The Stacks blockchain enables users to create their own NFTs with Clarity smart contracts. Because Stacks is linked to the Bitcoin blockchain, NFTs created on Stacks are just as secure as Bitcoin.
Additionally, marketplaces are enabling Lightning and Bitcoin payments and even Bitcoin yield-generating NFTs.
Given Bitcoin's roughly $1 trillion market cap and rising acceptance, Bitcoin DeFi represents a vast, unexplored industry. Despite its expanding usage as sovereign money, Bitcoin hasn't been as productive of an asset for DeFi as other cryptocurrencies without passing through controlled exchanges or distinct blockchains in the form of wrapped BTC. Stacks alters this.
Considering Stacks contracts' visibility into the Bitcoin state, as well as Stacks' natural ability to exploit Bitcoin's security and settlement assurances, Stacks is positioned to allow real Bitcoin DeFi. Because the Stacks chain is linked to Bitcoin via the Proof of Transfer (PoX) consensus mechanism, all Stacks transactions settle on Bitcoin.
This assures that Stacks shares Bitcoin's long-term, unprecedented security for transaction reorgs.
Blockchain Domain Names
Stacks enables what is known as a Blockchain Naming System (BNS), which binds Stacks usernames to an off-chain state without relying on a single centralized entity. Unlike Domain Name System (DNS), anyone has the ability to create a namespace and set its properties.
A blockchain Naming System (BNS) is a network system that binds Stacks usernames to an off-chain state without relying on any central points of control. Unlike DNS, anyone can create a namespace and set its properties.
Namespaces are generated on a first-come, first-served basis, and they are permanent once formed. BNS names have three important qualities that make them a great tool for developing all types of network applications, such as:
- The protocol does not allow name collisions.
- Human meaning, each name is chosen by its creator.
- Only the owner of the name can change the state to which the name belongs.
Ultimately, Stacks is a blockchain that retains the safety and trust of the Bitcoin blockchain by using a Proof of Transfer (PoX) consensus mechanism, but allows for some new features, in addition to an increased throughput speed.
To learn more about the Stacks blockchain, visit Stacks.co.