3/2/2023 0 Comments AcussoftThe critical insight behind PoX is that electricity need only be converted from physical to digital form once via the dominant PoW chain Bitcoin.Īnd the bitcoin created from this process can then be used natively as a currency to secure other chains. You can read a good ELI5 version of how the mechanism works here. In PoX, instead of burning the bitcoin, miners transfer the asset to holders of STX the native digital asset of the Stacks 2. 4 Blockchain Contenders in Competition with EthereumĮnter Stacks formerly known as Blockstack, which is today releasing the Stacks 2. And so, as I postulated in this post, it also makes a lot of sense that bitcoin may end up serving as a strong collateral type embedded within Ethereum and other smart contract platforms. The developer network effects there are very real. The amount of permissionless innovation that happened last summer on Ethereum based DeFi was truly wild to witness. Projects like Sphinx already have live apps where users can send private messages and stream sats for podcasts all over Lightning.
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