- The Stacks blockchain utilizes the Proof of Transfer mechanism, leveraging Bitcoin’s Proof of Work consensus process
- The launch of the Nakamoto mainnet signifies a major advancement in Stacks’ transaction performance and security features
Stacks (STX), a Layer 2 project built on Bitcoin, has announced an updated schedule for the eagerly awaited Nakamoto hard fork. According to the latest update from the Stacks Foundation, the core development team has planned the mainnet activation to align with Bitcoin Block #867,867, which is expected to occur around 30 October, as indicated by the countdown on the Stacks website.
“Appropriately, just before the 15th anniversary of the Bitcoin whitepaper, fast blocks will be available on the leading Bitcoin L2,” noted the Stacks Foundation in its blog post on 17 October, as reported.
The choice of this new block for the hard fork represents the final preparatory step in the Nakamoto activation process.
However, the journey to finalizing Nakamoto has not been smooth, marked by delays that have caused frustration within the Stacks community. Initially, the Foundation aimed to complete the Nakamoto activation at Bitcoin Block 864,864, which did not occur as planned.
Post-Nakamoto Expectations
The Nakamoto hard fork is set to bring essential upgrades to the Stacks blockchain, addressing several existing challenges. These include slow confirmation times due to Bitcoin’s block production rates and ineffective micro-blocks resulting from the current protocol’s limitations.
Upon activation, the hard fork will implement several core upgrades that tackle these challenges, particularly by decoupling Stacks block production from the Bitcoin block timeline. This separation will allow for faster block production, significantly enhancing transaction speeds.
Furthermore, the Nakamoto release aims to achieve finality that closely matches Bitcoin’s block finality, meaning a transaction confirmed on the Stacks blockchain will be as hard to reverse as re-organizing Bitcoin itself.
Apart from that, it will enhance the cryptographic sortition algorithm to promote fairness. The adjustments will be designed to make the algorithm more resistant to miner extractable value (MEV) by necessitating competitive spending and increasing the randomness in miner selection. This change will help minimize the opportunity for Bitcoin miners to exploit their position for unfair advantage.
Stacks (STX) Price Movement
Recently, Grayscale included Stacks (STX) in its list of top 20 crypto assets anticipated to deliver returns based on current market trends and fundamentals. With many market participants optimistic about continuing price increases in Q4/2024, Stacks (STX) could be positioned for further gains.
Source: TradingView
With Bitcoin gaining momentum, STX’s price has risen by 12% in the past week, contributing to a total of 30% growth over the last month.
As of now, STX is still trading within an ascending triangle on the daily chart, positioned above both its short-term and long-term exponential moving averages.
