The Stacks Foundation has unveiled the Nakamoto Upgrade, thus paving the way for sBTC (Smart Bitcoin) and new prospects for developing Bitcoin as the platform for dApp and innovation. As Bitcoin remains the standard for security and decentralization, Stacks has utilized its blockchain platform to create an application that is built and runs on Bitcoin to add programmability and faster transactions on top of the original cryptocurrency.
Key Features: Bitcoin Finality and Faster Blocks
The Nakamoto Upgrade significantly improves the broader Stacks ecosystem, with elements such as Bitcoin’s finality and faster block processing time bringing finality within the Stacks network to parity with the secured transaction confirmation of the Bitcoin network. This means that a transaction cannot be rolled back once a transaction has been made.
Stacks Foundation noted that these enhancements are for developing scalable Layer 2 of Bitcoin. Besides, the blocks produce faster and improved network throughput with lower latency and potential benefits for applications that need high throughput rates.
Preparing for sBTC and Beyond
The Nakamoto Upgrade is a technological move and a crucial groundwork for the future sBTC to support decentralized applications while retaining Bitcoin’s security and traceability. As an alternative to constructing on Bitcoin, sBTC is predicted to draw developers and projects waiting for Bitcoin-compatible DeFi.
sBTC allows tapping into the potential of Bitcoin and its capabilities in various applications, such as integration into dApps, velocity and UX improvements, etc. The launch of sBTC is expected in 4-6 weeks, creating a new paradigm for developers and consumers in the Bitcoin space.
Community Involvement and Future Outlook
The Nakamoto Upgrade has also increased the availability of community–involved opportunities, including the upcoming SIP-028 (Signer election for sBTC Signers) on November 4. It is pivotal that this election help lay the foundation for a strong Signer network for sBTC, and businesses like Blockdaemon, Kiln, and Figment should act as core signers.
There has also been an improvement in Stacks staking facilities, and its annual percentage yields (APY) have been higher than 10% since the improvement.
The Road Ahead for Stacks and Bitcoin
Nakamoto Upgrade is a development Stacks strives to achieve as it keeps Bitcoin secure while providing the necessary freedoms that dApps demands. Thus, the Foundation aims to produce a more flexible environment and an improved Bitcoin environment for developers, which may help differentiate Bitcoin from other programmable ledgers.
In the run-up to the sBTC release, the Stacks Foundation has encouraged developers and users to remain active in upcoming events and has expressed belief in the growth of Bitcoin-based DApps.
