Below is a mega list of commonly asked questions around the Stacks 2.0 mainnet launch. Please search through and refer to this document to see if your question has already been addressed before posting questions in other public channels.
Stacks Holdings, Wallets, and Transactions
What will happen to STX holdings through the transition from Stacks 1.0 to Stacks 2.0?
The launch of Stacks 2.0 will port all of the data and information from Stacks 1.0 to Stacks 2.0, so there is no action required to translate your Stacks 1.0 purchases to Stacks 2.0. Your STX holdings will automatically move to the new network upon launch.
Where are my STX and how do I know that they are safe?
TL;DR: Prior to Stacks 2.0 mainnet launch, you may check the status of previously purchased Stacks tokens at the Stacks 1.0 Explorer. Upon the launch of Stacks 2.0, you can check the status of Stacks tokens on the updated Stacks 2.0 Explorer (to be released upon launch, available at explorer.stacks.co). Additional wallet-related information is available here.
Further details: If you have made a previous purchase of STX through stackstoken.com and are having issues accessing your Stacks Wallet address, please ensure that you have your 24-word seed phrase that was generated during purchase. Without this seed phrase, you will not be able to access your STX and it cannot be reviewed or reset. If looking for your seed phrase, please look at screenshots on your computer/mobile device from the day of purchase as a starting point as this is the most common place where it is found (though it is not recommended as a secure way to store a seed phrase).
For further support on this please email [email protected].
I had a token sale voucher. Can I still use it?
Vouchers expired at the end of the Reg A sale in September of 2019. They are no longer eligible for redemption.
What will happen to STX tokens held in the Stacks 1.0 wallet?
TL;DR: Once Stacks 2.0 goes live, the Stacks 1.0 wallet will not work to send Stacks tokens, only to hold and receive them. You will need to download the new Stacks 2.0 wallet to send Stacks.
Further details: Upon downloading the new desktop wallet, STX holders will need to restore their holdings from your wallet seed phrase — either a 12 or 24 word phrase used to initially set up your wallet.
The current wallet and latest official release can always be found at Blockstack.org/wallet. Until the Stacks 2.0 launch on Jan. 14, this URL reflects Stacks 1.0. After launch, it will redirect to the new version for Stacks 2.0. The new Stacks 2.0 wallet is currently available for testing only at Blockstack.org/new-wallet but will move out of testing once Stacks 2.0 launches. The FAQ for the Stacks 2.0 wallet is available here.
Will hardware wallets be impacted by the upgrade?
TL;DR: At the Stacks 2.0 launch, Ledger will be the first and only hardware wallet option. Trezor hardware wallets are no longer supported.
Further details: The Stacks software wallet offers a software wallet option, but hardware wallets are generally recommended for security. Several other entities in the Stacks ecosystem are working on wallets, like Secret Key Labs, Cerebro Wallet and the Boom Wallet.
Trezor hardware wallet users will have 3 options:
- Do nothing. Your Stacks will remain safe. You won’t be able to send your Stacks until you upgrade to the new version of the wallet and recover your wallet from seed phrase OR transfer to Ledger.
- [Recommended, Low Risk] Purchase a Ledger (Nano S or X) device and restore it using the same seed phrase as on your Trezor. Then install the Stacks app from the Ledger Live app.
- [High Risk]: It is also possible to recover your Trezor funds by using a software wallet. Be warned: it is not a recommended security practice to enter your hardware wallet seed phrases to a software wallet. Only use this method if you have removed all other funds from your Trezor device first.
Will BTC still be needed to transact on Stacks?
TL;DR: In the past, users have needed both STX and BTC to transact on Stacks. Upon Stacks 2.0 launch, only STX will be required for transacting in the STX ecosystem.
Further details: Folks that held bitcoin in the Stacks 1.0 wallet can still access their Bitcoin via the Stacks 1.0 wallet and are encouraged to send it elsewhere at their convenience.
What will happen to STX tokens held on exchanges and custody providers?
TL;DR: In the process of the hardfork from Stacks 1.0 to Stacks 2.0, users might see some expected impacts on exchange activity. Users with STX on exchanges or custody providers should refer to updates from respective exchanges and custody providers on how the network upgrade impacts them.
Further details: On the Stacks side, you can review what exactly is happening behind the scenes in this forum post on the Path to Mainnet. We’re providing all resources possible to make it a seamless experience for exchanges, custody providers, and their users.
How do I buy STX tokens on OKCoin?
STX will be available for purchase on OKCoin.com and in the mobile soon after the launch of the Stacks 2.0 mainnet, right alongside the other assets that OKCoin lists.
Additionally, OKCoin has announced its largest ever airdrop, which will give you another opportunity to get STX.
How do I participate in Stacking and earn BTC on OKCoin?
Stacking will be available along with OKCoin’s staking options where they allow you to earn yield from DeFi projects. You will simply need to have STX in your OKCoin wallet and then you will have the option to enter Stacking with a few clicks at OKCoin.com/earn.
Do I come to OKCoin with my own Stacks Wallet address, or do I get one from them?
You will manage your assets with your OKCoin wallet for any on-exchange needs, but you are always free to move your STX to your own wallet, pending any deposit hold periods. If you do not have a Stacks Address, OKCoin will generate one for you as part of purchase.
Are Stox and Stacks the same?
Stox and Stacks are not related whatsoever and are two completely independent blockchain projects. Stox is a prediction market platform, currently with minimal usage. They also have a token with the ticker $STX, but with almost nonexistent volume and a market cap under $1M USD.
I want to list STX. How do I do that?
Exchanges interested in listing STX may do so. The technology is open source and documentation can be found at GitHub - blockstack/stacks-blockchain: The Stacks 2.0 blockchain implementation.
Access to Applications
How will the launch of Stacks 2.0 impact Stacks applications?
TL;DR: In the immediate term, users’ experiences with Stacks login, usernames, and existing applications may be impacted. That is, users may be asked to authenticate their Stacks IDs and log back into apps at some point. However, the launch of Stacks 2.0 will generally result in several upgrades to Stacks applications, including improvements to the Stacks login and wallet experiences.
Further details: We are in the process of upgrading the subdomain registrar and apps that subsidize names, so multiplayer apps that rely on usernames registered for free (with the subdomain registrar referenced) will be affected for a brief time following launch. Many app founders may also need some time to upgrade their apps, so please be patient with them in the meantime, or reach out to them on Discord should you have any app-specific questions. Keep in mind that this hard fork will ultimately unlock new features for app founders, including Clarity smart contracts, scalable transactions, and the ability to build directly on Bitcoin.
What will happen to Connect and the login experience?
TL;DR: The new Stacks Wallet will replace what was previously known as Blockstack Connect, and will show up as a browser extension instead of taking users to a hosted authenticator.
Further details: A developer preview of the wallet was recently released but users can preview some of the new login flow here. Note: A hosted version of the Stacks Wallet will remain available for users who authenticate to apps with other browsers, but Chrome and Firefox users (as well as those of other Chromium browsers like Brave) will see only a prompt to install the extension before proceeding into apps.
For app founders upgrading to this latest version of connect, Hiro PBC will soon release a new version of the Stacks.js connect package that supports the onboarding modal referenced above, as well as installation of the new Stacks wallet. Incorporating this version of Connect should simply be a matter of upgrading to the latest version via npm or yarn, given that the underlying APIs will not change. Further details on the package here.
What will happen to Stacks usernames?
TL;DR: Existing users will retain their usernames (whether free or paid) and can continue to use apps that rely on them without any problems. All username registrations from Stacks 1.0 will get migrated over to Stacks 2.0 automatically. Username registration for new users will need to be temporarily disabled from within both the new Stacks Wallet and the legacy Blockstack Browser. These users will not encounter a prompt to register usernames when signing up for apps; they’ll proceed into apps with only STX addresses.
Further details: Username registrations will need to be temporarily disabled in order to upgrade the subdomain registrar to Stacks 2.0 and redeploy it to another entity after mainnet goes live. We apologize for this inconvenience ahead of time and will post an update as soon as username registration support is restored in the Stacks Wallet. App founders looking for solutions in the meantime should read this forum post — we also support founders in configuring their own subdomain registrars with connect, for those who prefer to decentralize this process even further.
What will happen to the Blockstack Browser?
TL;DR: The Blockstack Browser will continue to operate on Stacks 2.0. However, we will add a deprecation notice across all pages and remove the ability to either receive BTC into its Bitcoin wallet or register for new paid usernames.
Further details: We encourage all apps to upgrade away from dependence on the Blockstack Browser by integrating the connect package from Stacks.js given that its functionality is increasingly out of date, and it will get sunset entirely in Summer 2021.
In the meantime, if you have any BTC in its Bitcoin wallet, you will be able to withdraw it at any time up to that point.
Mining and Stacking
How is mining profitable for miners?
TL;DR: If there are few miners, mining will become more profitable for them; if mining is more profitable, it would attract more miners.
Further details: Ultimately there are a lot of factors, including market dynamics and miner motives that will determine profitability. No amount of testing on the testnet will “prove” that mining will be profitable on mainnet because there’s no way to replicate all these factors in a test environment.
What is the reason for requiring 20 miners to register the .miner namespace?
In Blockstack 1, the code that causes the fork to occur is set so that once 20 .miner names are registered, then 300 blocks from that point is when the fork happens.
Where can I find information on creating a mainnet config file?
See Mine mainnet Stacks tokens | Stacks. Config will be very similar to the Xenon phase of testnet, with minor changes (e.g. the “mode”). We recommend waiting until a “mainnet build” of Stacks 2.0 is available.
What pieces of information do I need to set up a miner?
Run make_keychain from stacks/cli - you’ll need all of those details
Stacks code from github (there will be many updates between now and genesis) and compiled (it’s RUST) - suggest compile in release mode. At this point, debug symbols likely not needed for most.
Bitcoin production node all synched with RPC enabled so stacks node can talk to it.
Get some bitcoin sent to the above BTC that you generated from make_keychain.
Run importaaddress from bitcoin_cli to import THAT address into your node
Registration of a name in the .miner namespace is not technically required now that the 20 names have registered to trigger the hard fork.
Wait for more instructions for genesis
>> You can also view this short tutorial video on how to set up a miner.
Why would a miner give up precious BTC to mine STX?
Simple arbitrage between the value of STX on exchanges and STX minted by mining.
Earlier this year we introduced a limited mining bonus that gives early miners even more than 1000 STX/block in the early weeks of the system.
- Specifically the STX mining schedule is:
- Years 0-4: 1000 STX/block
- Years 4-8: 500 STX/block
- Years 8-12: 250 STX/block
- Years 12+: 125 STX/block
- See the Whitepaper for updated token economics.
How can I calculate the amount of BTC required for mining for one week?
See https://friedger.github.io/mining-calculator/. There are lots of moving parts, but this calculator should help you get the gist of it.
How do you stop and start mining?
- Make sure your bitcoin production node is synched up and ready (should say 1.0000 in the logs) and you’ve imported your address and have BTC ready to burn.
- Then, just run the stacks node pointing to the right config file.
- Once, your node is running as miner (“found UTXOs”)
- you can remove and add btc to stop and start mining (note the required tx fees for that) or
- you can just stop and start the stacks node (note the required sync for that) or
- you can use some programmed logic in the stacks node to stop and start the stacks node (note the technical knowledge required for that) - open feature request
What are the minimum hardware requirements?
Just about any VPS or home PC will work - “mining” is not a compute intensive operation for stacks. That said, you need at least enough storage (currently 350GB) to hold bitcoin mainnet and 5GB/ish +/- per day in bandwidth.
How much is the minimum investment required in BTC?
Default to mine is set is 20,000 satoshis per stacks block. You can adjust this in your stacks config file to your liking. Remember, each block that gets mined is mined by a node selected by a verifiable random number (VRF) which means even if you spend 20,000 satoshis, you MAY not win and if you don’t win, your 20,000 satoshis are gone. If you spend more than 20,000 satoshis, your odds of winning go up, but is never 100%.
A calculation performed today (Jan 11, 2021) indicated the following “order of magnitude” for investment:
Approximately 0.05BTC per day / $1,300 per day
Approximately 0.35BTC per week / $9,000 per week
- These numbers will fluctuate with bitcoin’s pricing and are listed here so you can see something of a range of what you’ll need to mine.
How do I access my STX account?
You’ll want to leverage the STX wallet. The version 3 wallet is a stacks 1.0 wallet but can be used for prepping for 2.0 mainnet (BTC for .miner registration). The version 4.0 wallet is test-net only and will switch to mainnet when the genesis block is mined. The UI for 4.0 wallet asks for a 24 word key phrase, but it will also work with a 12 word key phrase.
What is the difference between burn_fee and burnchain_op_tx_fee?
- burn_fee-> how much BTC you are willing to burn to win leader election
- burnchain_op_tx_fee -> BTC TX fee
Remember, the higher the value of #1 gives you more opportunities to win leader of the block, but is not guaranteed. Suggest you not mess with item #2. Also remember - to CHANGE these values, you must stop and restart your client, which means you will likely miss 5-6 blocks while it resyncs.
Assuming the software is available before block 666050 what happens with my miner before that block? Can we setup the network already?
The miner prior to that is still xenon. A release will be announced on Github and you can then download, compile, and start it. It won’t “activate” however, until the appointed block. Once that block hits, it will try to start mining.
Where can I learn more about STX mining?
What is Stacking?
TL;DR: Stacking is the first consensus mechanism between two blockchains - in this case, the Bitcoin blockchain and Stacks blockchain. Stacking rewards network participants a base cryptocurrency, like Bitcoin, for locking up a newer cryptocurrency, like STX.
Further details: We encourage you to read the technical overview available in the whitepaper and to review this blog post with a breakdown of potential earnings. An overview of Stacking can be viewed at stacks.org/stacking
The minimum amount of STX required to Stack is ~94,000. I don’t have that many STX tokens. Can I still Stack?
Yes, users can pool their STX together to meet the minimum threshold using the delegate transactions. (Note that the minimum is dynamic and subject to change.) For example, third parties like OKCoin, Staked, and others anticipate enabling users to participate in Stacking even if they don’t individually own the minimum threshold amount of STX. More info available on Stacks.org/stacking.
When do Stacking rewards start?
TL;DR: Stacking rewards will be initiated following the first stacking cycle on the Stacks network, anticipated around end Jan. 2021 and paid out mid Feb. 2021.
Further details: Upon launch, STX holders will be able to participate in the first Stacking cycle to test setup. BTC rewards are anticipated to start in following rewards cycle starting around the end of Jan. 2021. During the first reward cycle the network essentially getting up to speed and an anticipated beginning phase for the network.
Stacks Blockchain & Token
What is the connection between Stacks to Bitcoin?
TL;DR: The Stacks 2.0 blockchain brings (a) scalable transactions and (b) general-purpose smart contracts to Bitcoin without modifying Bitcoin. Stacks miners use Bitcoin to mine newly minted Stacks, while Stacks holders can lock their STX in consensus to earn Bitcoin, making STX a unique crypto asset that is natively priced in BTC and distributes BTC earnings.
Further details: The Clarity language, a secure and predictable smart contract language, goes live with Stacks 2.0 mainnet launch. It was developed by Princeton and MIT scientists over the last two years. Clarity makes it much harder to have smart contract bugs and allows developers to write logic around Bitcoin state directly. We believe bringing smart contracts directly to Bitcoin can make BTC more valuable as it can be put to productive use instead of being a passively held asset.
Blockchain state post mainnet launch
TL;DR: While Stacks 2.0 code has undergone significant testing (public testnets running for ~8 months; multiple security audits; bug bounties), like any complex software (~200K lines of code!) and protocol, there can be latent or emergent bugs (remember the early days of Bitcoin and Ethereum).
Further details: We’ve crafted a proposal for dealing with any CRITICAL issues post-launch: critical meaning there’s active or imminent threat to the network security or assets. For everything else, we will follow the SIP process (outlined in SIP-000).
Regarding critical but non-consensus-breaking updates (e.g. a crash on the networking path):
- The Stacks Foundation, working with Stacks core developers, will publish a new release on Github.
- Anyone running a Stacks 2.0 node SHOULD upgrade. This would be just a routine software update, no impact to chainstate.
Regarding critical, consensus-breaking updates (e.g. an exploit is discovered in PoX or Clarity):
- The Stacks Foundation, working with Stacks core developers, will publish a new release on Github.
- Anyone running a Stacks 2.0 node MUST upgrade. This will be a hard-fork of the chain.
- In the first month or two immediately post launch, miners should anticipate and be prepared to (frequently) upgrade their nodes to:
- Incorporate fixes for critical issues in the first category.
- Incorporate regular updates that are not-critical, but still useful: for instance, improvements in logging, configuration management, monitoring etc.
What can I do with STX?
STX are consumed when apps interact with Clarity smart contracts and users register blockchain-based names across hundreds of Blockstack apps. You can also Stack STX tokens to receive BTC rewards.
If you have other questions you would think should be added to this FAQ, please submit them here: stacks/Stacks FAQ.md at master · blockstack/stacks · GitHub