Blockstack proposed using Bitcoin for rewards in STX tokens

Blockchain startup Blockstack has introduced a new Proof-of-Transfer (PoX) consensus mechanism, offering a new use case forholders of the first cryptocurrency.

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After starting version 2.0 developed by the Stacks blockchain company, miners will need to use BTC to verify transactions, receiving native STX tokens as a reward. Bitcoins sent by miners are distributed among the owners of full nodes, and some of the BTC is directed to the further development of the ecosystem.

“Rewards for participating in a separate, potentially more stable cryptocurrency can serve as more effective incentives for participants than rewards in a new digital asset”, - noted in white paper.

To participate in the role of a staker to usersYou need to have STX tokens worth about $ 10,000. However, according to Blockstack CEO Munib Ali, there is the possibility of delegated staking, in which income can be obtained from a much smaller amount. He is also sure that after activating smart contracts in the Clarity language, miners will be able to earn more commissions.

After the launch of the new software version - Blockstack 2.0 - miners will make decisions about changes to the system. The company itself will not participate in block validation.

“I believe the market and entrepreneurs are beginning to realize that bitcoin is the most powerful computing network in the world, based on which you can create different things”“, Said Morgan Creek Digital partner in a conversation with CoinDesk.

Recall, a startup Blockstack recently announced the achievement of a million registered users and access to $ 6.8 million in funding.