Summary:
Stacks layer-2 network has begun the Nakamoto upgrade to boost transaction speeds.
The upgrade will increase block production speed by 120 times, reducing confirmation times to seconds.
The SEC has closed its investigation into Stacks, enhancing the project's credibility.
If successful, the sBTC will allow seamless movement of Bitcoin onto the Stacks network.
The growth of the Stacks network is organic, emphasizing sustainable development.
Stacks Network's Groundbreaking Nakamoto Upgrade
After facing multiple delays, the Stacks layer-2 network for Bitcoin has officially begun rolling out its Nakamoto upgrade this week. This upgrade is highly anticipated as it aims to decouple block production from the Bitcoin blockchain, promising significantly faster and more efficient processing.
The Nakamoto upgrade, which began its activation phase last Wednesday, will dramatically increase block production speed by 120 times, reducing transaction confirmation times from Bitcoin's usual 10 minutes to just seconds. Stacks co-founder Muneeb Ali expressed excitement about the upgrade, stating, “We can see the finish line now,” highlighting the eagerness of developers who have been waiting for this moment.
What Does the Upgrade Entail?
The upgrade process has been meticulous, with a focus on security and code audits, resulting in an eight-week delay before the full rollout commenced. Ali explained that while the software is now available, it will take a few weeks for all users to upgrade their systems. The process will include a handoff of signers, allowing for a smooth transition between stacking cycles 92 and 93.
The SEC Investigation and Future Potential
In addition to the upgrade, the SEC has recently closed an investigation into Stacks, providing a significant boost to the project's credibility. Ali mentioned, “Years later, it gives a very strong foundation for the project that everything is done properly,” suggesting that this adds to the legitimacy of STX as a commodity similar to Bitcoin.
Looking ahead, if the Nakamoto upgrade goes smoothly, the introduction of sBTC (Stacks Bitcoin) will follow, allowing for new functionalities within the scaling network. This will enable users to seamlessly move Bitcoin onto the Stacks network, enhancing the capabilities for developers.
Ali emphasized the organic growth of the Stacks network, stating, “We are not throwing money at anything. All the developers are building organically, all the users are organic,” which he believes ensures the product's sustainability.
Conclusion
The Stacks team is committed to building methodically, ensuring that the network continues to evolve with enduring functionality. As they prepare for the Nakamoto upgrade, the future looks promising for the Stacks network and its community.
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