OKCoin brings STX, the native asset for the Stacks ecosystem and a token of the user-owned internet, to the US
Today we’re pleased to announce that OKCoin will be the first US exchange to add support for the Stacks token (STX) upon the launch of the Stacks 2.0 blockchain. OKCoin will list STX with a USD pairing for customers in the U.S. and around the world.
STX will not be available to users in Singapore, Brunei, and residents of New York state where OKCoin does not currently provide services.
Customers will soon have access to the Stacks token and will have the opportunity to earn regular BTC rewards from the Stacks 2.0 protocol. OKCoin will serve as an official launch partner of the Stacks 2.0 mainnet release event anticipated in January.
The Stacks ecosystem is a collection of independent entities, developers, and community members working to build a user-owned internet on Bitcoin. In the Stacks ecosystem, the participants govern and only users have control over their keys and data.
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“Bitcoin is a continuation of the paradigm shift that was ushered in by distributed computing and it underpins the entire crypto industry. We’ve seen information and communication increasingly democratized over the last several decades and Stack’s mission of enabling sovereign internet ownership by its users is a necessary complement to the alternative financial structure built on crypto assets,” said OKCoin CEO Hong Fang.
“Stacks anchoring to the Bitcoin network enables its developers to reap security and decentralization benefits in order to help create a user-owned internet. STX is a critical component of the Stacks ecosystem that gives power back to the users, so it will be exciting to see the impact the addition of US investors has on its ecosystem,” Fang said.
Future forward: The importance of decentralized communities
Decentralized systems have the ability to empower anyone on the internet to have control over personal data. Promoting the adoption of decentralized assets and ecosystems is a shared priority that makes our work with Stacks symbiotic.
“At OKCoin, we’re committed to building a better future for all users and providing seamless access to the platforms and services that support their autonomy,” explained Haider Rafique, OKCoin CMO. “The unique connection that Stacks shares with Bitcoin is very much aligned with our commitment to and support of Bitcoin as a foundational network for individual freedom.”
Our longstanding Open-Source Independent Developer Grant program for Bitcoin Core developers demonstrates this commitment, as does our focus on providing customers with a bridge for easy access in and out of crypto on the OKCoin platform.
We’re pleased to be the first US exchange to offer STX, a crypto asset that is an important part of the future we envision; a future where people have custody and control of their own data. While cryptocurrency gives users financial autonomy, STX powers a new ecosystem of apps and smart contracts rooted in individual ownership.
Muneeb Ali, founder of Blockstack, said, “this is an unprecedented moment for the STX token, and OKCoin was the perfect fit to be the first to list STX in the U.S. OKCoin’s efforts to build a responsible financial ecosystem for digital currencies align closely with our own commitment to industry maturation and compliance. The Stacks Ecosystem and OKCoin are both dedicated to giving users the tools and support that enables them to do more with their online assets, while maintaining ownership.”
Stacks token (STX) 2.0: Powering Stacks ecosystem
STX is the native asset for the Stacks ecosystem, built on the Stacks blockchain. The Stacks ecosystem transforms how individuals interact with the internet, providing people with a user-owned internet.
Participants of the Stacks ecosystem gain access to hundreds of Blockstack applications that serve users with greater freedom and security over their data. These apps provide users with decentralized alternatives for many of the centralized services we use today, including data aggregation platforms like social media sites. The STX token powers the smart contracts that support these applications.
Stacks 2.0 introduces Clarity, a new decidable smart contract programming language that provides developers certainty that code will do exactly as the code says. Clarity optimizes for security and predictability, supporting the network’s decentralization, and ensures smart contracts execute in an open, verifiable, and safe way.
Blockstack explains the layers of decentralization within the Stacks ecosystem here.
‘Stack’ STX and earn BTC
STX holders now have a new way to earn bitcoin with STX ‘Stacking.’ When Stacks 2.0 mainnet is launched, customers who purchase STX from OKCoin will be able to earn BTC by staking – ‘Stacking’ – their STX on the network and actively participating in consensus. OKCoin customers will find an easy one-click option for Stacking within their account. Additionally, OKCoin will offer pool options for those that are below the dynamic minimum of STX to participate.
Stacks 2.0 also introduces a new consensus mechanism called ‘Proof-of-Transfer’ or (PoX). Together with Stacking, PoX makes up the consensus mechanism on the Stacks 2.0 blockchain and allows developers to launch new blockchains that are anchored in Bitcoin’s security, among other benefits. The network recycles the computational power/electricity Bitcoin has already burned to secure the network, meaning no special hardware is required to mine, only BTC. Ultimately, the BTC that miners use to compete for blocks is awarded to those who are Stacking, completing the consensus process.
Stacks and OKCoin are setting the stage for internet ownership
Stacks allows users to directly own digital assets like usernames, domain names, computer programs, and more. On the Stacks network, computing is done on the edges (ie. client devices) and applications on the platform store data individually and use the blockchain only when necessary. Blockstack held the first SEC-qualified ICO in 2019, raising $23 million which was committed to the Stacks Foundation.
Like those in the Stacks community, we believe Stacks 2.0 will provide the tools necessary to build an internet where ownership is native and where security is anchored to Bitcoin. OKCoin supports the mission to replace reliance on centralized cloud service providers that harvest and monetize user information. We’re excited to join forces as we work toward a better internet together.
OKCoin is planning an STX airdrop between now and the launch of the Stacks 2.0 mainnet in January. Don’t miss out, sign up and join the waitlist for the STX airdrop.