Stacks is a Decentralized Network using a Proof of Transfer Consensus Mechanism securing the transactions by the Bitcoin Blockchain.
Indian Crypto Exchange WazirX is running a partnered giveaway with Stacks over multiple activities since Thursday for a total value of $26900+ in STX tokens. In this article, we will learn what is Stacks and how users can participate in the giveaway.
- 1 What is Stacks?
- 2 Understanding the Proof of Transfer Consensus
- 3 Stacks products:
- 4 STX Token:
- 5 Trading STX on WazirX
- 6 Giveaway and Program Schedule for Stacks Giveaway
- 7 AMA with Stacks (STX)
- 8 Instagram Trivia Contest for STX
- 9 Stacks Quiz
- 10 Highest Trader Kaun Marathon: STX/ INR
- 11 Previous WazirX Listing and Giveaways:
What is Stacks?
Stacks is an open-source network of decentralized apps and smart contracts built on Bitcoin. Stacks unleashes Bitcoin’s full potential as a programmable base layer.
The smart contracts on Stacks are written in a programming language called Clarity. Users can stack STX tokens to earn rewards in bitcoins over the network. The amount of Bitcoin you earn is proportional to the number of tokens you have locked up in stacking as compared to the TVL (total value locked) on the network. The APYs hover around 7-11%.
Understanding the Proof of Transfer Consensus
Proof of Transfer (PoX) has two sides: the stackers and the miners.
Stackers lock up their tokens, and by doing so, vote on what they think is the canonical chain tip together with their vote, they broadcast a reward address of the base chain, which is Bitcoin.
Miners, on the other hand, have to commit base tokens (Bitcoin) to the network in order to bid to become the next leader. The more BTC a miner commits, the higher the odds it will become the next leader.
The leader produces the next Stacks block and thus receives the STX coinbase reward, they get a portion of new STX tokens. The BTC they spent is sent to the reward addresses of the miners. There can only ever be 4000 reward slots, which is why the minimum STX required to stack changes.
The consensus mechanism uses a VRF (verifiable random function) to select the next BTC reward address to pay, so once you stack your tokens, you should receive your BTC rewards at some point during the cycle.
Stacks uses Bitcoin as the ultimate settlement layer. Stacks is an L1 blockchain, there is no merge-mining or something like that. It uses a base chain for finality. Bitcoin was chosen because it’s the most secure blockchain of all.
Some of the key apps launched on Stacks include:
- #1 – The First NFTs on Bitcoin
- BTC.US – To buy decentralized .btc domains
- XVerse – Wallet for Android and iPhone
- Sigle – Decentralized open source blog maker
- Jolocom – Decentralized identity
The platform is powered by the Stacks token (STX), which is used for fueling the execution of smart contracts, processing transactions and registering new digital assets and apps on the Stacks 2.0 blockchain.
Here are some STX stats (as of Sep 13, 2021):
- Trading Price (past 24 hr): $1.41 USD
- Global Market Cap: $1,759,563,044 USD
- Global Trading Volume (past 24 hr): $26,736,045 USD
- Circulating Supply: 1.25 Billion STX
- Total Supply: 1,352,464,600 STX
Trading STX on WazirX
STX is trading on both INR(going live soon) and USDT markets on WazirX. STX is part of the Rapid Listing Initiative, which means the users can move STX between their connected Binance and WazirX wallet.
- Deposits – Participants can deposit STX to WazirX from connected Binance Wallet.
- Withdrawals – Participants can withdraw STX from WazirX only to connected Binance Wallet.
- Trading – Participants can buy, sell, trade STX in their USDT and INR markets.
Giveaway and Program Schedule for Stacks Giveaway
- Monday, Sep 13: AMA with Saurabh Hasija & Abhijoy Sarkar. Learn everything about STX and win total prizes of $150.
- Tuesday, Sep 14: YouTube Live with Trevor Owens, Managing Partner & Louise Ivan, Growth at Stacks Foundation.
- Wednesday, Sep 15: Trivia contest on WazirX Instagram page with prizes of $50.Learn interesting trivia about STX and win.
- Wednesday, Sep 15: Quiz in our Telegram group with prizes of $500. Show off your STX knowledge in a fun quiz session and win.
- Tuesday, Sep 21 – Thursday, Sep 23: 48-hour long Highest Trader Kaun Marathon with prizes of INR 15,66,000 ($20000) worth STX for top 300 traders.
AMA with Stacks (STX)
The AMA was conducted with Saurabh Hasija & Abhijoy Sarkar, Stacks India chapter to learn everything about Stacks. The questions were sourced from WazirX’s Twitter followers and telegram users.
$86 for the top 10 questions selected from Twitter.
$100 for the top 5 live questions from the Telegram group.
Instagram Trivia Contest for STX
The exchange will conduct Instagram trivia on STX. Users can answer the questions posted on WazirX Instagram Stories and win Prizes.
When: Wednesday, Sep 15, 12 PM IST
One winner was chosen from every question who gave all the correct answers and won 7.6 STX.
WazirX will host a quiz session about Stacks in the WazirX Telegram group. Users are able to show off their STX knowledge and win prizes.
When: Wednesday, Sep 15, 6 PM IST
How to participate in future Quizzes?
- Join WazirX Telegram group
- There will be a total of 10 questions
- Choose the correct answer
1st prize: $100
2nd – 5th prize: $50 each
6th – 10th prize: $20 each
11th – 20th prize: $10 each
Highest Trader Kaun Marathon: STX/ INR
Highest Trader Kaun Marathon welcomes participants with prizes for the top 300 traders.
About the Contest:
- The trading contest is from Tuesday, Sep 21, 9 AM to Thursday, Sep 23, 9 AM IST.
- It will be run non-stop for 48 hours.
- Total prize of INR 15,66,000 (~ $20000 USD) worth STX. Participants can win rewards based on their trading performance for the entire 48-hour long trading contest marathon!
How can participants take part in the contest and win?
Winners will be determined based on the volume of STX traded in WazirX’s INR market.
What are the prizes?
Prizes for top 300 traders in the contest:
|Trader Rank||Prizes/person (STX)||INR worth|
|4 – 10||456.87||46,980|
|11 – 20||213.21||21,924|
|31 – 40||60.92||6,264|
|41 – 50||45.69||4,698|
|51 – 100||30.46||3,132|
Note: For the entire giveaway, STX price will be considered at $1.313, i.e., INR 102.83 and all prizes will be distributed by October 07, 2021.
Previous WazirX Listing and Giveaways:
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Risk Warning: Crypto trading is subject to high market risk. Please ensure that you undertake sufficient risk assessment when trading newly listed tokens as they are often subject to high price volatility. WazirX will make best efforts to choose high-quality coins, but will not be responsible for your trading losses.