We are thrilled to share that Stacks (STX) is now listed on Coinhako!
What are Stacks and STX?
With a history dating back to 2013, Stacks is an open-source blockchain network that integrates decentralized apps and smart contracts with Bitcoin, allowing the two blockchains to work together effectively. Originally called Blockstack, the team spent years on research, and development, and finally launched the Stacks mainnet in October 2018.
The STX token is the Stacks network's native cryptocurrency. It's notable for being the first token offering qualified by the United States Securities Exchange Commission (SEC). STX is used to calculate transaction fees and deploy smart contracts and can also be "stacked" to earn Bitcoin rewards.
There is a maximum supply of 1,818,000,000 STX, and STX has traded for US $3.84 at its peak.
How does Stacks work?
Stacks connect to Bitcoin and validate transactions through a proof-of-transfer consensus mechanism. This is similar to proof of burn, where miners burn their own cryptocurrency to earn the right to validate transactions. In proof of transfer, miners transfer their Bitcoin to other network participants instead of burning it. In the Stacks proof-of-transfer system, miners transfer their Bitcoin.
The protocol randomly selects a winning miner who validates a block of Stacks transactions and receives a block reward in STX tokens. The transferred Bitcoin is sent to Stacks token holders who have locked up their STX tokens to participate in the consensus process. The protocol randomly chooses a winner and sends the Bitcoin to their crypto wallet.
Why does Stacks stand out?
Stacks, a programmable blockchain, enables dApps and NFTs. It links to Bitcoin, using the Bitcoin blockchain as its base layer, leveraging Bitcoin's security. Stacks also has some unique features:
Proof-of-transfer: A consensus mechanism that recycles Bitcoin's proof-of-work, enabling scalability and decentralization without environmental impact.
Microblocks: Dividing blocks into microblocks speeds up transaction processing from minutes to seconds.
Clarity: Stacks' smart contract language allows users to set custom transaction conditions. Unlike other programmable blockchains that start from scratch, Stacks builds upon Bitcoin's existing infrastructure.
What can you do with STX on Coinhako?
STX will be available for users to trade across all swap pairs on Coinhako.
To gain access to any of these trading pairs, you can either:
- Fund your SGD wallet on Coinhako instantly with PayNow (or any other supported payment method)
- Purchase STX instantly with Visa / Mastercard
Please note that the sending and receiving of STX will not be available for this release.
Risk Warning on Digital Payment Token Services
Hako Technology Pte Ltd ("Coinhako") is licensed to provide digital payment token services under the Payment Services Act 2019 (No. 2 of 2019).
The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of a digital payment token ("DPT") service provider.
Before you pay your DPT service provider any money or DPT, you should be aware of the following.
- Your DPT service provider is licensed by MAS to provide DPT services. Please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
- You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.
- You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
- You should be aware that your DPT service provider, as part of its licence to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
Visit: Coinhako.com/risk-disclosure for more information.