The Stacks 2.0 mainnet, launched today, can now interact directly with the Bitcoin blockchain. Stacks 2.0 is a layer-one blockchain with a native bridge to Bitcoin. The toolkit is underpinned by the Clarity smart contract language. It expands Bitcoin’s scripting language, allowing developers to build smart contracts and other innovative tools on top of the blockchain. It allows for thousands of transactions to settle on the BTC blockchain in a single hash.
In development for the past few years by a core team that includes a half dozen Ph.Ds (mostly Princeton but with ties to Stanford, Harvard, and MIT), Blockstack. the company in charge , believes its innovation can help activate the hundreds of billions locked up in passive Bitcoin capital. According to Muneeb Ali, Stacks co-founder - “We believe the tools available in Stacks 2.0 will give developers the ability to build more things people can use with the capital they have stored on BTC and do not wish to move it in order to do so.”
This is really good news for BTC. Imagine earning interest on your BTC without having to transfer custody to someone else. As this project continues to evolve, it should enable a separate fintech ecosystem that is distinct from the Ethereum DeFi system to develop and expand the role of BTC from being simply a store of value. That would increase the intrinsic value of BTC considerably.
In the first 15 minutes of this 8-hour mainnet launch Webinar about Stacks 2.0. Peter Van Valkenburgh (Coin Center) gives a brief 2 min intro followed by a good overview of Blocks 2.0 by Muneeb Ali.