STX/INR: Convert Stacks (STX) to Indian Rupee (INR)

Stacks (STX) is a unique layer built on top of the Bitcoin blockchain, designed to extend Bitcoin's functionality without altering its core properties. It enables the development of smart contracts and decentralized applications (dApps) that can interact with Bitcoin's state, effectively making Bitcoin a fully programmable asset. Stacks aims to unlock the latent capital in Bitcoin, estimated at over $500 billion, for use in decentralized applications. It achieves this through its Proof of Transfer consensus mechanism and Clarity programming language, which allow it to interact with Bitcoin's state and settle transactions on the Bitcoin blockchain. The Stacks ecosystem is a collective of independent entities, developers, and community members striving to build a user-owned internet on Bitcoin.

Stacks operates using a unique consensus mechanism known as Proof of Transfer (PoX). This mechanism allows users to transfer the base currency (BTC) to mine STX, effectively bootstrapping the security of the Stacks blockchain using BTC. All transactions on the Stacks layer are automatically hashed and settled on the Bitcoin blockchain, providing robust security. Stacks also uses the Clarity programming language, which is designed for safety and predictability, enabling developers to create smart contracts with a high degree of certainty about their behavior. The upcoming release of Stacks will introduce a novel Bitcoin-backed asset called sBTC, which will enable Stacks smart contracts to interact with Bitcoin.

Stacks opens up a wide range of potential use cases by enabling smart contracts and dApps to interact with Bitcoin. This could lead to the development of decentralized finance (DeFi) applications that use Bitcoin as their primary asset, unlocking billions in latent capital. Stacks could also facilitate the creation of Bitcoin-backed stablecoins, lending platforms, and other financial applications. Additionally, Stacks' Clarity programming language could be used to develop safer and more predictable smart contracts, reducing the risk of exploits and vulnerabilities. The introduction of sBTC, a 1:1 Bitcoin-backed asset, will further expand the potential use cases for Stacks by enabling faster and cheaper transactions that settle on Bitcoin.

The Stacks project was initiated in 2017 by Muneeb Ali, who had just completed his PhD. His thesis laid the groundwork for the Stacks layer for Bitcoin. The original whitepaper was released the same year, and the project raised $50 million in funding. Prior to this, the early team had been building protocols and apps on Bitcoin before they started working on Stacks. In 2019, Stacks conducted the first-ever SEC-qualified token offering for the general public, including the US. From 2018 to 2020, the team focused on building out the Stacks infrastructure, which includes a programming layer for Bitcoin and the Clarity language. The Stacks cryptocurrency has a predefined future supply that will reach approximately 1,818 million STX by the year 2050.