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EVENT DETAILS |
Were currently at the second phase of our testnet. Help us test, poke, & tinker our testnet at every phase.
Come & join Joe Bender, Blockstack Developer Evangelist, in this virtual meetup if you want to learn more about STX Mining & how STX miners transfer Bitcoin to process new blocks & mint new Stacks token! Were also going to take a plunge on the WHYs i.e. why theres no hardware requirement needed, why do we use a dual consensus mechanism, why BTC & more!!!
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Proof of Transfer is a consensus mechanism that leverages the security of existing PoW chains like Bitcoin & allows a new network to anchor to an existing PoW network. In the case of Blockstack, this gives the Stacks network similar security properties to Bitcoin from Day 1, while still allowing us to offer developer tools like Smart Contracts, without modifying BTCs protocol.
There are two types of participation in PoX: STX Mining & Stacking.
Just like with a Proof of Work network, Proof of Transfer requires spending something valuable in order to mint a new asset. Bitcoin requires miners to spend electricity in order to create BTC. The Stacks Chain & PoX require miners to spend BTC in order to create STX. You only need to go from electricity to digital value once.
STX Mining is how new STX tokens are minted, & how the Stacks chain & network make progress. Anyone can STX Mine, & STX Miners spend Bitcoin for the chance to earn STX tokens & create a new Stacks block.
If you're interested in being a miner, please use this form:
https://blocksurvey.io/survey/1L1nda5rJEfPRd1aXQU8EKfvEZRQ2nkrWP/e830f9fe-f0eb-43e1-8b9d-8bef4114ec86
Please join our discord community here: https://discord.gg/Wzz93rs
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