Stacks Collaborates with Blockdaemon and NEAR Foundation in Response to Bitcoin Surge

Stacks Welcomes New Signers to Enhance Decentralization on Leading Bitcoin Layer-2 Network

Stacks, a prominent layer-2 network for Bitcoin with advanced smart contract capabilities, has recently announced that six new organizations have committed to becoming signers on the network. This includes Blockdaemon, NEAR Foundation, DeSpread, Luxor, Chorus One, Kiln, Restake, and Alum Labs.

These new signers will join the existing list of signers on Stacks, which includes Copper, Figment, Loganodes, Xverse, and Ryder. According to a press release shared with Cointelegraph on March 5th, these additions will further strengthen the network’s security and decentralization efforts.

Andre Serrano, sBTC Resident at The Stacks Foundation, stated that signers on Stacks play a crucial role in validating blocks and processing transactions to maintain the network’s integrity. Stacks is currently the leading Bitcoin layer-2 network in terms of developer activity and market capitalization.

The Power of Decentralization in Web 3.0

The addition of these new signers to Stacks highlights the importance of decentralization in the development of Web 3.0. Unlike Web 1.0 and 2.0, where power and control were centralized in the hands of a few, Web 3.0 is built on the principle of decentralization, where no single entity has control over the network.

This shift towards decentralization brings about a range of benefits, including increased security, transparency, and censorship resistance. With the help of these new signers, Stacks is further solidifying its position as a leading player in the Web 3.0 landscape.

The Rise of Web 3.0 and its Impact on the Crypto Space

The STX token of Stacks experienced a 5.55% decline in the 24-hour period leading up to 1:00 p.m. UTC, trading at $2.90. While the coin has seen a 5% drop in the past week, it has surged over 93% in the last month according to data from CoinMarketCap.

Stacks recently made an announcement regarding the upcoming releases of Nakamoto and sBTC, which aim to enhance transaction speeds and ensure 100% Bitcoin finality. The Nakamoto release is set to begin between Apr. 15-29, while the SBTC Developer release is scheduled for Q4 2022.

The crypto world has been buzzing with excitement over the Bitcoin ecosystem, thanks to the bullish price action of the world’s largest cryptocurrency. On March 5, Bitcoin’s market cap reached an all-time high of $1.35 trillion, briefly surpassing Silver to become the eighth-largest asset in the world.

This new record comes just a day after Bitcoin achieved its highest daily close at $68,245 on March 4, surpassing its previous record of $67,525 on Nov. 8, 2021. This has only fueled analyst predictions that Bitcoin could reach $100,000 before the end of 2024.