Stacks Network Plans to Leverage BTC’s Proof of Work and Burn Bitcoins

Blockchain startup Blockstack has revealed the corporate is within the midst of creating a brand new distributed ledger protocol known as Stacks, a series that leverages the hash energy from the Bitcoin Core (BTC) community. Not solely is the Stacks community secured by over 45 exahash of distributed hashrate, however its consensus algorithm additionally burns BTC by utilizing a mechanism referred to as proof of burn (PoB).

Additionally learn: Properties Are Nonetheless Being Bought for Cryptocurrency Regardless of the Bear Market

Proof of Burn

Blockstack, previously known as Onename, and Stacks lead developer Jude Nelson have printed a video that describes a newly designed blockchain consensus algorithm. It makes use of Bitcoin Core’s proof of work (PoW), alongside the burning of cash (PoB) so as to course of blocks on the Stacks chain. Nelson particulars there are inherent points with proof-of-stake consensus fashions and the PoB consensus mechanism is supposed to bootstrap…

Read full story