Read on Twitter
I’ve been asked about @Stacks a lot lately
What do I like about it? What’s interesting? What& #39;s exciting?
Over the past month I’ve been digging in, trying to learn as much as I can
In the following
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧵" title="Thread" aria-label="Emoji: Thread"> I& #39;ll detail what interests me about the project
What do I like about it? What’s interesting? What& #39;s exciting?
Over the past month I’ve been digging in, trying to learn as much as I can
In the following
I started by reading the @Stacks whitepaper and every website resource
Then I dusted off my programming skills and played around with Clarity, the programming language for Stacks, and Gaia, it& #39;s decentralized data system
Then I dusted off my programming skills and played around with Clarity, the programming language for Stacks, and Gaia, it& #39;s decentralized data system
I spent time in the developer Discord, which has grown noticeably in recent weeks, and stacked $STX across a variety of pools
Throughout my hands on, deep dive into the @Stacks ecosystem I’ve been increasingly impressed about its potential
Throughout my hands on, deep dive into the @Stacks ecosystem I’ve been increasingly impressed about its potential
At a high level, @Stacks is a smart contract focused, layer one #blockchain that settles down to #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">
In this it inherits the stability & security of Bitcoin, while providing for the same types of value props as #Ethereum
In this it inherits the stability & security of Bitcoin, while providing for the same types of value props as #Ethereum
It does this with Clarity, a novel programming language that’s safer & easier to use. A decentralized data storage system called Gaia. And Proof of Transfer (PoX), a novel mining approach that lets stackers earn bitcoin for their help securing & maintaining the Stacks blockchain.
Though @Stacks is now fully decentralized, it was originally created by @muneeb and @ryaneshea
Muneeb’s background & overall story is very interesting, and very compelling. As is often said, the best approach to startup investing is to “invest in people, not projects.”
Muneeb’s background & overall story is very interesting, and very compelling. As is often said, the best approach to startup investing is to “invest in people, not projects.”
After listening to @muneeb talk about his past, his motivations, and his aspirations, I would invest in him, which I have, by way of $STX https://podcasts.apple.com/us/podcast/empire/id1554930038?i=1000511570664">https://podcasts.apple.com/us/podcas...
Growing up in Pakistan, @muneeb overcame significant obstacles to acquire a computer, get access to the Internet, and teach himself to code. Eventually he found a path to Princeton University.
In 2017 @muneeb finished his PhD thesis paper (on Blockstack, the precursor to Stacks) and released the project’s whitepaper. His conviction and determination throughout his journey from Pakistan to Princeton to today is impressive!
Post @Stacks 2.0 launch (January 14, 2021) @muneeb and his team transitioned their focus to building developer tools, which they’re doing through the company @hirosystems, https://www.hiro.so"> https://www.hiro.so
As I often point out, there are two perspectives when discussing crypto: financial & technological
I firmly believe #Bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt=""> has won from a financial perspective, and that it has done so in zero sum fashion. But from a technological perspective, things are still open & exciting!
I firmly believe #Bitcoin
Stacks, built in a way to symbiotically leverage (and strengthen) the #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> network & protocol, has some inherent advantages
To really compete from a technological perspective, however, it will need to get more developer adoption and, importantly, traction
To really compete from a technological perspective, however, it will need to get more developer adoption and, importantly, traction
With the @Stacks 2.0 protocol deployed, focusing on developer tools should help with developer adoption
Whether traction comes remains to be seen, but I like what I’m seeing so far!
Whether traction comes remains to be seen, but I like what I’m seeing so far!
Clarity, the new, #opensource programming language for @Stacks that “brings smart contracts to #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">” is supported by both the Stacks and @Algorand teams
“It is a decidable language, meaning you can know, with certainty, from the code itself what the program will do. It is interpreted (not compiled) & the source code is published on the blockchain. It gives devs a safe way to build complex smart contracts.” https://clarity-lang.org"> https://clarity-lang.org
Currently #Ethereum is in the process of a massive set of upgrades (e.g. ETH2) that intend to make it “significantly faster, less expensive, and more scalable.” This upgrade is expected to fully launch sometime between 2022 and 2024
While much of what is proposed for ETH2 is exciting and promising, it’s remains to be seen if it’ll succeed in its goals...
As ETH2 is still hypothetical, its hard to truly compare the protocols
From a developer perspective, the activity & traction of Ethereum is certainly exciting & dominant
From a developer perspective, the activity & traction of Ethereum is certainly exciting & dominant
However, Clarity’s approach is interesting (a “safe way to build complex smart contracts” seems ideal when dealing with $$$) and @Stacks’ #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> association (the dominant crypto asset from a financial perspective), together paint a very compelling narrative!
When building a project that directly deals with people’s finances, a stability focused, heads-down, “measure twice, cut once” approach appeals to me
@Stacks is the epitome of this, directly contrasting many other similar & competing projects in today’s crypto industry
@Stacks is the epitome of this, directly contrasting many other similar & competing projects in today’s crypto industry
Founded in 2013, the original work behind @Stacks (originally “Blockstack”) is the culmination of years of research & development
Blockstack’s alpha developer program launched in May 2017
On October 22, 2018, the Stacks 1.0 blockchain launched
Notably, in July 2019, @Stacks was the first crypto project to officially fundraise using an SEC approved token offering
On October 22, 2018, the Stacks 1.0 blockchain launched
Notably, in July 2019, @Stacks was the first crypto project to officially fundraise using an SEC approved token offering
For those of us active during the 2017-2019 ICO craze, @Stacks getting official SEC approval was (and remains) a big deal!
See more of @Stacks& #39; roadmap and history of growth here, https://www.hiro.so/p/roadmap ">https://www.hiro.so/p/roadmap...
Union Square Ventures ( @usv), which has been https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔥" title="Feuer" aria-label="Emoji: Feuer">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔥" title="Feuer" aria-label="Emoji: Feuer">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔥" title="Feuer" aria-label="Emoji: Feuer"> when it comes to crypto world predictions, has been a significant early backer
Not only did USV invest in Blockstack’s Series Seed, they lead their Series A roundhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🤩" title="Vom Star geblendet" aria-label="Emoji: Vom Star geblendet">
Not only did USV invest in Blockstack’s Series Seed, they lead their Series A round
USV’s @albertwenger, one of the more thoughtful investors in the broader startup space (and a personal inspiration of mine), wrote a thoughtful post in December 2020 about the significance of Stacks and its upcoming 2.0 launch. I highly recommend it, https://www.usv.com/writing/2020/12/stacks-2-0/">https://www.usv.com/writing/2...
And @br_ttany, past GM at @usv, is now the Executive Director at @StacksOrg, who’s mission is to “deliver the promise of Web 3, where every internet user can participate in the value they create because they have full ownership of their identity and data.” https://stacks.org"> https://stacks.org
On January 14, 2021, Stacks 2.0 launched and the rebrand from Blockstack to “ @Stacks” was completed
Though it’s only been a few months, the Stacks network, developer traction, and general growth has been impressive
Though it’s only been a few months, the Stacks network, developer traction, and general growth has been impressive
Everything, from a technological perspective, to its timing (just as the space is heating up), to its “ @Stacks” rebrand has been executed to a high degree
And the Game Theory behind stacking (e.g. earn $BTC when you lock up your $STX for set periods of time) is not only compelling for adoption, but helps pull supply out of circulation, which should help with price appreciation, which should create & fuel the adoption fly wheel
As you can see, there’s not one specific thing that interests me about @Stacks. It’s the culmination of every small decision, over many years coming together at the right time that has me increasingly excited & optimistic about the project’s financial and technological potential.
From a purely financial perspective, it’s been exciting to watch the @Stacks price appreciation these past few months https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚀" title="Rakete" aria-label="Emoji: Rakete">
Despite limited consumer exposure through exchanges, people are buying @Stacks… and then locking their $STX through stacking, which from a Game Theory perspective I find even more exciting! https://stacking.club"> https://stacking.club
Last week, $STX launched on UpBit, a South Korean exchange, causing a 2-3x price appreciation overnight
From ancillary evidence, it’s clear to me that @coinbase has been working on integrating the protocol
From ancillary evidence, it’s clear to me that @coinbase has been working on integrating the protocol
The Winklevii are early investors, so it seems obvious that @Gemini will be launching support soon
After those two, it’s hard to imagine ubiquitous support *not* rolling out across the board...
After those two, it’s hard to imagine ubiquitous support *not* rolling out across the board...
Considering the recent launch, its price appreciation despite a lack of exchange availability, and the Game Theory behind stacking, the financial perspective for @Stacks is compelling
Lastly, it’s important to note that my #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> bullishness likely makes me a bit of an unreliable narrator
I *want* @Stacks to succeed, because if it does that’ll mean Bitcoin is also continuing to succeed
I *want* @Stacks to succeed, because if it does that’ll mean Bitcoin is also continuing to succeed
The more @Stacks grows, the more #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> grows. Having been involved in Bitcoin since late 2010, anything that furthers Bitcoin’s dominance and general success is a narrative I benefit from and strongly support.
Since 2016 I’ve also been fascinated with #Ethereum, though primarily from a technological perspective
@Stacks feels like the best of both worlds, consolidating the financial and technical appeals of both, while helping strengthen #Bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt=""> in the process
@Stacks feels like the best of both worlds, consolidating the financial and technical appeals of both, while helping strengthen #Bitcoin
I don’t just say all this as a bitcoin Hodler...
Over the past few years I’ve build a few successful #Bitcoinhttps://abs.twimg.com/hashflags... draggable="false" alt=""> centric startups, and I’m currently exploring how to best implement a #blockchain into one of my current projects
Over the past few years I’ve build a few successful #Bitcoin
If it wasn’t for Stacks, I would likely be using #Ethereum. Or @flow_blockchain. Or @Algorand. Or Cardano. Or any number of competing projects.
Knowing (1) that @Stacks helps further #Bitcoin https://abs.twimg.com/hashflags... draggable="false" alt="">, (2) how impressed I’ve been with Clarity, and (3) how confident I am in the underlying developer community’s support, Stacks is my go to solution today for anything requiring blockchain smart contracts.
