.Stacks has published a whitepaper showing how a decentralized two-way Bitcoin peg may just usher in a new era of Bitcoin smart contracts. FrederickMunawa reports
Stacks, an existing smart contract platform, wants to break through those limitations by introducing a new digital asset derived from bitcoin – sBTC – that can be used to create smart contracts on Stacks, but can also be readily converted back to bitcoin .contracts needed to build sophisticated applications,” the whitepaper states. “Faster and more sophisticated applications must therefore be built outside of the base layer. Bitcoin layers enable this.
Miners earn STX rewards for mining Stacks blocks, but must first post bitcoin to earn mining privileges. That bitcoin is subsequently distributed as a reward to stackers who maintain a copy of the Stacks ledger; stackers must also lock up STX for a certain length of time to receive stacking privileges.
In the proposed sBTC peg system, users send regular bitcoin to a wallet controlled by stackers . This action mints an equivalent number of sBTC that can be used in smart contracts on Stacks. To get their bitcoin back , users return sBTC to the wallet. Stackers then sign these peg out requests and release the equivalent amount of bitcoin back to the users. This also prompts the Stacks protocol to burn the corresponding sBTC.
“It's a fully trustless system. It's a protocol,” says Ali. “There is a dynamic set of signers who have economic incentives to be signers and they sign the peg transactions.”
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