Stacks continues to push toward making itself (and Bitcoin) a real competitor to Ethereum. Covered:  Bitcoin and Web 3 Trust Machines and Stacks Bitcoin and Web 3 We hear a lot about web 3 and bitcoin being the “currency of internet”. The latter is a phrase used often by Jack Dorsey. There is a chasm […] The post Stacks (STX) Raises 150 Million to Make Bitcoin ‘Settlement Layer of Web 3’ appeared first on CryptosRus.

Stacks (STX) Raises 150 Million to Make Bitcoin ‘Settlement Layer of Web 3’

Stacks continues to push toward making itself (and Bitcoin) a real competitor to Ethereum.

Covered: 

  • Bitcoin and Web 3
  • Trust Machines and Stacks

Bitcoin and Web 3

We hear a lot about web 3 and bitcoin being the “currency of internet”. The latter is a phrase used often by Jack Dorsey. There is a chasm between web 3 and bitcoin being the native currency of the internet. What is it? Well, most bitcoin maximalists, and highly respected ones like Adam Back, see web 3 as a venture capital grift.

So will bitcoin be left out of web 3? If Stacks (STX) has any say in the matter, then no. For bitcoin to be native of currency of the internet, an internet transitioning to the nebulous web 3, then bitcoin will need smart contract capability. This is where stacks comes in. (See here for a detailed explanation of how stacks is anchored to bitcoin.)

In short, Stacks settles on Bitcoin. Stacks also brings smart contract and, thus, DeFi to bitcoin. This is about to be even more accelerated as Stacks announced today they raised $150 million to build ‘Trust Machines’, a company co-founded by Stacks founder Muneeb Ali with Princeton computer science professor Dr. JP Singh.

Recommended: First “DeFi platform” On Bitcoin Launches On Stacks

Trust Machines and Stacks 

According to the announcement, the new entity will “unleash the true potential of bitcoin by developing decentralized finance applications, DAOs and NFTs on Stacks.” The $150 million was raised by some of the biggest names in the game, such as Digital Currency Group, Union Square Ventures, and GoldenTree. It is certainly true that with this move, “at stake is the potential for bitcoin to thrive in Web3.”

In essence, this should make the Jack Dorsey’s of the world elated, but because Stacks has its own STX token needed for executing the smart contracts, Stacks is not greeted with glee from most of the cloistered bitcoiners, barring Dan Held and others who are fond of the project.

Jim Breyer, founder, and CEO of Breyer Capital, is one of the major investors in the new project. He was one of the earliest Facebook investors. Speaking on the fundraise, he said: “We believe that bitcoin can be more than a store of value; it can also be the settlement layer and platform for Web 3.” As Muneeb Ali puts it: “Bitcoin as a programmable Layer 1 is so under-appreciated.”

Ali believes that Stacks is now ready to carry the torch to help bitcoin become more than a store of value. Stacks is more entrenched and mature than many realize. As an example of just how much some believe in Stacks, Harvard Management Co., “the firm managing the top university’s $41.9 billion endowment”, bought a $11.5 million in Stacks tokens in 2019.

As Forbes put it: “In many ways, bitcoin smart contracts could be considered the Holy Grail of crypto.” That is a truer statement than most realize.

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