Posted: March 11, 2024 4:22 AM Updated: March 11, 2024 4:22 AM
Edit and fact check date: March 11, 2024, 4:22 AM
briefly
Stacks announced that it will activate pox-4, a proof-of-transfer consensus contract, for certain Bitcoin blocks from April 15th to 29th.
Muneeb Ali, co-founder of the open-source Bitcoin Layer 2 blockchain stack (STX), announced the scheduled release of the Nakamoto upgrade between April 15-29. A new proof of transfer is required within this period. A (PoX) consensus contract, called pox-4, is activated on a specific Bitcoin (BTC) block.
The Nakamoto upgrade is expected to accelerate Bitcoin’s Layer 2 development by improving transaction speeds and ensuring that transactions achieve 100% Bitcoin finality.
Currently, $1.4 billion is locked in STX funds, which will be automatically unlocked so users can continue receiving BTC rewards throughout the cycle. Institutional signatories and the community are expected to lock in funds for the new pox-4 contract.
Signers must initiate registration on the network and test their setup on the mainnet. At this stage, the signer executes Nakamoto code, but Nakamoto consensus rules remain disabled. This process allows signers to be onboarded to the mainnet even if they are not actively validating layer 2 blocks at this stage.
An activation window appears after approximately two stacking cycles, during which the Nakamoto consensus rule becomes active on a specific Bitcoin block. During these two stacking cycles, which last approximately two weeks each, the network’s main focus is onboarding signers. This involves institutional and private signers running the setup on the mainnet and testing the binaries and setup.
According to the announcement, release contracts, Satoshi core consensus rules, block validation, DKG, StackerDB, and period extensions including pox-4 and signer binaries are ready and currently being tested.
A stack that enhances the Bitcoin Layer 2 experience
The stack is designed to facilitate smart contracts and decentralized applications using Bitcoin as a security foundation layer. The blockchain launched its mainnet in 2021. The ecosystem features more than 30 contributing organizations, including the non-profit Stacks Foundation, developer tools company Hiro, Xverse, Trust Machines, Mechanism, Bitcoin L2 Labs, ALEX, and the Bitcoin Frontier Fund.
Recently, Stacks integrated eight new industry players into its network, including Blockdaemon, NEAR Foundation, DeSpread, Luxor, Chorus One, Kiln, Retake, and Alum Labs. This integration will allow them to join the wider validator ecosystem and contribute to signing new Stacks blocks.
With its positioning for advancement, Stacks looks forward to the Nakamoto upgrade as it works to strengthen the Bitcoin ecosystem.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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