Blockstack (STX) started in 2013 and it’s a computer network and environment for dApps, or decentralized applications. STX was the first token sale in American history to be cleared by the Securities and Exchange Commission (SEC).
STX gives users control of their data and identity, and it achieves this by giving them an array of developer tools and protocols that reduce the number of barriers faced by startups when venturing into dApp development.
The STX blockchain enables leadership elections using Tunable Proofs to achieve consensus. They enable STX to blend native Proof-of-Work (PoW) consensus with the hash power of a more mature blockchain.
At the moment, the STX blockchain combines its own Proof-of-Work and a Bitcoin Proof-of-Burn consensus. To become a leader (miner), users burn the primary cryptocurrency (bitcoin) and perform certain transactions. They are then rewarded for mining if their transactions match the ‘winning’ chain.
When the network is big enough, the STX team intends to switch the blockchain over entirely to a native PoW consensus.
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