These Crypto Heavyweights Just Joined Bitcoin's Stacks (STX) Network

A host of crypto infrastructure and staking leaders have publicly committed to securing the Stack (STX) blockchain, a network focused on bringing staking, NFTs, and other features to bitcoin (btc).

The eight new organizations joining Stacks Consensus include Blockdaemon, NEAR Foundation, DeSpread, Luxor, Chorus One, Kiln, Restake, and Alum Labs.

• The startups join pre-existing groups including Copper, Figment, Luganodes, Xverse and Ryder, along with the network's community stacking groups and individual stackers.
• “Stacking” is one side of the proof-of-transfer consensus mechanism that helps secure stacks.
• First, Stacks miners pledge their btc to Stacks for the right to mine the network's new blocks and in exchange get newly minted STX tokens. After that, Stackers (STX owners who choose to hold their tokens for yield) periodically earn btc invested by Stacks miners.
• While the blockchain is open for anyone to become a signer, Stackers will take on the additional role of signing and validating blocks following Stacks' upcoming Nakamoto update. The update will establish a “trustless” bi-directional connection to bridge the btc base layer to and from the Stacks network.

• “The addition of these signatories demonstrates a commitment to fostering further decentralization of the Stacks network,” said Andre Serrano, sBTC resident at The Stacks Foundation, in a press release. “Together, we are poised to unlock exciting new use cases for bitcoin.”

• STX is trading at $2.83 at the time of writing, up 92% from last month. In December, the token skyrocketed after receiving public backing from billionaire Tim Draper.

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