What is STX Coin? What are Stacks Price Reviews?

STX Coin, known as Blockstack and rebranded as Stacks in 2020, aims to unlock the full potential of the Bitcoin blockchain. Stacks aims to realize the vision of a more decentralized and secure internet by using blockchain technology to give users full control over their information. The STX token enables the registration of processes and new digital assets. As Kriptokoin.com, in this article we will discuss what STX Coin is, how it works, its advantages and disadvantages, as well as future price assumptions.

What is STX Coin?

STX Coin is the native cryptocurrency of the Stacks platform and aims to extend the functionality of the Bitcoin blockchain. This token enables the execution of smart contracts, processing processes and registering new digital assets. Stacks offers more advanced smart contract capabilities while maintaining the security and stability of Bitcoin.

On the Stacks platform, decentralized applications (dApps) run locally in the user’s browser, and users have full control over their data. This does not require data to be uploaded to third-party platforms and keeps users’ digital identities and information safe. Using a network storage system called Gaia, users’ information is stored in secure and private information cabinets.

Stacks’ Basic Philosophy

Stacks’ core ideology is based on the idea that the internet could be a more decentralized medium of exchange, where big players, such as companies such as Google and Facebook, have too much power over users. This power imbalance limits the potential of the internet and puts users’ data at risk. Stacks was developed to solve this problem and provides an infrastructure to ensure users have full control over their data.

Stacks maintains the security and stability of Bitcoin, enabling the development of smart contracts and decentralized applications (dApps). In this way, developers can build on each other’s applications and create features that were not possible before. Stacks aims to make the internet a more open and user-friendly environment.

Unique Features of STX Coin

One of the unique features of Stacks is that it uses a unique consensus mechanism called Proof of Transfer (PoX). This system is directly related to the Bitcoin blockchain and protects the Stacks network using Bitcoin’s security. By pledging BTC, Miners get the chance to earn STX tokens, and this process encourages miners to pledge larger amounts of BTC.

Among other unique features is Stacks’ Gaia system, which stores information via cloud storage providers. Gaia also allows users to store their information in their own cold storage solution, providing an additional layer of security for users who do not rely on cloud storage. Additionally, the Stacks platform has an integrated naming service (Blockstack Naming Service) for entities that can be assigned human-readable names.

STX Coin Price Prediction

As of June 2024, the price of STX Coin is approximately $1.70. The price of the STX token fluctuates depending on the platform’s adoption rate and the growth of smart contract-based applications. As demand increases and more users adopt the platform, the price of STX will also tend to increase.

For 2024 and beyond, many analysts predict that STX may rise to $5. However, these claims may vary given the high volatility of cryptocurrency markets. STX’s price performance may fluctuate depending on the development of the project, the increase in the number of users and general market conditions.

Founders and Development of Stacks

Stacks was founded in 2013 by Princeton University graduates Muneeb Ali and Ryan Shea. While Muneeb Ali served as CEO of Stacks, Ryan Shea left the project in 2018 to start his own venture. The development of Stacks was a response to the increasing decentralization of the internet, and Muneeb Ali’s vision for this was detailed in his PhD thesis at Princeton and his 2016 TEDx talk.

Stacks’ brave and innovative approach has been supported by millions of dollars in funding from the US government and the first ICO approved by the SEC. This foundation is an important factor that increases Stacks’ potential to be successful in the long term. Stacks set out to create a more decentralized and user-controlled version of the internet and has taken important steps to realize this vision.