Designed specifically for decentralized platforms, a tool supporting the internet for decentralized applications…these are common phrases people use for Blockstack. If you are a loyal user of applications operated on decentralized platforms, are you curious when seeing this keyword? Let’s explore what Blockstack is, what STX token is, how to acquire STX tokens, and its future prospects in the following article.
What is Blockstack?
Blockstack is known as a software, a type of browser designed for decentralized applications. It acts as a support tool providing the platform and conditions to deploy local internet for decentralized applications.
Blockstack provides an effective and optimized solution for organizing and classifying decentralized applications. The platform’s operational goal is to replace centralized cloud service providers and applications that require storing user personal information on these applications.
Working method: Blockstack operates directly on the user’s device, and information is stored independently. Users can fully control their information on this software thanks to the code provided by Blockstack, which is stored on the Blockchain system. This code allows users to store data individually in a medium of their choice, eliminating the need to store passwords for authentication.
Currently, the number of applications operating on the Blockstack network has risen to 120 applications.
What is STX Token?
STX token is the official coin of the Blockstack ecosystem, with specific roles such as: transaction fee payments, issuance of coins, rewards for developers and their efforts. It plays a central role in incentivizing participants to join the Blockstack network.
Uses of STX Token
As the official coin of Blockstack, it has the following uses:
- Used to register, create trading accounts within the Blockstack network. Specifically, user names, software certificates, domain names are called accounts on Blockstack. If users want to register and prove their ownership, they can only use STX to pay the fee. If creating different accounts under the same identity, STX is also used to pay fees. In this case, STX also acts as fuel for the services above.
- When accessing dApps and downloading applications from dApps to your device, you also need to use STX to pay the fee.
- For gaming services within dApps that require payment, STX can act as a cryptocurrency to pay for those game services.
- For developers: If they want to register and develop, use smart contracts on the Blockstack network, they also need to pay fees with STX.
- STX can also be used to pay for transaction fees when users trade this token within the Blockchain system of Stack.
- If applications want to build their own Blockchain platform on the Blockstack software, they also need to use STX tokens. That is, as applications develop and become more popular on the Stacks Blockchain, these applications have the full platform basis to evolve into their own Blockchain platform.
- STX token will be the reward for miners who mine a new block.
Basic specifications of STX Token
- Unit: STX
- Blockchain Platform: Stacks Blockchain
- Uses Smart Contract: Yes
- Token Type: Utility Token
- Total tokens issued: 1,320,000,000 STX (may increase in the future)
How to own STX tokens
After research, we found that STX tokens have not been listed on any exchange.
However, you can buy them directly on their website at http://stackstoken.com/ using BTC, ETH or USD.
Additionally, if you are a developer, you can create Apps/games on the Stacks Blockchain platform and receive STX Tokens as rewards.
STX Token Storage Wallet
STX is the official coin of the Stacks Blockchain platform and has its dedicated wallet called Stack Wallet
STX Token Exchange
As mentioned before, there are currently no exchanges listing or selling STX tokens, but this may happen in the future, so let’s wait and see.
Future outlook for STX Token
Based on the model and participants of the project, it appears that the primary users of STX include users (customers) and developers.
The largest group among them is end-users, because to participate in activities within applications, the features inside Blockstack, they obviously need a lot of STX tokens to pay for service fees, transaction fees…
When STX tokens are traded, they further boost demand, especially as the number of users grows.
Conclusion
This article has covered the basic issues of the Blockstack platform and its coin — STX token including: What is Blockstack, what is STX token, how to acquire STX tokens, and its future prediction. Hope this article provides you with useful information and positively influences your work.
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