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Nakamoto Upgrade to Transform Stacks Network on August 28th
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This upgrade promises to significantly enhance the network’s functionality and usability.
It addresses long-standing issues and sets the stage for groundbreaking developments. Let’s explore more about the Nakamoto Upgrade.
Major Enhancements and sBTC Launch with Nakamoto Upgrade
One of the most notable changes is the dramatic improvement in transaction speeds. Currently, transactions on the network take between 10 to 30 minutes or more, mirroring Bitcoin’s slower settlement times. With the Nakamoto Upgrade, these times will be reduced to approximately five seconds, representing a 100x improvement. More info about this upgrade here.
This leap in efficiency is expected to revolutionize the way users interact with the network, making it far more practical and responsive for real-time applications and high-frequency transactions.
Source: X
In addition to faster transactions, the Nakamoto Upgrade will introduce sBTC—a decentralized asset-backed 1:1 by Bitcoin. Scheduled for release four weeks after the upgrade, sBTC will facilitate seamless transfers between the Bitcoin blockchain and Stacks.
More About sBTC
This integration will not only enhance interoperability between the two blockchains but also utilize sBTC as gas for transactions on the Stacks network. By bridging Bitcoin with Stacks, sBTC aims to unlock new possibilities for decentralized applications and services, further enhancing the network’s capabilities.
Source: X
The timing of this upgrade is particularly significant. While networks like Ethereum and Solana have garnered substantial attention and excitement for their viral products and innovations, Bitcoin’s ecosystem has often been overshadowed. Historically, the focus has been on Bitcoin as a standalone asset rather than on the development of its broader ecosystem.
Disclaimer
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August 29, 2024 at 08:00AM
August 29, 2024 at 08:01AM
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