Highlights
- Stacks announced Open Art Source
- Creators will be protected from NFT fraud
- Open Art Source will run on Stacks Network
Stacks Network
Stacks is a Bitcoin-based open-source network of decentralized apps and smart contracts. Bitcoin’s full potential as a programmable base layer is unlocked with Stacks. Stacks-based apps inherit all of Bitcoin’s capabilities. They use smart contracts to operate their logic on the Blockchain, are managed by code rather than organizations, and are open to everybody. Decentralized apps can now perform things that traditional apps couldn’t.
Will Open Art Source Save NFTs?
Stacks recently announced on their Twitter page that a new project called “Open Art Source” is currently being built on the Stacks Blockchain. It is gathered that this project helps to link physical art pieces to NFTs. This will help protect buyers from fraud, tracking the sales of the pieces, and provide royalties. This is a welcome development in the Blockchain as some buyers have been scammed previously to purchase art.
Builders Spotlight💡Open Art Source 🎨
A project being built on Stacks that links physical art pieces to #NFTs. This helps with fraud, tracking the piece's sales, and providing royalties, and engaging with artists.— stacks.btc (@Stacks) October 13, 2021
NFTs are not new to the Cryptocurrency space. Every major exchange is already on the NFT train. It is important to find a way to protect digital artists and buyers. The adoption of NFTs is in its infancy and currently has a market cap of $768,250,914,232.43 as of reporting this news.
Future Of The Stacks Network
The Blockstack Token Fund’s Advisory Board confirmed that Stacks (then Blockstack) had reached one million user accounts, meeting Milestone 2 requirements. Milestone 2 was part of the firm’s Dec 2017 token sale deal, when Blockstack committed to defer collecting the 80 percent funding. These two targets were met, as was the first milestone. Blockstack got the remaining proceeds from the token sale, which totaled roughly $6.8 million after having one million “confirmed” user accounts on hand. As a result of the success, the Blockstack Token Fund and Advisory Board were likewise dissolved, serving their function.
The Blockstack network has received a significant upgrade with Stacks 2.0. Clarity, a new smart contract language, and Proof of Transfer (PoX), a new mining mechanism that leverages the Bitcoin blockchain and allows users to earn BTC rewards, were introduced with this upgrade.
The primary distinction between the first and second iterations of Stacks is producing blocks and verifying transactions. Stacks 2.0 employs the new PoX mechanism, in which STX holders contribute to network security by “stacking” (staking) their tokens. Stackers receive BTC rewards from Stacks 2.0 miners in exchange for their participation in consensus. These miners create new blocks and order transactions, and they each receive new STX tokens as a reward for their efforts. Stacks’ ($STX) market price is currently at $2.23 and has a market capitalization of $2.9 billion, according to Coin Gecko.
