The blockchain Stacks

in hive-167922 •  2 months ago 

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Announced on Thursday 6, the Blockstack decentralized web initiative is deploying a new consensus mechanism that essentially presents a new use case for the world's most popular cryptocurrency.

For you to understand When version 2.0 of the Blockstack blockchain Stacks comes out, network miners will need to send bitcoin to undermine a block. Those BTCs will then be shared with the nodes that maintain a copy of the historical transaction log.

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How does it work

Called Transfer Test, or PoX, in the new Blockstack white paper where the mechanism is described, the new consensus protocol has two types of participants: miners and accumulators.

"PoX can help solve a growth problem for new blockchains," the white paper says. "Rewarding for participation in a base cryptocurrency that is separate and potentially more stable may be a better incentive to stimulate initial participation, rather than offering rewards for participation in a new cryptocurrency."

Miners write the blocks and generate STX tokens in exchange for their bitcoins, at a rate of 500 STX per block. Those bitcoins will be distributed among the accumulators, who would be keeping a copy of the blockchain and voting on which version of the chain the miners should first mine.

Blockstack differentiates this new approach to the Participation Test (PoS) because the node participants do not have to put their assets at risk to participate, beyond the opportunity cost of agreeing to block their STX for a certain time.

¿How do miners benefit?

According to Ali, undermining the Stacks blockchain will be possible with a normal internet connection and a computer. Miners will only need to review the price of STX and the price of BTC to assess whether continuing to participate conforms to their risk profiles.

The mining process, miners can model mining with PoX almost as if it were an exchange house at first, this should have some kind of arbitration advantage, but if all goes well, that difference should decrease as Increase the number of participants.

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