![]() Premining was a bad word until Ethereum did its pre-sale. Regarding the involvement of early VCs and premines in Stacks, there are mixed opinions. I was told that the explorer only reflects the active users of smart contracts and not active users of apps which require usernames (which are very hard to measure). Users can register a username (domain name) without any blockchain transaction. However, it seems that the active users does not equal active addresses on Stacks. The Stacks platform seems to have a few hundred daily active users as of May 2021, if you look at the transaction volume in the block explorer. Many applications were developed for Blockstack. He raised several investment rounds from known VCs. He wrote all white papers and founded the company Hiro Systems PBC to develop the project. Stacks was created by Muneeb Ali in 2017 under the previous name Blockstack. Stacks creation and development was more centralized. The existence of more users accelerated a virtuous circle where wallets integrated the DeFi applications natively, and tens of thousands of new users became active DeFi users in 2021. In 20 many new DeFi dapps were created on RSK by the RSK community. ![]() RSK was chosen due to its high security and cheap transactions. DeFi developers realized that DeFi applications need not be tied to a single-chain, but can become multi-chain easily on EVM-compatible platforms. In 2019, the DeFi boom began, starting in Ethereum but then moving to RSK and other EVM-compatible blockchains as gas prices soared in Ethereum. During the first years the RSK community kept building infrastructure, such as easy to use wallets, on-ramp and off-ramps, to be ready for prime time. RSK community is centered around the benefit of an open new financial system for financial inclusion and the belief that stateful smart contracts and stablecoins collateralized with Bitcoin are the enabling keys. During the first year RSK had an organic growth comparable to the Bitcoin Lightning Network, slowly conquering unbanked people in Latam, and quite distant to speculative use-cases. RSK went under the news radar for almost a year, as bitcoiners were focused on the growth of the Lightning Network as the only payment scalability solution for Bitcoin. It soon developed its own community with shared bitcoiner values. It was developed and finally launched in 2018 by a Latin American grassroot bitcoiner group, who founded RSK Labs. RSK is a Bitcoin sidechain designed in 2016 (I was involved in its design). But they are very different, almost representing opposing views of what it means to build on Bitcoin and what a cryptocurrency is. ![]() If you discover that the description of the Stacks protocol is incorrect, contact me and I will amend this article.īoth RSK and Stacks have something in common: they are the only projects advertised by their communities as providing smart contracts on top of Bitcoin. However, both Muneeb and people in Stacks forums were kind to respond to my technical questions (3). ![]() I did my best to learn about Stacks consensus, having many times banged my head against the wall due to the lack of documentation. ![]() While this post intended to be a purely technical analysis, my research on Stacks led me to a more philosophical discussion about fair coin distribution in PoS systems. To keep this article as short as possible, other platforms’ features, such their ecosystems, will be analyzed in a follow up post. In this article I analyze the Stacks blockchain and compare it with RSK, especially on their origins and consensus protocols. ![]()
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