Mitchell Cuevas of Stacks talks about building an integrated DeFi bridge for Bitcoin users


The Stacks ecosystem is a collection of independent entities, developers, and community members who are committed to working in Bitcoin (Bitcoin) Blockchain. Stacks’ STX cryptocurrency is distributed to the public for the first time in history SEC-qualified token issuance In the U.S.

Mitchell Cuevas, Head of Growth of the Stacks Foundation, and Cointelegraph Markets Pro Users on December 2.During the meeting, he discussed the Stacks blockchain technical skills, Future growth and major developments.

Cointelegraph Markets Pro users: PoW [proof-of-work] As we all know, blockchain is the most secure. Whether to stack PoX [proof-of-transfer] Is there any other vulnerabilities in matching BTC security?

Mitchell Cuevas: The Stacks consensus recovered the PoW completed to protect Bitcoin. It achieves this through proof of transfer, which is a mining mechanism that provides new consensus, allowing the use and expansion of the proof-of-work chain in new ways. Therefore, all Stacks transactions are settled in Bitcoin, enabling Stacks transactions to benefit from the security of Bitcoin. Each Bitcoin block and stack transaction is batch processed and hashed on the Bitcoin blockchain. In addition, the history of all Stacks blocks generated is recorded in Bitcoin.

CT Markets Pro users: With the help of smart contract functions, how long can Stacks integrate NFT, games and metaverse experience?

host: This can already be done and is being done today. We have seen a substantial increase in NFT, with the recent daily transaction value reaching approximately USD 6-7 million. Fees vary based on network activity. The casting cost is usually between US$0.15 and US$0.50. NFT can be minted on on Boom. Monday Games is creating an exciting Meta Festival style open world game. We have a team, such as Jolocom, dedicated to various identity-related work, which is very important in the meta-universe. This is very exciting, because the idea of ​​Metaverse is an early positioning point for people working at Blockstack at that time. This is our company’s book. We asked Neal Stephenson to participate in one of our summits!

CT Markets Pro users: I only know that some other platforms are built on BTC to maximize their security, decentralization and popularity (Lightning, RSK, Sovryn). So why do you think there are no more protocols to integrate with BTC?

host: This is its difficulty. The core engineers and the Blockstack team spent some time cracking the transmission proof, making the fully expressed contract layer possible in a truly decentralized way. When you can choose to use a restrictive and immobile foundation like Bitcoin or something (or create your chain entirely), I think many people will end up in the last bucket. This is a simpler path, and with the popularity of cryptocurrency, I can assume that it is more directly profitable, so this is the point.

CT Markets Pro User: Stacks has congestion problems. Has it been resolved?

host: In most cases-the main bottleneck noticed is the popularity of some NFTs and the stacks-blockchain-API architecture. Since then, the architecture has undergone some changes, as we have noticed in the past, many read-only API nodes can be launched during high-traffic events. The ratio of API write nodes to Stacks nodes running in follow mode is still 1:1, because any particular blockchain node may slightly lead/lag behind other nodes at any given moment, which makes load balancing very difficult. In addition, the upgrade of the chain is expected to go online around December 8, which will increase the capacity by 2-10 times.Now there are other exciting future scalability and speed solutions explore This should provide developers with several different options when building.

CT Markets Pro users: Can you explain the micro-blocks? Is this the main factor that allows Stacks to scale?

host: This is a good question, and we have seen some confusion in the past. However, it must be noted that microblocks are not a scalability solution; they allow faster transaction confirmations. Simply put, micro-blocks are designed to solve the problem of transaction delays, allowing transactions to be confirmed on the Stacks chain within a few seconds, and then settled to Bitcoin.

CT Markets Pro user: The PoW blockchain has been labeled as a large number of energy consumers, thanks to an anonymous person. Where does Stacks PoX calculate energy consumption? Now that it is integrated with BTC, have you explained the difference?

host: As for Stacks, this is a simple narrative: PoX reclaims PoW that has been spent on Bitcoin. This means that we will not burn or consume new electricity for Stacks transactions. Personally, I have started working with some NFT artists who are keen to ensure that the impact on the environment is zero or minimal, and they are excited about Stacks. Early releases of Stacks included Cara Delevingne, which is a crucial issue for her, as her NFT will benefit climate-related topics.

CT Markets Pro users: Every STX block is recorded on the BTC blockchain in some way. How much space does this require? What is recorded?

host: you can Check This is public! The size of all BTC transactions is displayed as 352 bytes. The state of the system depends on Bitcoin-creating a new Stacks block requires sending a well-formed Bitcoin transaction that records the hash value of a Stacks block and where it is attached to the blockchain. Establishing a system on Bitcoin gives Stacks novel security attributes that cannot be seen in other blockchains-it uses the security of Bitcoin to ensure that all Stacks forks are public and help guide Stacks nodes to identify standardized Stacks Fork and find the Stacks block download that they haven’t discovered yet.

CT Markets Pro users: How many full nodes are running? Is there a limit to the degree of decentralization that can be achieved?

host: The short answer, we ended up checking a few hundred. For the rest, good questions, and be prepared for longer answers. It should be noted that unlike PoW-based networks (such as Bitcoin), the number of STX miners does not accurately reflect the relative ability of miners to win blocks over time. Therefore, it does not reflect the security or decentralization of the network. To successfully attack Stacks 2.0, miners need to mine a chain that is truly longer than the rest of the network. Unlike PoW-based chains, the quality of the Stacks chain is measured by its length rather than the total amount of BTC burned (or resources consumed). This means that just spending ​​100 times the BTC of other miners will not lead to longer or better Stacks chain tips. On the contrary, miners must consistently dig out all other participants to successfully attack the Stacks chain. For this reason, “bad guy” miners need to effectively ensure that they can win every block during the attack.

CT Markets Pro User: Are there any plans to interconnect with other blockchains? What solutions can be adopted today?

host: Yes! The community has several bridge jobs, including bridges with public blockchains such as Ethereum, BSC, SOL, Polygon, Klaytn, ICON, Orbit. Please refer to the following initiatives: Stacks Bridge-allows ETH owners’ cross-chain transfer service or STX-based NFT to move their NFT between blockchains; Banana Bridge-Megakongs will be minted on Ethereum and can be transferred back Stacks, this is an essential step. This opens up the liquidity of Ethereum for them, and perhaps more importantly, it provides a portal for Bitcoin NFT to access some exciting Metaverse projects, and vice versa; Orbit Chain — Orbit Chain is currently setting up Stacks The bridge will soon welcome Bitcoin to the growing DeFi economy of 100B+ USD. Orbital Chain has built a significant reputation for itself in the past year, and has put up more than 10 billion U.S. dollars worth of assets on other top chains, including Ethereum, BSC, Polygon, Klaytn, ICON and Ripple.

CT Markets Pro users: If there are updates like Taproot in the future, will the relevance of layer 1/layer 2 solutions on the BTC blockchain decrease over time?

host: Bitcoin may be a stable blockchain precisely because it will not change and is predictable. Any proposed changes may take a long time to be merged, because the agreement has an incentive not to change, and there is a large community with many opinions on any proposed changes. Bitcoin is stable and predictable-so on-chain solutions are unlikely to replace solutions like Stacks. Is it possible? Of course-but it is also unlikely. It is worth noting that Taproot does not bring expressive smart contracts to Bitcoin.