Developers, don’t miss the technical forum post with resources for the launch of Krypton/PoX.
Today marks another huge step toward the launch of Stacks 2.0: Phase 3 (Krypton), including a full implementation of Proof-of-Transfer (PoX), is now live on the testnet. Since the Stacks 2.0 Testnet launched, it’s been a nonstop whirlwind of hackathons, pull requests, Muneeb memes, continued decentralization, and engineering sprints. The energy around the technology is palpable within the ecosystem and each day that passes brings us closer to the launch of mainnet.
Why is Phase 3 (Krypton) a big deal?
In short, because it means developers and miners will be able to interact with the full Proof-of-Transfer
mechanism, and users will soon be able to test Stacking. It also means that over 90% of the design for Stacks 2.0 from our whitepapers has now been implemented!
Proof-of-Transfer is a novel approach to consensus that leverages Bitcoin’s security to secure the Stacks blockchain. Instead of consuming electricity all over again, miners forward $BTC to the network for the chance to lead a block and mine Stacks tokens (STX). This also means mining is accessible and feasible to anyone with $BTC. Stacking then makes up the other half of the mechanism where the protocol redistributes the BTC committed by miners to qualified STX holders. To qualify, token holders must lock up their tokens for the time period they want to participate in Stacking. This interplay between Stackers, STX miners, $BTC, and Stacks is the magic behind Stacks 2.0 and what allows us to anchor the user-owned internet to Bitcoin.
Enabling developers to innovate on Bitcoin
Proof-of-Transfer solves a few important problems, provides developers new tools, and enables innovation on top of Bitcoin:
- Secure innovation on Web 3.0: When combined with Clarity Smart contracts, PoX eliminates the choice between flexibility and security. With PoX, developers can build functionality on top of a secure foundation in Bitcoin while Clarity’s design helps eliminate whole classes of smart contract bugs and provides greater predictability.
- Bootstrapping blockchains: New protocols typically encounter a bootstrapping issue where it’s difficult to incentivize users to migrate away from familiar blockchains to try out a new one. Proof-of-Transfer provides a built-in funding mechanism for new chain, and the ability to be rewarded in a base currency like $BTC.
- Security of new blockchains: New Proof-of-Work chains often struggle to achieve adequate decentralization, leaving them vulnerable. With Proof-of-Transfer, developers can effectively create a new Proof-of-Work chain that is anchored in the security of Bitcoin, the world’s most secure chain.
- Global Knowledge: Stacks blockchain possesses three properties that existing blockchains do not: knowledge of time, blocks, and cumulative work. This allows the chain to mitigate block-withholding attacks, enhance chain quality with ancillary proofs, and hedge bets on competing chain tips.
Resources on PoX:
- Proof of Transfer Whitepaper
- Realizing Web 3.0: Proof of Transfer Mining with Bitcoin
- WTF is Proof of Transfer (and Why Should Anyone Care)?
How can I get involved?
As always, we need your help and feedback to uncover bugs, improve performance and address any gaps in functionality! There are a number of bounties available for discovering bugs or creating tools and resources. Your one-stop-shop is the official Stacks 2.0 testnet homepage that contains all the resources, tutorials, documentation, and references for the technology.
- Hack Stacks: With PoX and Krypton comes the second event in the Stacks Hackathon Series: Hack Stacks! We really want to see how users embrace the new PoX Mining & Stacking features so this hackathon will reward anyone that makes STX mining and Stacking more accessible. → Register
- STX Mining Challenge Daemon Technologies will be hosting a STX mining challenge starting on October 12th. It will be a mad dash to mine as many testnet blocks as possible in a 5 day span and will give miners experience ahead of the Stacks 2.0 launch. The five testnet miners who mine the most blocks will receive cash prizes. → Enter Here
- Test the new Stacks Wallet on MacOS, Windows and Linux We’re releasing a preview version of a new Stacks Wallet for Stacks 2.0 alongside Krypton and asking the community to help us test it for user-facing bugs. → Download
Thank you for all your support so far. We’re in the homestretch! There’s just one more phase between now and the launch of Stacks 2.0, where independent miners are expected to launch the network, giving rise to a whole new world of Web 3.0 possibility and innovation anchored to Bitcoin.
Forward-looking statements
This communication contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “intend,” “believe,” or other comparable terminology. These statements involve risks, uncertainties, assumptions, and other factors that may cause actual results or performance to be materially different. We cannot assure you that the forward-looking statements will prove to be accurate. These forward-looking statements speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.