As a seasoned researcher with years of experience in the blockchain and cryptocurrency space, I find the upcoming Nakamoto upgrade for Stacks Network particularly intriguing. Having closely followed the development and growth of various DeFi protocols, I can say that this update could potentially set Stacks apart from its competitors, especially in terms of scalability and security.
Stacks Network, a Bitcoin-based layer-2 solution, operates on one of the world’s most robust security frameworks. As per DeFiLlama, this platform oversees more than $109 million in assets. It is consistently growing and enhancing as the sphere of decentralized finance continues to gain momentum.
Stacks Network Activating Nakamoto On October 29
After more than five years since its initial launch, the network is now readying itself for a significant enhancement, which has been dubbed as “Nakamoto.” Experts and proponents of the platform predict that this overhaul could bring about profound changes, particularly within its entire ecosystem.
The team announced that the most recent update is scheduled to be activated on October 29th. Notably, this change will incorporate enhancements aimed at enhancing performance and security.
Regarding scalability, Stacks could potentially adopt Ethereum layer-2 solutions that presently handle transactions affordably and are capable of hosting data-heavy decentralized applications (dApps).
After the upgrade takes effect, Stacks will operate independently from the 10-minute transaction confirmation rate on the Bitcoin network. This independence allows for near-instantaneous processing of transactions on the platform, significantly increasing its ability to handle more transactions quickly, thereby enhancing the overall user experience.
Nevertheless, the team clarified that decoupling won’t signify the termination of the bond between stackers and Bitcoin miners. Instead, they anticipate that cooperation will strengthen and Stacks, functioning as a layer-2, will become even more decentralized, thereby increasing its resilience.
Because Stacks operates as a layer-2 solution that derives its security from Bitcoin, every transaction needs to be validated on the primary (Bitcoin) network as well. Consequently, while mining for transactions within the Stacks system is independent of the layer-1 (the primary network), all transactions will ultimately be settled and confirmed on the Bitcoin mainnet.
As a crypto investor, I can assure you that this action is final and unchangeable, enhancing the safety of my transactions by eliminating any chance for reversals or unwanted modifications.
STX Moving Inside A Mega Consolidation: Will Bulls Break $2?
Despite the optimism surrounding the Nakamoto update, STX, its native token, appears to be stagnant. A look at the daily chart reveals that the coin has been trapped in a massive consolidation phase since early July.
STX’s price is currently fluctuating between $1.20 and $2. After experiencing a significant drop in early August, the token has made a steady recovery, increasing by almost 60%. However, for an upward trend to form and investors to start recovering losses from March to July, there needs to be a clear breakout above the $2 mark.
If the market trend continues to climb steadily, it might initiate a series of increasing peaks similar to those observed from late Q4 2023 to mid-March. In such a scenario, shares of STX could potentially reach $4, almost doubling from its September peak prices.
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2024-10-22 01:34