RATE Group | Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin
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Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin

06 Feb Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin

Posted at 21:41h in Bitcoin News by

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Blockstack is giving its long-term holders a new way to earn bitcoin.

Announced Thursday, the decentralized-web startup is rolling out a consensus mechanism that essentially presents a fresh use case for the world’s most popular cryptocurrency. 

When version 2.0 of Blockstack’s Stacks blockchain comes out, miners on the network will need to post BTC to mine a block. That BTC will then get shared with nodes maintaining a copy of the ledger.

“We accept bitcoin as the most secure blockchain in the world. We accept a world where this will continue to be the case,” Blockstack CEO Muneeb Ali told CoinDesk in a phone call.

The Stacks blockchain, which aims to put user data in the hands of users, is designed so apps can be built without central data storage. Apps can point to where to look for user data, and these pointers are stored on the Stacks blockchain. STX tokens are needed to participate in the chain.

To prevent spamming, or Sybil, attacks, all cryptocurrencies require some cost for…

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