Stacks mainnet launch brings smart contracts and DeFi to Bitcoin

Stacks mainnet launch brings smart contracts and DeFi to Bitcoin

They’re celebrating the launch with a one-day virtual event headlined by a number of industry partners.

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Stacks mainnet launch brings smart contracts and DeFi to Bitcoin

Stacks, formerly Blockstack — an open-source network for building decentralized applications — has an ambitious vision to bring smart contracts and decentralized finance to the Bitcoin (BTC) network.

On Thursday, the developer community celebrated the launch of Stacks 2.0, a bridging toolkit that allows developers to build on Bitcoin.

Stacks 2.0 is described as a layer-one blockchain with a native bridge to Bitcoin. The toolkit is underpinned by the Clarity smart contract language, a joint open-source protocol supported by Blockstack and Algorand.

From an industry perspective, the launch of Stacks 2.0 is significant for several reasons. On one hand, it expands Bitcoin’s scripting language, allowing developers to build smart contracts and other innovative tools on top of the blockchain. By bringing more use cases to Bitcoin, Stacks 2.0 could potentially dilute the value proposition of competing chains. This could secure Bitcoin’s already dominant position as the world’s largest blockchain and cryptocurrency.

Muneeb Ali, Stacks’ co-founder and Hiro PBC CEO, told Cointelegraph that optimizing the Bitcoin network doesn’t necessarily spell the end of other smart contract platforms but rather “provides more optionality.”

“Like anything, different tools for different goals,” he said. “Those with certain goals likely will choose Bitcoin, those with different goals or who operate in a different fashion or in a different environment may choose others.”

Blockstack told Cointelegraph that it’s celebrating the launch with a one-day virtual event headlined by several industry partners, including Foundry, OKCoin, Staked, Blockchain.com, Blockfolio, Floating Point Group and Blockdaemon.

Source: Stacks mainnet launch brings smart contracts and DeFi to Bitcoin