Blockstack

ETHEREUM, SOLANA AND TRON HAVE CAPTURED THE PUBLIC'S ATTENTION AS GLOBAL COMPUTING NETWORKS CAPABLE OF RUNNING SMART CONTRACTS AND DECENTRALIZED APPLICATIONS (OTHERWISE KNOWN AS ĐAPPS). You might be surprised to learn that you can also construct smart contracts on Bitcoin. Blockstack is an open-source project that provides a full-stack solution for building and executing Đapps, including DeFi solutions and Non Fungible Tokens (NFTs). It is designed to provide a secure and private way for users to control their own data and identity online.

Wait I can hear you thinking, I thought that Bitcoin is not programmable? Well, it is true that Ethereum's scripting language is more versatile and advanced than that employed by Bitcoin. Blockstack makes up for that by constructing a layer over Bitcoin's digital ledger to record the ownership of digital assets and identities. Computations and storage are conducted off-chain, powered by its native altcoin, Stacks (STX), and periodically updating their status on the network. Stacks are the bridge between Blockstack and Bitcoin, they can be used transactions on the network and also for securing the network by participating in consensus mechanism called Proof-of-Transfer.

. The platform consists of several key components, including a decentralized virtual machine, a peer-to-peer network, and a decentralized storage system. It also features a decentralized domain name system (DNS) which allows for easy access and navigation of dApps.

Blockstack vs Ethereum

BLOCKSTACK AND ETHEREUM are both decentralized computing platforms, but they have some key differences. One major difference is the focus of each platform. Ethereum is primarily focused on providing a platform for building decentralized applications (dApps) and smart contracts, while Blockstack is focused on providing a decentralized internet.

Another difference is the underlying technology. Ethereum uses a blockchain-based digital ledger and a virtual machine called the Ethereum Virtual Machine (EVM) to execute smart contracts. Blockstack, on the other hand, uses a peer-to-peer network and a decentralized storage system to provide a secure and private way for users to control their own data and identity online.

Ethereum also has its own cryptocurrency called Ether (ETH), which is used to pay for transactions and computational services on the network. Blockstack, on the other hand, has its own cryptocurrency called Stacks (STX), which is used for transactions on the network and also for securing the network by participating in consensus mechanism called Proof-of-Transfer. Another difference is in terms of scalability, Ethereum has been working to improve its scalability through solutions like sharding and Ethereum 2.0. Blockstack, on the other hand, aims to scale through a decentralized architecture, with a focus on off-chain computation and storage.

The biggest advantage is that of liquidity... Bitcoin has the largest market cap, Overall, while both platforms aim to provide decentralized solutions, they have different focus areas, underlying technologies and approach towards scalability.

How to Use Stacks

It costs Bitcoin to register your name. You can something like your Twitter ID as proof of identification, and link to your websites, photos of yourself, and so on.

Each name in the DNS has a cryptographic keypair.

Add the Blockstack.js to all of my pages!

Or, publish VAGABONDIC on Guild!