trading pair, and will participate in mining if they can get cheaper STX from mining than from outside exchanges. STX holders can participate in consensus and earn BTC rewards by participating in a process called Stacking. To participate, users lock their STX for a reward cycle (approx two weeks), run or support a full node, and send useful information on the network as STX transactions. STX holders who actively participate in Stacking earn the Bitcoin rewards of that cycle. Unlike proof of stake, there is no risk of slashing (economic penalties by protocol) for STX holders.
Scalability of Transactions
The Stacks blockchain transactions can scale independently of Bitcoin; they only depend on Bitcoin for finality. Thousands of Stacks transactions result in a single hash on Bitcoin; Stacks transactions “settle” on Bitcoin automatically every Bitcoin block as part of consensus. Further, Stacks introduces the concept of micro blocks that give initial confirmation in seconds.
Micro blocks are a main venue for future scalability research, where theoretically faster consensus algorithms can run for micro blocks that settle data on Bitcoin per Bitcoin block. Bitcoin is used as a settlement protocol by Stacks. It serves as the source of ultimate truth and archives hashes of Stacks block history. Finality of transactions is currently tied to Bitcoin and we believe that Bitcoin offers a strong notion of finality that your design benefits from.
Why Choose Wrapped Stacks coin?
Proof of Transfer (PoX is the first consensus algorithm between two blockchains. Specifically we present an implementation of PoX by using Bitcoin as the base chain and Stacks as the connected chain. In PoX, leader election happens on the Bitcoin blockchain. Instead of burning electricity on proof of work, PoX reuses already minted bitcoins as “proof of computation” and miners represent their cost of mining in bitcoins directly.
STX miners bid for becoming the leader of the next round. The protocol selects the winning miner (i.e., the leader) of a round using a verifiable random function (VRF. The leader writes the new block of the Stacks blockchain and mints the rewards: newly minted Stacks for the block, fees for smart contracts and transactions.
Where Can You Buy Wrapped Stacks coin?
Tokens Can Be Purchased On Most Exchanges. One Choice To Trade Is On ALEX As It Has The Highest WSTX/WBTC. e Trading Volume, $8,947 As Of February 2021. Next is OKEx, With A Trading Volume Of $6,180,82. Other option To Trade Include WSTX/WBTC And Huobi Global. Of Course, It Is Important To Note That Investing In Cryptocurrency Comes With A Risk, Just Like Any Other Investment Opportunity.
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Wrapped Stacks coin Supported Wallet
Several Browser And Mobile App Based Wallets Support Wrapped Stacks coin. Here Is Example Of Wallet Which Wrapped Stacks coin – Trust Wallet For Hardware Ledger Nano.
