Blockstack is a decentralized computing ecosystem and network for Dapps or decentralized applications. The project made headlines for being the first-ever token sale in the history of the US to receive security clearance from the Securities and Exchange Commission (SEC). The blockchain platform is powered by the native Stacks token or STX. Users can make use of STX for executing smart contracts, registering digital assets, anchoring app chains, and performing transactions, among other activities.
This short guide will explain what Blockstack is designed for, the team behind it, the way it works, and the various uses and applications.
What Is Blockstack Designed For?
Blockstack is designed to achieve the overarching goal of giving users control of their identity and data. The goal is expected to be accomplished by the team, with efforts being made to provide a suite of protocols and developer tools, which can be used for Dapp development.
The rules of the various apps and web browsers available to access the internet today are written by large corporations, which are responsible for violating basic human rights. Blockstack is created to ensure that users can enjoy the same level of privacy and the same set of rights in the digital world, as extended to the physical world.
Who Is The Team Behind Blockstack?
Muneeb Ali and Ryan Shea created Blockstack in 2014 as a decentralized identity system. They created the Blockchain Naming Service during 2015 and 2016, which is also when they brought on two additional team members. The team may not have much experience under their belt. However, they are showing their merit with Blockstack. They have already created a prototype for their VM in 2019 and released a new consensus algorithm.
How Does Blockstack Work?
Blockstack allows users to create a Dapp in less than an hour by bringing together a comprehensive ecosystem, which contains multiple components. Stacks blockchain is the core of Blockstack. It maintains consensus by implementing a leader election process by making use of Tunable Proofs. These Tunable Proofs, in turn, allow Blockstack network to effectively combine the hash power of a separate and a more established blockchain, with its native Proof-of-Work (PoW) consensus.
Blockstack Authentication is one of the first features of the project, which allows users to connect their identity to various Dapps available in the Blockstack ecosystem. Authentication makes use of a single sign-on by employing a universal username. Instead of passwords, public-key cryptography is employed that runs on a user’s local device software.
Gaia is another unique feature of Blockstack. These are data lockers that are hosted by individuals rather than Blockstack. Blockchain records would only point to a random piece of data about the location of Gaia. They help in removing the need to place trust in large internet corporations and third-party cloud storage providers, such as Amazon and Google.
Blockstack is similar to Ethereum when it comes to the smart contract programming language. Their native language is Clarity, which is non-Turing complete for single transactions but is complete when it comes to the transaction history.
What Are Current and Future Applications of Blockstack?
Stacks are currently used towards the registration of users with their blockchain-based identities. This allows for the solidification of new business models and protocols, which can be seamlessly and effectively used across all 250+ apps created on Blockstack. The purpose of STX is to ensure that no apps are created with an evil intention, as they rely solely on user-controlled storage and identity.
In the coming future, STX is going to be consumed whenever developers and users interact with Clarity smart contracts. Clarity is a language that is optimized for security and predictability to protect users from unexpected fees or dangerous bugs. Stacks or STX shall also be paid to miners for hosting Blockstack nodes, and for securing the network.
Some real-life uses of Blockstack are:
Arcane Docs – A blockchain-based and secured alternative to infamous Google docs
Recall – Users can use this Dapp to store and safely recall their photos
Sigle – This is an open-source and beautifully decentralized blog maker
Nomie – You can privately analyze, track and monitor your life on various aspects
In the long run, Stacks are envisioned to act as the backbone for a user-centered and revolutionary economy. STX can potentially be used towards harnessing incentive, business, and governance models. They are also used for supporting different independent entities that have a shared purpose. The team is going to be using STX as incentives for supporting the growth and security of the Blockstack platform.