That leader then writes the new block on Stacks’ blockchain while also minting the rewards. A leader is chosen by the protocol through the use of a verifiable random function. This election occurs on Bitcoin’s blockchain. In the PoX implementation on Stacks, miners participate in leader elections each round.
PoX is the very first consensus algorithm to use two blockchains rather than just one. PoX ConsensusĪs we’ve already established the PoX consensus algorithm works by using an existing Proof-of-Work cryptocurrency (like Bitcoin) to secure a new blockchain (in this case Stacks). This is exactly the consensus mechanism being used in Stacks. This helps to solve the bootstrapping problem typically faced by new blockchains by giving early participants a solid incentive to join. This also introduces the novel property of allowing network participants to receive payouts in an existing, stable cryptocurrency while participating in the new blockchain network. This new consensus mechanism encourages the use of an already extremely secure blockchain such as Bitcoin to secure new chains without introducing new Proof-of-Work chains and cryptocurrencies. This allows network participants who are adding value to the new cryptocurrency network to earn a reward in a base cryptocurrency by actively participating in the consensus algorithm. The miners receive some of the new cryptocurrency and the other network participants receive the established cryptocurrency in the transfer. Rather than burning the existing cryptocurrency it is transferred by miners to other participants in the network. In PoX the Proof-of-Work cryptocurrency of an already established blockchain is not burned, but instead it is used to secure the new blockchain. The PoX algorithm is in essence a generalization of Proof-of-Burn. Stacks has taken the proof-of-burn concept to create a new consensus mechanism they’ve named Proof-of-Transfer.Ī quick overview of how PoX works. There are variants of these two primary algorithms, and one of the variants of proof-of-work is the proof-of-burn consensus mechanism where miners compete for network rewards by “burning” or destroying the proof-of-work cryptocurrency in lieu of using computing resources. The high level idea that led to the creation of proof-of-work and proof-of-stake is to make it feasibly impossible for a malicious entity or group of entities to be able to attack the network. The second is proof-of-stake, where the nodes dedicate financial resources in a process called staking. The first is proof-of-work, where nodes dedicate computing resources in a process called mining. Proof of Transfer (PoX)Įvery consensus algorithm used in blockchain constructs requires some type of resource to secure the blockchain, whether it be computing resources or financial resources.įor the most part these algorithms are divided into two major types. It uses a new consensus algorithm called Proof of Transfer (PoX), and we will explore PoX and its capabilities in further detail below. It’s mentioned above that the Stacks blockchain can support the use of smart contracts and decentralized applications, and depends on Bitcoin for security and finality. The microblock idea is the main direction for scalability research, where a theoretically faster consensus algorithm like PoX can use microblocks that settle on Bitcoin each time a new block is mined. In addition, Stacks introduces a new concept of microblocks that provide confirmation in seconds. These Stacks transactions are settled on Bitcoin automatically each time a block is created on Bitcoin. This means that thousands of transactions on the Stacks blockchain result in just one single hash on Bitcoin’s blockchain. Bitcoin’s chain is only needed for security and finality. In this network construction the Stacks blockchain transactions are capable of scaling independent of the Bitcoin blockchain. Leader elections occur on the Bitcoin blockchain, while new blocks are written to the connected Stacks blockchain. In this design the Stacks blockchain contains the smart contracts, whereas the Bitcoin layer acts as the finality and security layer. In order to achieve this the team has created a new and unique consensus mechanism they’ve dubbed Proof of Transfer (PoX) which connects the Bitcoin and Stacks blockchains. It is a layer-1 blockchain that assists in using smart contracts and dApps indirectly on Bitcoin’s network. Stacks 2.0 is the rebranded and upgraded iteration of Blockstack addressing the utility and scalability issues that affect the Bitcoin network.
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