Question from Discord:
Hey all, I’m looking for someone (or something to read) to shill me on Stacks. ELI5 level. I like the project, I’ve listened to the Stacks podcast (not a clubhouse member so missing out from there) and Muneeb strikes me as a very bright very down to earth guy. But I’m listening to a whole lot of other news and NOBODY’s mentioning it. It’s all ‘eth is where it’s at and always going to happen’. Why? Is stacks cheaper/faster? If not does it have other advantages? Not just that BTC is the granddaddy of crypto - granddaddies can be arseholes, or useless, or impossible to work with. Is PoX more secure/private than PoS? How? I’m getting so disillusioned with hoskinson and Cardano (btw this isn’t an invitation to bash them or any other project, I’m not interested in that) that I’m ready to sell the moment they actually do something and generate at least a little bounce… But when my buddy who has half a mil in crypto says ‘why’ I don’t really know what to say. Why Stacks and not Tron (gah I know) or GoChain, or BSC, or Ethereum when it fixes the gas fee problem if it ever does etc etc. I’m technically pretty clueless but I’m not stupid (I’m a lawyer. Ok they’re not mutually exclusive but moving on…) Shill me ppl! I’ll pass it on but right now I don’t have the baton… I don’t know how to say in 5 sentences why it’s worth investing in over any of the other up and comers. Thanks all, and commiserations to other Clubhouse outcasts ; )
Link to question posted on Discord: Discord
Stacks is definitely cheaper (just look at the 0.00018 STX transfer fees and 0.000575 STX cost to mint an NFT on Boom), and working on being faster! In terms of other advantages — PoX is completely unique in that it is building upon Bitcoin, taking a layered approach that views Bitcoin as digital gold, sovereign money and store of value. Bitcoin has solved the problem of hard money, and there’s no reason to compete with that. Stacks simply unlocks innovation by building on Bitcoin as a secure base. STX is gas for smart contracts connected to Bitcoin.
PoX is a variant of PoW, which can be more secure than PoS. For more info on potential downsides to PoS this thread can be helpful: PoS Blockchains Require Subjectivity to Reach Consensus
Another benefit to Stacks is the smart contract language, Clarity. Clarity was built for decidable and predictable programming. Developers know with certainty how their code will run, in contrast to estimates that devs are provided on ETH. There are a lot of developers who can speak to their personal preferences here, but I’ll point you to this article highlighting some of the problems Clarity seeks to address: Bringing ‘Clarity’ to 8 Dangerous Smart Contract Vulnerabilities — Blockstack
From my perspective, the team has been super heads down building this model of a sustainable and sensible path toward a user owned web anchored in Bitcoin, that we have strides to make when it comes to project awareness. We’re only just at the tip of the iceberg, and yet this community has been growing and building momentum as we worked toward the Stacks 2.0. It has gotten ever more since then, thanks to everyone here. I agree that the markets aren’t really aware yet. It’s a messaging problem. People think that bitcoin is a rock. Bitcoin is not a f*%$(*& rock. We’re only just beginning to realize Web 3.0 built on Bitcoin. This is a contrarian view, and it might take some time to settle in and continue to build that awareness.
If you share my conviction that crypto assets and respective innovation (DeFi, ownership, art) presents opportunities for wealth creation, new business models, and potentially a better future, then I think it makes sense to take a 10 year view. It’s not a matter of “If,” it’s a matter of when and how. I personally love to be bullish and building on BTC — it’s the most battle tested, with the biggest market cap, and best at what it does. I think it’s going to be really hard for other blockchains to outdo Bitcoin as a settlement layer. I love getting to be bullish on both BTC and STX and earn BTC by holding STX! What’s not to love?
What would y’all add?