{"id":129745,"date":"2020-12-09T22:08:01","date_gmt":"2020-12-09T19:08:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blockstack-stx-rallies-85-as-fundamentals-improve-ahead-of-mainnet-launch\/"},"modified":"2020-12-09T22:08:01","modified_gmt":"2020-12-09T19:08:01","slug":"blockstack-stx-rallies-85-as-fundamentals-improve-ahead-of-mainnet-launch","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blockstack-stx-rallies-85-as-fundamentals-improve-ahead-of-mainnet-launch\/","title":{"rendered":"# Blockstack (STX) rallies 85% as fundamentals improve ahead of mainnet launch"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a28ce20bec79\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a28ce20bec79\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/blockstack-stx-rallies-85-as-fundamentals-improve-ahead-of-mainnet-launch\/#Network_fundamentals_continue_to_improve\" >Network fundamentals continue to improve<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/blockstack-stx-rallies-85-as-fundamentals-improve-ahead-of-mainnet-launch\/#A_few_issues_to_consider_ahead_of_the_mainnet_launch\" >A few issues to consider ahead of the mainnet launch<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Blockstack (STX) rallies 85% as fundamentals improve ahead of mainnet launch <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Blockstack (<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/coinmarketcap.com\/currencies\/blockstack\/\">STX<\/a>) might not be on every investor&#8217;s radar, but the 72nd-ranked cryptocurrency by market capitalization has been doing some serious work behind the scenes.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/46a7385c-97b4-405d-9150-f12ffea88b94.png\"><figcaption style=\"text-align: center;\"><em>Blockstack (STX) 1-month chart. Source: Coin360.com<\/em><\/figcaption><\/figure>\n<p>The company behind the token was founded in 2013 and raised money from Union Square Ventures, Naval Ravikant, Lux Capital, and Digital Currency Group (DCG).<\/p>\n<p>The ICO actually h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened in September 2019 and the fundraise was $28 million at $0.30 per token. At the time, the Blockstack ecosystem had over 165 applications in place and 78.3 million tokens were sold pre-ICO at $0.12 a piece.<\/p>\n<p>The project aims to serve as a replacement to centralized cloud services that require user information storage, thereby building full-stack solutions for decentralized applications (dApps). <\/p>\n<p>Despite having its own blockchain, most computing is done on client devices, allowing Stacks to scale. A browser portal is all a user needs to get started using the Blockstack ecosystem.<\/p>\n<p>According to Blockstack co-founder, Muneeb Ali: <\/p>\n<blockquote><p>&#8220;Stacks 2.0 is a unique layer-1 blockchain that has a native bridge to Bitcoin.&#8221;<\/p><\/blockquote>\n<p>In future Ali said the team plans to &#8220;narrow our focus to building tools for developers that are building apps and smart contracts on Bitcoin.&#8221;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Network_fundamentals_continue_to_improve\"><\/span>Network fundamentals continue to improve<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In July 2019, Blockstack launched its first token offer under the SEC Reg A exemption. Investors&#8217; expectations now lay on Stacks v2 launch, introducing a new smart contract language, and a new consensus mechanism.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/d045af73-4c89-4aad-815e-37fbef67f46f.png\"><figcaption style=\"text-align: center;\"><em>STX market capitalization (USD) and price (BTC). Source: CoinMarketCap<\/em><\/figcaption><\/figure>\n<p>Regarding the token\u2019s value, since November, STX has gained 85% and its market capitalization rose from $100 million to $188 million in nine weeks.<\/p>\n<p>The quiet rally actually started in June, when Blockstack announced a joint open-source project to develop a smart contract language called Clarity. This partnership with Algorand aims to build something more reliable and predictable than current solutions available in the market.<\/p>\n<p>On Sept. 24, the team successfully launched Phase 3 of the Stacks 2.0 testnet, including the proof-of-transfer and &#8220;stacking&#8221; (staking) mechanisms. A week later, Blockstack announced the integration of Chainlink as its &#8220;preferred oracle solution.&#8221;<\/p>\n<p>The PoX mechanism allows independent STX miners to secure the network by pledging Bitcoin (BTC) as collateral. In exchange, those miners will have a chance to earn newly minted STX tokens.<\/p>\n<p>On Oct. 9, just a couple of weeks after the launch, Blockstack announced its economic model behind Bitcoin rewards for staking STX tokens. In November, the company also announced a partnership with Staked, an infrastructure services provider for institutions seeking to earn rewards on their crypto assets.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/b5b188e6-c2df-45b8-94b9-061e2b8e6b35.jpg\"><figcaption style=\"text-align: center;\"><em>Blockstack (STX) price vs. Tweet Volume. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/vision.thetie.io\/\"><em>TheTie<\/em><\/a><\/figcaption><\/figure>\n<p>Take notice of how the tweet activity usually peaks ahead of the upwards price swing. A noticeable peak happened on Nov. 10, when Coinbase&#8217;s open-source tool Rosetta was integrated into Blockstack.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_few_issues_to_consider_ahead_of_the_mainnet_launch\"><\/span>A few issues to consider ahead of the mainnet launch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>More recently, on Dec. 7, the company published a legal memorandum in which the firm argued that its Blockstack (STX) tokens will no longer qualify as securities.<\/p>\n<p>After rebranding its parent company to Hiro, Blockstack announced its 2.0 mainnet code completion will occur by Dec. 15 and has set a launch date for Jan. 14.<\/p>\n<p>All this goes to show that there are a good number of fundamental drivers which support the strong rally seen in STX token and it worth noting that the token\u2019s issuing schedule until Oct. 2021 is very aggressive. <\/p>\n<p>This situation exerts immense pressure on the token price, as noticed by the discrepancy in the market capitalization versus the BTC price chart.<\/p>\n<p>While there is a good amount of substance behind the recent positive price swing, investors need to watch out for the &#8220;buy the rumor, sell the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>&#8221; dynamic as STX approaches the v2.0 launch date.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/blockstack-stx-rallies-85-as-fundamentals-improve-ahead-of-mainnet-launch\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Blockstack (STX) rallies 85% as fundamentals improve ahead of mainnet launch &#8221; Blockstack (STX) might not be on every investor&#8217;s radar, but the 72nd-ranked cryptocurrency by market capitalization has been doing some serious work behind the scenes. Blockstack (STX) 1-month chart. Source: Coin360.com The company behind the token was founded in 2013 and raised&#8230;<\/p>\n","protected":false},"author":1,"featured_media":129746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/47557b4c-abb3-41c1-8196-1db40da16e4c.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,74863,74939,73785],"class_list":["post-129745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-cryptocurrencies","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/129745","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=129745"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/129745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/129746"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=129745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=129745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=129745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}