October 7, 2020 | technology | No Comments
New York-based decentralized computing network Blockstack which announced its proof of transfer mining algorithm earlier this year has announced that it has now launched Krypton – the third phase of the Stacks 2.0 testnet.
Its next milestone will focus on testing Stacks 1.0-2.0 upgrades with integration and testing with the Bitcoin (BTC) testnet.
Krypton is an important development in Blockstack’s novel mining consensus mechanism Proof-of-Transfer (PoX). This uses Bitcoin to secure an independent blockchain network, called Stacks 2.0.
PoX makes it also possible to reward Stacks token holders with bitcoin BTC, a feature called Stacking. With Stacking, Stacks (STX) token holders lock up STX tokens for a certain amount of time. Doing this helps to secure the network by acting as validators on the network, incentivizing honest behavior on the part of miners.
Developers and miners will be able to interact with the full Proof-of-Transfer mechanism, and users will soon be able to test Stacking.
This makes mining accessible and feasible to anyone with BTC. Stacking makes up the other half of the mechanism where the protocol redistributes the BTC that is committed by miners to qualified STX holders.
Instead of spending additional energy mining Bitcoin or building a new chain, Krypton enables miners to forward BTC to the Stacks 2.0 testnet for a chance to lead the block and receive rewards.
As over 90% of the design for Stacks 2.0 from Blockstack’s whitepapers has now been implemented on testnet, Krypton moves Blockstack one step closer to the launch of Stacks 2.0.
With PoX, developers can build functionality on top of a secure foundation in Bitcoin while Clarity’s design helps eliminate whole classes of smart contract bugs and provides greater predictability.
It also provides a built-in funding mechanism for new chain, and the ability to be rewarded in a base currency like BTC.
The Stacks blockchain uses knowledge of time, blocks, and cumulative work. This allows the chain to mitigate block-withholding attacks, improving the chain quality with ancillary proofs, and hedge bets on competing chain tips.
Proof-of-Transfer also provides a built-in funding mechanism for new chain, and the ability to be rewarded in a base currency such as bitcoin BTC.
The final part of Stacks 2.0 is expected to release before the end of the year and will be decided by the miners who will deploy the software and ensure that it passes all checks.
Blockstack is offering up to $2000 – payable in bitcoin for users who find and report on critical bugs before release.