Stacks $STX is Making Me Lots of Bitcoin
Stacks and Hiro
Stacks Foundation (formerly Blockstack)has been cleaved into Stacks, the core blockchain governance organization, and Hiro, the developer API provider.
I had the good fortune (or insight?) to invest in their original offering. Here is why they are a good bet:
- They have a solid management team of great minds who deeply understand DLT and economics, as well as software development.
- Hiro has a suite of developer tools that can be used for authorization and smart contract development — all built around the Bitcoin blockchain.
- You can stack your $STX — basically just holding it in a wallet — and earn $BTC (Bitcoin).
Read the last one again: EARN BTC. This is a genius concept of this platform if you think about it. By using staking where users hold their money in a wallet, it encourages participants to hoard STX, which should bring a stability to the token. And by earning Bitcoin, there isn’t deflationary pressure as there would be if earning STX (people sell to realize gains), but actually there can be an inflationary pressure as long-term holders re-invest their Bitcoin earnings to but more STX.
More Money (No Problems): Freehold
To even further the approach, a new community has arisen called Freehold. Freehold incentivizes holding onto STX by rewarding its members with more tokens when they do. It’s a very simple concept, but further increases the value of holding — and further strengthens the coin.
The approach is a win-win for anyone interested in dabbling in crypto, or furthering their position. Bitcoin has stood the test of time and has outlived, outshined and outdone every other entrant into the space. Hiro and Stacks build onto the Bitcoin platform to support advanced programming and application development features surrounding Distributed Ledger Technology (DLT). And by supporting STX, we are supporting further decentralization and projects that are advancing this technology.