According to CryptoPotato, eight new organizations, including Blockdaemon, NEAR Foundation, DeSpread, Luxor, Chorus One, Kiln, Restake, and Alum Labs, have joined Stacks Consensus to secure the Stack (STX) blockchain. The network aims to bring staking, NFTs, and other functionality to Bitcoin (BTC). These new companies join existing groups such as Copper, Figment, Luganodes, Xverse, and Ryder, as well as the network's community Stacking pools and individual stackers.
Stacking is part of the Proof of Transfer Consensus mechanism that helps secure Stacks. First, Stacks miners commit their BTC to Stacks for the right to mine the network's new blocks and earn newly minted STX tokens in return. Then, Stackers, who are STX owners that choose to lock away their tokens for yield, periodically earn BTC invested by Stacks miners. With the upcoming Nakamoto upgrade, Stackers will also sign and validate blocks, further securing the blockchain. This upgrade will establish a trustless two-way peg for bridging base layer BTC to and from the Stacks network.
Andre Serrano, sBTC Resident at The Stacks Foundation, said that the addition of these Signers demonstrates a commitment to fostering greater decentralization of the Stacks network and unlocking new use cases for Bitcoin. At the time of writing, STX trades for $2.83, up 92% over the past month. In December, the token's value increased after receiving a public endorsement from billionaire Tim Draper.
