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Blockstack Source: en.wikipedia.org/wiki/Blockstack

Stacks, formerly Blockstack, is a Bitcoin layer-2 blockchain.

History

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The Blockstack project was originally founded by Muneeb Ali and Ryan Shea in 2013. By 2017, Blockstack locked in two additional funding rounds totalling $4 million. In 2017, Blockstack went on to launch an initial coin offering (ICO). BlockStack PBC (now called Hiro PBC) was the first to launch a SEC qualified token offering in July 2019. The start-up spent almost a year to ensure they met the SEC qualifications.[1]

In October 2020 the community rebranded Blockstack to Stacks.

With the introduction of the Stacks Blockchain 2.0 on 14 January 2021, Hiro PBC revoked their sole control of the network.[citation needed] Due to this, the Stacks token could no longer be viewed as a security under SEC Regulation A+ qualifications and filed an exit report.[2]

Design

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At its inception, Blockstack aimed to offer solutions to the problems of internet privacy, security and data breaches (especially in cloud storage).[3] Blockstack perports to offer users greater choice in what data they share with other users and applications.[4][5][6]

CityCoins

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In 2021, the CityCoins project launched fungible tokens for the cities of Miami and New York City.[7][8] In September 2021, Miami's city commissioners voted to accept the protocol treasury,[needs context] valued at $21 million at the time.[9] MiamiCoin's value crashed, and so Stacks donated $5.25M to the City of Miami.[10]

As of March 2023, Bloomberg was reporting that CityCoin was facing a "quiet demise" as liquidity issues and a lack of interest caused both the New York City and Miami coins to be delisted from the OkCoin cryptocurrency exchange.[11]

References

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  1. ^ Vigna, Paul (2019-07-11). "SEC Clears Blockstack to Hold First Regulated Token Offering". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-06-22.
  2. ^ Chavez-Dreyfuss, Gertrude (7 December 2020). "Blockstack's Digital Currency 'Stacks' to Be Tradable in U.S. Once New Blockchain Arrives". U.S. News. Reuters.
  3. ^ Singh, Harminder (1 October 2017). "'New internet' looks to keep user data away from tech giants and bypass China censorship". South China Morning Post.
  4. ^ Fung, Brian (23 March 2018). "The new technology that aspires to #DeleteFacebook for good". The Washington Post.
  5. ^ Dillet, Romain (5 September 2018). "Stealthy wants to become the WeChat of blockchain apps". TechCrunch`.
  6. ^ Simonite, Tom (5 March 2018). "The Decentralized Internet Is Here, With Some Glitches". Wired Magazine.
  7. ^ Brown, Dalvin (2021-09-30). "Crypto tax: 'MiamiCoin' has made the city $7 million so far, a potential game-changer for revenue collection". Washington Post.
  8. ^ Chen, Elaine (2021-11-03). "Eric Adams Aims to Make NYC Crypto-Friendly With Coin Similar to Miami's". Bloomberg.
  9. ^ Greely, Brendan (2021-11-03). "MiamiCoin, a currency without sovereignty". Financial Times.
  10. ^ Benavides, Cristian (February 3, 2022). "Miami Announces It Cashed Out Some MiamiCoin as Crypto Markets Are Down". NBC 6 South Florida. Retrieved 2022-04-13.
  11. ^ Wanna, Carly (21 March 2023). "Miami and New York's Crypto CityCoins Meet Quiet Demise". MSN. Bloomberg. Retrieved 8 April 2023.