When was Stacks(STX) coin issued?

The Stacks (STX) coin was initially issued through a private and public token sale in December 2019, raising $28.7 million.

Dec 11, 2024 at 12:52 am

# When Was Stacks (STX) Coin Issued?

Inception and Issuance of Stacks (STX) Coin

Stacks (STX) is a pioneering blockchain platform that seamlessly integrates with Bitcoin, unlocking a world of possibilities for smart contracts and decentralized applications (dApps) within the Bitcoin ecosystem. The STX token, the native cryptocurrency of the Stacks platform, holds immense value in facilitating various network operations and incentivizing active participation.

The genesis of Stacks can be traced back to 2013, the same year as Bitcoin's price reached its all-time high of $1,000. Stacks founder Muneeb Ali, a visionary entrepreneur and blockchain enthusiast, recognized the untapped potential of Bitcoin for broader applications.

In 2017, Ali co-founded Blockstack, the company behind the pioneering Stacks blockchain project. Blockstack's mission was to create a user-friendly and accessible platform for developers to build decentralized applications on top of Bitcoin. The mainnet launch of Stacks occurred on October 13, 2021, marking a significant milestone in the project's evolution.

Chronology of Stacks (STX) Coin Issuance

1. Initial Coin Offering (ICO)

   • Date: December 2019
   • Token Sale Type: Private and Public Token Sales
   • Tokens Sold: 1,193,179,329 STX (50% of Total Supply)
   • Funds Raised: $28.7 million

2. Genesis Block

   • Date: October 13, 2021
   • Significance: Marks the official launch of the Stacks mainnet
   • STX Allocation: 164,250,000 STX (15% of Total Supply)
   • Distribution Method: Distributed to Miners as Block Reward over 12 months

3. Ongoing Issuance

   • Mechanism: Proof-of-Work and Proof-of-Transfer Consensus
   • Block Reward: 5.18 STX per block mined
   • Halving: Block rewards halved every 4 years
   • Total Supply: 1,818,179,329 STX

Future of Stacks (STX) Coin

The future of Stacks (STX) coin remains promising, with significant developments underway to enhance its utility and boost adoption. Some key initiatives include:

• Expansion of the Stacks ecosystem through collaborations with other projects
• Integration with Ethereum Virtual Machine (EVM) for cross-chain interoperability
• Enhancements to the Clarity smart contract language
• Development of decentralized finance (DeFi) and non-fungible token (NFT) applications

Conclusion

From its inception in 2013 to its mainnet launch in 2021, Stacks (STX) coin has undergone a remarkable journey. The platform's unique integration with Bitcoin, user-centric design, and vibrant community position it as a force to be reckoned with in the blockchain ecosystem. As Stacks continues to evolve, the STX coin is poised to play an increasingly vital role in unlocking the full potential of Bitcoin and beyond.