Stacks Bitcoin Layer-2 Network Bolsters Security with Addition of Six New Signers
Summary:
Stacks, a top Bitcoin layer-2 network, has secured cooperation from six additional signers, reinforcing its network security and decentralization. Also, Stacks’ STX token value has seen fluctuations, and despite a recent dip, it shows an upward trend over the past month. The network is preparing for two critical releases - Nakamoto and sBTC, set to deliver faster transactions. As Bitcoin's interest grows in the wider crypto space, Stacks' advancements corroborate its mission of reaching a billion people efficiently and securely.
Stacks, a prominent Bitcoin layer-2 network that offers smart contract capabilities, has revealed that it now has assurances of collaboration from six additional signers. These include Blockdaemon, NEAR Foundation, DeSpread, Luxor, Chorus One, Kiln, Restake, and Alum Labs. These entities will be joining the pre-existing Stacks signers: Copper, Figment, Loganodes, Xverse, and Ryder, as stated in a press release issued on March 5, which was shared with Cointelegraph. Andre Serrano, resident sBTC at The Stacks Foundation, highlighted that these new signers will help the network become more secure and decentralized. He stated that today's announcement is a significant step forward toward the aim of making Bitcoin accessible to a billion people around the world in a fast, secure, and cost-effective manner. He added that the inclusion of these signers reflects their commitment to boosting the decentralization of the Stacks network, which will unlock new possibilities of Bitcoin usage. A major responsibility of the signers on Stacks is to validate blocks and process transactions to maintain network solidity. Stacks is currently the leading Bitcoin layer-2 in terms of developer engagement and market capitalization. Stacks’ STX token experienced a 5.55% decrease in the 24 hours leading up to 1:00 p.m. UTC, resulting in a trading value of $2.90. According to CoinMarketCap data, the coin decreased by over 5% on a weekly scale but did show an increase of about 93% over the last month. In light of Stacks' latest updates, the network is preparing for the upcoming releases of Nakamoto and sBTC, which are anticipated to deliver quicker transaction speeds with 100% Bitcoin finality. The Nakamoto release is scheduled to commence between Apr. 15-29, whereas the sBTC Developer release is planned for Q4 2022. Interest in the Bitcoin ecosystem is on the rise within the wider crypto space. This trend is particularly driven by the bullish performance of Bitcoin, the world's biggest cryptocurrency. The market cap of Bitcoin hit a fresh all-time high of $1.35 trillion on March 5. Bitcoin's performance even allowed it to briefly overtake Silver, making it the eighth-largest asset globally. This all-time high achievement followed Bitcoin's recording of its highest daily closing price of $68,245 on March 4, beating its previous record closing price of $67,525, made on Nov. 8, 2021. With these numbers in play, crypto analysts are optimistic that Bitcoin price could potentially reach $100,000 before the end of 2024 is over.
Published At
3/5/2024 7:00:00 PM
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