The post Stacks network speeds up with Nakamoto upgrade, unveils sBTC appeared on BitcoinEthereumNews.com.

The Nakamoto upgrade is underway on the Stacks network. The upgrade will increase transaction speed and introduce another asset class that allows broader transactions. Stacks, one of the leading Layer 2 networks on the Bitcoin network, has announced a significant upgrade. This upgrade enhances the network’s speed, making transactions faster and more efficient. Additionally, the upgrade will introduce a new asset class called sBTC. Stacks begins Nakamoto upgrade According to documents from Stacks, the rollout of the Nakamoto upgrade has begun on the network. This upgrade significantly enhances the Stacks blockchain, initiated at Bitcoin block 840,360. As of this writing, the current Bitcoin block is 858,602, indicating that the Nakamoto upgrade is well underway. The Nakamoto upgrade aims to significantly improve transaction speeds on the network, reducing settlement times from minutes to seconds. This enhancement is expected to significantly increase the efficiency and usability of the blockchain, making it more appealing for users and developers. In addition to these improvements, the Nakamoto upgrade will pave the way for introducing sBTC, a new asset class on the network. The network will launch the new asset four weeks after the upgrade’s implementation. The sBTC is designed to facilitate the seamless transfer of Bitcoin (BTC) between the blockchain and Stacks. It will also be used as gas for transactions on the Stacks network.  Importantly, sBTC is a decentralized asset backed 1:1 by Bitcoin, ensuring that it retains the value and security associated with BTC while enabling greater functionality within the Stacks ecosystem. How this upgrade could impact the Stacks and Bitcoin network Stacks is recognized as the largest Layer 2 network on Bitcoin. It has a Total Value Locked (TVL) of over $99 million, according to data from CoinMarketCap. This achievement is particularly significant given that Bitcoin was not originally designed as a…

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Filed under: News - @ August 27, 2024 1:27 pm