Hello Ladies and Gentlemen, in this video I will talk about Stacking and why it is worth bothering about it. if you follow my channel, you probably noticed that he is trying to translate these complicated technologies in simple language.In my opinion, in order to engage the remaining 99% of people in crypto technology, we not only have to speak in simple language, but also show what an ordinary blacksmith can have, how to get involved and what is the next step. And in my opinion, STACKING is one way for an ordinary person to get involved, help the network and have something of it for themselves. stacking is a new feature on the Blockstack network that will allow everyone to secure these platforms (stacks, bitcoin) but also to get something in return, get a form of reward. specifically to get digital gold as a reward = Bitcoin. ok .. if this interests you, stay with me = I will talk about Stacking today. do not confuse Stacking vs Staking. Do Drugie is a completely different animal. Stacking is a mechanism invented by the blockstack company .
what is a blockstack, what is the internet in people's hands, what is digital gold, why do i need all this after all i have internet at home, i usually have my money, PLN, USD etc .. why do i need some digital gold here, or new internet. Why should I get involved in this. to understand all this, I think we need to go back to the problems, two problems that stacking and blockstack are trying to address. 1) the financial system is broken, it relies on money that is printed endlessly. 2) internet owned / controlled by several tech giants. well, let's take a look at these problems first, and if you feel that these problems resonate with you, you may be willing to get involved in stacking, and blockstack and bitocin. it's probably a pretty thick statement that the gray's financial system is broken. but I believe that after the crisis of 2008 we did not solve the actual financial = economic problems. Centreline banks print money on protege to save failing companies and try to stimulate the economy.
But we have not solved the real problems, causes. And nowadays we see this reprint even on a larger scale, and in my opinion it will lead to very high inflation in many countries. another problem: since this system is centralized it is not efficient. payments between countries are very expensive and free (up to 10% of fees) and many days to transfer money from one country to another. There are smarter ways to build it. it also has other problems: it is built on old rails, it is not compatible with the digital world we have today. we need an alternative, and bitcoin is an answer to some of these problems. bitcoin as digital gold, may be the answer.
I am not going to deeply explore bitcoin here, what you need to know is bitcoin is a decentralized network maintained by thousands of nodes around the world, thanks to which it is owned by mongers, the community, it has its own currency (Bitcoin – btc), this network is open public and transparent. Anyone can view and verify transactions on the network. it is resistant to cenuzure because it is maintained by a community of thousands of users = servers. it allows you to do hand-to-hand transactions, i.e. like cash chewed without the involvement of a third party (like a bank), so bitcoin has some nice features. has a limited amount, 21Mbitcoins, there will never be more, it is impossible to print any more. it is natively digital, so compatible with the digital economy that we are trying to build here. But. bitcoin also has its problems. Because he is hypersensitive, he is safe, but he is Free, and the transactions themselves are also quite expensive.
Bitcoin also does not scale easily as a network. So, based on bicoin, we can have a rapport of 7 transactions per second. little. So bitcoin is very good for security and value storage, but for now it doesn't spend much new functionalities and utilities for this network. Bitcoin is not easy to program, there is no language that would allow sophisticated btc-based applications. well bitocin needs help with scalability, more functionality, attracting more users. This is where BlockStack and Stacking will help BTC. OKAY. I think I covered the first problem = financial area of the world. SECOND problem: the internet is centralized, in the hands of a few big tech giants like Google, Amazaon, FaceBook and Microsoft. These companies hijacked the Internet, took over most of the resources for which applications are created today. The internet, in its assumptions, would be in the hands of people, it would be shared and shared among people in the world.
But today most of the applications are built either on the basis of google or FB etc .. I love my google search, but google collects information about me, violating my privacy. queries entered in google show who we are, they say a lot about us, our mobile devices collect a lot of information about us, and gps slots are just the tip of the iceberg. Information about our friends, what we like, how we behave tid … so these gigantic corporations own the internet, have great services / clouds etc .. = which gives them a lot of information about us. – and this steals our privacy and uses it against us or for the benefit of the advertisers to whom it is sold. so we need alternatives, 80% of applications run on these gigantic platforms and that will be an even bigger problem in the context of increasing A.I. who knows us better than we do. it is quite dangerous to trust some big companies to tell us what to do.
At least that is my point of view. The answer to that is Blockstak, which builds the internet that will be in the hands of the user and does it on the basis of bitcoin, promoting bitocina as the most secure and centralized network. And on this baize is building a platform that gives the user the opportunity to decide about his privacy, gives the user his own privacy, while maintaining the same functions that we have today on the Internet. blockst does not reinvent the wheel, it uses a security mechanism that has bitocin and adds convenience and privacy to it. we have already burned some electricity to protect BTC, so let's build another layer on this basis and expand the possibilities that btc gives.
So as to reach those 99% percent of users who have not heard about crypto, btc and they don't care;) but if these users give something 10x better not present internet – they may be interested. Well, for me, a solution that allows me to keep my data in check and manage it privately is something much better. This gives me blockstack and btc as a pair. but what is STACKING ??? well imagine we have these two layers.
Bitcoin as a layer of security and gold, and blocstack as a layer with new features. these two layers speak their language, let's call it consensus protocol. bitcoin and blockstack have to communicate somehow, somehow find a common language and denominator if they are to work together. this is where stacking and PoX, i.e. Proof of Transfer, come into play. PoX is the protocol that allows Bitcoin and Blockstack to work together.
I am not going to talk here about what consensus protocols are, for the needs of this video you need to know that PoX or Prooof of Transfer is the language that these two platforms build trust with each other. Proof of Transfer has two parts: 1. MINING 2. STACKING. STACKING is the subject of this video, I'll talk about it in a moment, but first briefly what MINING is. Mining is a very important element of network security Stacks. Miners verify transactions on the Stacks blockchain. I will view tarnsactions, I will verify and combine transactions in Blocki. but before they can do so, they must deposit BTC cooins into a shared pool to prove that they are seriously involved. Well, bitcoins that are already in circulation will be deposited into this pool.
The amount of btc they want to deposit is arbitrary. by doing this, they prove that they are seriously interested in what is happening on the web and that they have good intentions, and that they will be given the opportunity to build blocking on the Stacks and to seek rewards. that is, they take part in the network security process. So something that in Bitcoin is called PoW, and it consists in using electricity, here it is called mining and it does not require burning the fire again, but we only use monents that have already done this work. So the BTC deposit is a kind of proof here and contribution that you are an honest STXMINER. IF YOU'RE LUCKY you will earn 500STX coins for making a block (you have to be drawn – there are nuances here – VRF function) so this is the first part of the btc-based safety mechanism – PoX = Mining + Stacking. I made a bit of a simplification describing Mining here, but to understand the overall picture I think it will be enough.
Drugs part of the safety mechanism under PoX, i.e. Proof of Tansfer, this is Stacking. What is STACKING so. Stacking will give you the opportunity to commit to network security and earn BTC as a reward. I will use this picture to show the whole concept even better. We have covered Miners who deposit their BTC to help make blocks, if they are lucky they are drawn and get 500 stx tokens for what they do. So they route their BTC, but they get STX in reward and their job is building blocks. drugs part of the safety mechanism is stacking.
Thanks to stacking you can also comb your hair thanks to your STX tokens. So if you are a stx holder, you can deposit your stx and help to get both bitcoin and stacks networks, as a result you will get nage (BTC) by depositing your STX tokens, you will be able to give some important information to Miners afterwards. thanks to this you help in security for the networks, for example you will tell the minerals which of the chains is correct, which of the chains is the longest and contains the correct blocks. which block chain is the most reliable. as stacker = you give this information to miners = you have deposited your STX coins and as a reward you get Bitcoins from this shared cardboard;) those Bitcoins that have been deposited by Miners are distributed to Stackers for their help. they do it we connect, we glue both networks together BTC + STX Miners get STX as a reward.
Stacekrs Get BTC as a reward. Both parties do some work for network security, or verify transactions, build blocks, verify blocks, or run contracts. verify various things related to the security of the Stack network. both sides get their prizes, btc or stx. Well, here we have the phenomenon of not only sticking the network together, but also the pairing of two STX <> BTC coins naturally connected with security. Stacking is especially fascinating to me, because it gives everyone a chance to join the Internet, which will be in people's cancer. as an STX holder, you stake, secure, get a prize. this network is used to build a fascinating bitocin based application. so on the basis of the most secure and decentralized network. You can use these btc and stacs based applications for whatever you want – there are already over 400 different applications, including email, data storage, instant messaging, business applications, various massages.
Well, a lot is going on in this session, and even more is coming! and you, thanks to stacking, have your own little contribution to securing this network. so hereby you have moved to the centralization of Internet users. you have just increased the utility of bitcoin. You earned your first digital gold. You helped put together two great nets. you just helped decentralize the world of finance and the internet = by stacking. This is STACKING! I HOPE that it was interesting that you learned something new .. let me know in the comments. what do you think about this VIDEO or should I do more such materials? I am most interested in platforms that add functionality to Bitocin, but Blockstack is one of the best platforms I have seen in this area. it builds on bitcoin baize, not a rodage of new overheads. it builds on the safety of BTC and gives me more use. we need this for further options and to invite the remaining 99% of people to the world of crypto. is you want to get INVOLVED – LET ME MEAN. there will be many ways how you can add value, I will speak as you can Stack.
but not only. how can you GET your first bitcoin, so if it was interesting then leave a comment question. thumbs up and down if you liked it. Give me info or questions that will help me get you on this journey. crypto. I have more Blockstack videos on this channel. decompose yourself. Certainly, there will also be more videos. there are many ways you can get involved here, as an entrepreneur, developer, student, or maybe you are looking for a new way.
leave any questions, comment – she'll be doing something great here. Stacking gives you the opportunity to contribute to the decentralized internet and finsns.e live healthy, hope you will have a good day, eat healthy, avoid junk, both in food and in the media. think independent, seek true values, do what is real, help others, and help and good will come back to you. but if you do something useful and good for others – good will come back to you as well. have a good dnai = HOLD YOURSELF.!.