Stacks, an open source network for building smart contracts and DeFi bridges to Bitcoin (BTC), has secured several key partnerships since the launch of the flagship network, which was a strong indication that industry players are eager to support new utility cases for BTC. …

The main network, Stacks 2.0, was officially launched on Thursday, and promised new uses for Bitcoin based on Clarity’s smart contract language. According to the Cointelegraph, Stacks 2.0 is trying to expand Bitcoin’s utility value beyond the digital gold list to include decentralized financing and smart contracts. This includes leveraging the $ 700 billion of Bitcoin capital that is currently on margin.

Foundry Digital, the company Digital Currency Group, has since announced that it will offer mining services to STX, the cryptocurrency owned by Stack’s ecosystem. Foundry said the move was “a clear signal to miners that STX can be recovered.”

Foundry was one of several independent miners that launched the Stacks 2.0 network on Thursday.

Blockdaemon, a blockchain infrastructure platform, announced its integration with Stacks 2.0 so that institutions and investors can become contract operators.

“We are currently seeing unique enterprise investment in cryptography, indicating the need for an enterprise-level infrastructure to connect and scale blockchain networks,” said Konstantin Richter, CEO of Blockdaemon.

For Stacks 2.0, he added:

“We are committed to our vision of building Web 3.0 and look forward to seeing this network provide a truly decentralized Internet that belongs to users.”
Stacks 2.0 is based on a Proof of Transfer (PoX) consensus mechanism. The new mining system uses Proof of Work to create a new blockchain based on Bitcoin security. Munib Ali, co-founder of Stacks, said that PoX could stimulate participation in the network by offering Bitcoin rewards, which was not possible before the protocol was introduced.

Source: CoinTelegraph

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