Stacks has initiated the rollout of its Nakamoto upgrade introducing improvements to its Bitcoin layer two (L2) solution.
The upgrade aims to bolster transaction speed and security, potentially revitalizing interest in Bitcoin’s extended capabilities.
Stacks Initiates Nakamoto Upgrade, Targets Enhanced Bitcoin Scalability
Stacks, an L2 protocol addressing Bitcoin’s scalability challenges and expanding its blockchain functionalities, initiated its Nakamoto upgrade on April 22, 2024.
This development is set to provide developers with enhanced tools for creating smart contracts and applications, leveraging Bitcoin’s strong infrastructure.
According to the Stacks team, this upgrade is a strategic move to extend Bitcoin’s utility beyond its traditional role as a digital store of value.
Muneeb Ali, co-creator of Stacks, contends that the upgrade marks a pivotal moment for Bitcoin, emphasizing the return of developer interest in the platform.
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The Nakamoto upgrade is expected to introduce faster block times, reducing them from the current 10-30 minutes to approximately five seconds. This change is anticipated to alleviate congestion on the Bitcoin network, facilitating quicker and more cost-effective transactions.
“We’re in the midst of a big moment that’s all about the return of builders to Bitcoin,” Muneeb Ali, co-creator of Stacks, emphasized in a statement.
“Innovations like Ordinals, Runes, and various layers have made Bitcoin fun again for developers and highlighted the massive opportunity to bring new use cases to the largest crypto economy,” the Stacks co-creator said.
Ali added:
The Nakamoto upgrade of Stacks this week is emblematic of the wider progression for the Bitcoin ecosystem as it scales rapidly beyond a store of value and into a secure base layer for experimentation and economic growth.
L2 solutions are projected to unlock over $1 trillion in dormant capital within the Bitcoin ecosystem by expanding its functionality, according to Stacks.
The Nakamoto rollout, which will continue over the next month, promises to bolster Stacks’ reputation as a reliable network for accessing the Bitcoin economy.
The news of Stacks’ Nakamoto upgrade follows a substantial influx of funding for Bitcoin-based L2 projects this year.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.