Stacks, an open-source network for building smart contract and DeFi bridges to Bitcoin (BTC), has entered into several key partnerships in the wake of the mainnet’s launch, sending a strong signal that industry players are keen to support new use cases for BTC.
The Stacks 2.0 mainnet officially launched on Thursday, bringing the promise of new use cases for Bitcoin based on the Clarity smart contract language. As Cointelegraph reported, Stacks 2.0 tries to broaden the usefulness of Bitcoin beyond the story of digital gold to include decentralized financing and smart contracts. That includes putting to work the roughly $ 700 billion in Bitcoin capital that is currently on the sidelines.
Foundry Digital, a Digital Currency Group company, has since announced that it will provide mining services for STX, the native cryptocurrency of the Stacks ecosystem. Foundry said the move sends a “clear signal to miners about the possibility of mining STX.”
Foundry was one of several independent miners who launched the Stacks 2.0 network on Thursday.
Blockdaemon, a blockchain infrastructure platform, has also announced integration with Stacks 2.0, allowing institutions and investors to become node operators.
“We are currently witnessing unprecedented institutional investment in the crypto sphere, demonstrating the need for an enterprise-grade infrastructure to connect and scale blockchain networks,” said Blockdaemon CEO Konstantin Richter.
Regarding Stacks 2.0, he added:
“We are aligned in our vision to build Web 3.0 and look forward to seeing the network provide a truly decentralized user-owned Internet.”
Stacks 2.0 is based on a proof-of-transfer, or PoX, consensus mechanism. The new mining system uses proof-of-work to create new blockchains rooted in Bitcoin’s security. Co-founder of Stacks Muneeb Ali said that PoX can boost network participation by offering Bitcoin rewards, something that was not possible before the protocol was conceived.