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Cryptocurrency News Articles
Stacks Blockchain Unveils 'Nakamoto' Upgrade, Primed for Scalability Surge
Apr 23, 2024 at 04:01 am
The Stacks blockchain is set to undergo a significant upgrade called "Nakamoto," which aims to address congestion issues. The rollout began with the decoupling of the Stacks block production schedule from Bitcoin's, and will introduce a new block signing process. The upgrade is expected to improve transaction throughput and reduce congestion, providing a more efficient and scalable layer-2 solution for Bitcoin.
Stacks Blockchain Undergoes Major Overhaul with 'Nakamoto' Upgrade
April 22, 2024, 8:18 p.m. UTC
After extensive research and development, the Stacks blockchain is embarking on a transformative overhaul dubbed "Nakamoto." This comprehensive upgrade, commencing with Bitcoin block height 840,360, marks a significant milestone in the evolution of the popular Bitcoin scaling layer.
Addressing Congestion and Enhancing Scalability
The Nakamoto upgrade is primarily driven by the need to address congestion issues that have plagued the Stacks network. While Stacks boasts a higher transaction throughput than Bitcoin, the previous design of the blockchain constrained block production to occur at the same rate as Bitcoin, resulting in bottlenecks.
To resolve this challenge, Nakamoto introduces a novel block production mechanism that decouples Stacks from Bitcoin's block schedule. This will empower Stacks to produce blocks independently, significantly enhancing its transaction processing capacity and alleviating congestion.
Step-by-Step Rollout and Technical Enhancements
The Nakamoto upgrade is being implemented in a two-step process that commenced today. The initial phase introduces new block "signers" responsible for validating transactions and generating blocks. This process will continue until the upgrade is fully activated in late May.
In addition to decoupling block production, Nakamoto incorporates various technical enhancements to optimize the performance and security of the Stacks network. These include updates to the proof-of-transfer consensus algorithm, which underpins the blockchain's security and consensus mechanisms.
Practical Considerations for Users
For casual users, the recommended action is to ensure they are using an updated wallet, which will automatically incorporate the new protocol. For those staking their STX tokens, the tokens were automatically unlocked on Monday and can be restaked once Nakamoto-compliant staking pools become available, expected next week.
Significant Financial Impact
The Nakamoto upgrade has already had a positive impact on the Stacks ecosystem. The value of STX tokens has surged by over 16% in the past 24 hours, propelling it into the top 25 cryptocurrencies by market capitalization. Approximately $1.3 billion worth of STX tokens are currently staked on the Stacks blockchain, representing a substantial portion of the circulating supply.
Expert Perspectives and Industry Significance
Muneeb Ali, Co-Creator of Stacks and CEO of Trust Machines, commented on the upgrade's significance: "Nakamoto is a pivotal moment for Stacks. It addresses a fundamental bottleneck that has limited our scaling potential. With this upgrade, we can unlock the full potential of Stacks as a high-performance, decentralized platform."
The Nakamoto upgrade is a testament to the continuous innovation and evolution of the Stacks blockchain. It is anticipated to have far-reaching implications for the Bitcoin ecosystem, enabling new applications and use cases that leverage the power of Bitcoin while addressing its scalability limitations.
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