Analytics

STX Price Prediction – Technical Analysis

Stacks makes Bitcoin programmable, enabling decentralized apps and smart contracts that inherit all of Bitcoin’s powers.

Stacks connects to Bitcoin, enabling you to build apps, smart contracts, and digital assets that are integrated with Bitcoin’s security, capital, and network. Apps built on Stacks inherit all of Bitcoin’s powers. They run their logic on the blockchain with smart contracts, are controlled by code instead of companies, and are accessible to anyone. This enables decentralized apps to do things that regular apps can’t. This has led to an increase in STX price.

Staking

Lock your STX temporarily to support the network’s security and consensus. As a reward, you’ll earn Bitcoin that miners transfer as part of Proof of Transfer.

Clarity

Run your app’s logic on the blockchain with Clarity smart contracts. Clarity is a more secure and predictable language that prevents many bugs and exploits. Perfect for high-stakes code where bugs are not an option.

Settlement

Stacks makes no modification to the Bitcoin design. It uses Bitcoin to settle transactions on the Bitcoin blockchain every block. This makes all Stacks transactions inherit Bitcoin’s finality and settlement, because Stacks transactions can be verified on the Bitcoin blockchain.

Security

Stacks uses the Bitcoin blockchain as its base layer. As a Proof of Work (PoW)-based blockchain, Bitcoin uses the combined efforts of thousands of miners and nodes to protect the network against attacks by making it computationally and economically unfeasible to subvert the network. On top of this, Stacks introduces its own consensus model, known as proof-of-transfer (PoX), which is a novel mining mechanism that sees users transfer the base currency (BTC) to mine STX — effectively bootstrapping the security of the Stacks blockchain using BTC.

Scaling Bitcoin

Before Stacks, building new features on Bitcoin was a paradox. Bitcoin is secure because it’s stable and resistant to change. It’s secure because it has a very limited scripting language with a small attack surface, and limited space for transactions. Introducing new features to the Bitcoin core protocol is hard and not desirable as these features add complexity.

Scaling Independently of Bitcoin

The Bitcoin block time is too slow to support decentralized apps. To work around Bitcoin’s limited speed, Stacks uses microblocks that result in near-instant confirmation on the Stacks blockchain. At the rate of the Bitcoin block time, these blocks will settle from Stacks to Bitcoin to provide the finality and security of Bitcoin.

Mining with Proof of Transfer

Proof of Transfer is an upgrade to Proof of Work. With PoX, miners are not converting electricity and computing power to earn block rewards and transaction fees. Instead, they transfer Bitcoin, a proof-of-work currency, to holders of Stacks Token. This enables holders of Stacks Token to earn Bitcoin from consensus. This process is called Stacking. Leader election happens on Bitcoin and new blocks are written on the Stacks blockchain.

Let us review STX Price

STX Price Prediction

STX is currently trading above the support zone at $0.89. If it can stay above this support zone, we could start seeing a move towards $1.25, $1.36 and $1.49. If it can flip the resistance at $1.49 to support, we could start seeing a higher move towards $1.72, $2.29 and $3.22. Failure to hold the support at $0.89 could lead to a drop towards $0.79, $0.70 and $0.58.

Join us on Telegram to receive free trading signals.

For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.

Images courtesy of TradingView.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

   

Source


Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Close

Become a Millionaire by Trading Crypto!