At the heart of this upgrade is the decoupling of Stacks' block production from the Bitcoin blockchain. This modification is expected to result in a staggering 120-fold increase in block production speed.
The Stacks token (STX) price tumbled by nearly 11% in the 24 hours through Monday after the Stacks Foundation announced a major upgrade to the Stacks blockchain and its interoperability with Bitcoin.
STX was trading down 9.9% on Monday morning at $1.60. It had gained 30% in the week through Friday, Dec. 15.
The non-profit organization outlined several priorities for the network in 2023, including driving adoption of sBTC, increasing interoperability with other blockchains and fostering the growth of decentralized applications on the system. It will also continue its research into BitVM, a computational framework that has sparked renewed interest in Bitcoin innovation this year.
The modifications to the blockchain are expected to result in a 120-fold increase in block production speed and transaction confirmation times of seconds, compared to Bitcoin’s ten minutes.
Another key component of the upgrade is its role in preparing Stacks for the introduction of sBTC, a “programmable Bitcoin asset.” This will allow users to bridge their Bitcoin to the Stacks network in a relatively decentralized manner, which could open up new use cases and applications.
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