Blockstack Hard Fork Starts as DApp-Based Stacks Blockchain Launches
Blockstack Initiates a Hard Fork that Will Help in Launching its DApp-Based Stacks Blockchain
Blockstack, the decentralized application-centric blockchain platform has revealed details for a hard fork to introduce the first genesis block for its Stacks blockchain. This imminent launch will occur in a few days on 30/10/2018, and it makes a critical milestone for Blockstack’s platform as it specifically designed to enable developers to build scalable decentralized apps effortlessly.
Over the last two years, Blockstack has strived to execute yearly hard forks to enhance the platform’s consensus rules as well as add new features. This latest hard fork will be especially exciting as it will distribute the first Stacks coins to recipients and existing buyers.
Here is the main functionality that this latest hard fork will add to the Blockstack platform:
• Registering all smart contracts and virtual assets with Stacks coin
• Setting up the genesis block to distribute Stacks coins to buyers
The projected output from the new genesis block is 395 million tokens to buyers from their accredited sale in 2017. The Stacks coins will be shared and distributed across the crypto wallets of the buyers. However, the recipients will have to wait for at least 366 days for their investment to mature before they can start transferring these coins from their wallets. The activation point for this genesis block is at block number 547921.
Introducing New Features
Here are the additional features that this latest hard fork introduces to the Blockstack platform:
Scalable and flexible consensus algorithm: This new consensus algorithm is designed to improve the transaction processing speed within the Stacks ecosystem. It will use the proof-of-burn approach to mining, where miners destroy other cryptocurrencies, like Bitcoin to take part in keeping the system vibrant.
Support for Mobile DApps: Stacks blockchain is also going to support mobile DApps by eliminating the need for trusting remote core nodes. Alternatively, light mobile clients will be able to evaluable different blockchain forks to identify the ones with the most significant economic activity.
Simplified smart contract programming language: Blockstack supports straightforward, smart contracts used for registering virtual assets within the ecosystem. Version 2 of this blockchain platform will now support better smart contracts that are written using in non-Turing-complete programming language currently under development. Users are invited to track the progress of this programming language by following their GitHub page, the main forum and also on its roadmap plan.
Blockstack was founded in 2013 by Ryan Shea and Muneeb Ali. The company launched its registrar service, Onename App, in 2014 and also went through the seed accelerator, Y Combinator, in the same year. The company successfully raised a YC Seed with Union Square Ventures being the lead investors. Other significant investors also signed up including Shana Fisher, Naval Ravikant and Lux Capital. In 2017, Blockstack finally became a public benefit corporation.