5 Ways Stacks 2.1 Will Unleash Bitcoin
Here are 5 ways Stacks 2.1 will improve the Xverse user experience and mobilize the Bitcoin economy.
With a mission to unlock Bitcoin’s full potential, Stacks will soon be rolling out exciting updates for the latest 2.1 version of the network. Stacks is the top Web3 project on Bitcoin, bringing full stacking programming capabilities to the most trusted and secure blockchain. The Stacks 2.1 network proposals are set to strengthen the connection to Bitcoin. But how will this affect Xverse users?
In this article, we'll explain five ways Stacks 2.1 will benefit Xverse users as well as walk you through the voting process through the app. Let's maximize participation and turnout for the proposal across the Stacks community!
Here are 5 ways Stacks 2.1 will improve the Xverse user experience and mobilize the Bitcoin economy:
- Continuous Stacking Cycles
When staking STX, users may select to participate in up to a maximum six cycles. Those who opt-in for only a single cycle are penalized with a “cooldown” period, thereby missing delegation for the following cycle. Furthermore, even those who opt-in for all six cycles will be subject to a cooldown period. This lack of flexibility around cycle participation results in stackers missing the opportunity for Bitcoin rewards. The update brings continuous staking, which means stakers can immediately lock for the next cycle and avoid the cooldown period. By not missing any cycles, participants are able to effectively increase their Stacking yield. Additionally, stackers will also have the option to increase the amount of STX locked in the pool by “topping off”.
- Receive Stacking Rewards Using Any Bitcoin Address
Currently native SegWit addresses (those starting with bc1...) and taproot addresses are not supported by Stacks smart contracts. The update adds support for them, which means you will be able to use any Bitcoin address to receive your rewards and also save on BTC transaction fees.
- BTC <> STX Swaps
While swapping BTC and STX is possible, there are some reliability issues since Stacks blocks are not always 1:1 with Bitcoin blocks. As a result, there’s a small chance that a swap will not be successful. The 2.1 update brings new Clarity smart contract functions that make it easy to parse and validate BTC transaction data. This means swaps will be 100% reliable and easy to build.
- Bridges to Other Chains
The update also makes it easy for developers to build bridges to other chains, including oracles and other services. This means you'll be able to use Xverse to swap assets to and from other chains.
- Sending Assets to BTC Addresses
While additional work will be required for Xverse and decentralized apps, the update should enable users to directly transfer tokens and NFTs to Bitcoin addresses. Likewise, recipients will be able to access them using a compatible wallet.
How to Vote for the Stacks 2.1 Proposal
Voting began November 10, 2022 during reward cycles 46 and 47 with a code estimated completion date of November 15 to move into testing and code completion. The public testnet launch will take place within the following week to give the community and researchers the opportunity to check the updates for any bugs. Voting official ends on December 8, 2022.
You may easily cast your vote using the Xverse app in two methods: "Stacker Voting" for those who are already locked in a Stacking Pool and "Non-Stacker Voting" for those who are not locked in a Stacker pool.
Method 1: Stacker Voting
Step 1: Navigate to the browser tab in your Xverse wallet and enter “SIP015.xyz” into the browser bar. This will redirect you to the Stacks Foundation’s 2.1 Voting website.
Step 2: Next scroll down to the ‘Stacking in a Pool’ section and click on the blue ‘Login to vote’ button.
Step 3: On your screen, you’ll see a connection request from SIP015.xyz. Verify your wallet address and hit the connect button.
Step 4: Next, you may be prompted to enter your password or face ID if you are in enhanced security mode. Otherwise, you will be immediately connected.
Step 5: Select either ‘Yes’ or ‘No’ on the Stacks 2.1 Upgrade proposal. To cast your vote please select the maximum amount of STX you would exercise as your "voting power." No STX will be taken from your wallet, the only fee is the transaction or ‘gas’ fee. As a reminder, you may always check the “post conditions” in transactions you sign with Xverse to ensure the transaction does not make any unexpected transfer of assets.
Method 2: Non-Stacker Voting
Step 1: Navigate to the browser tab in your Xverse wallet and enter “stx.eco” into the browser bar. Once you are directed to the website you’ll see a blue button that says, ‘Vote for Stacks 2.1’. Select the blue button!
Step 2: Scroll down to the ‘How to Vote’ section and click on the blue ‘vote now button.
Step 3: Next click on the ‘connect’
Step 4: On your screen, you’ll see a connection request from Ecosystem DAO. Verify your wallet address and hit the connect button. Next, you may be prompted to enter your password or face ID if you are in enhanced security mode. Otherwise, you will be immediately connected.
Step 5: Choose ‘Yes’ or ‘No’ on the Stacks 2.1 Upgrade proposal. To cast your vote please select the maximum amount of STX you would exercise as your "voting power." No STX will be taken from your wallet, the only fee is the transaction or ‘gas’ fee. As a reminder, you may always check the “post conditions” in transactions you sign with Xverse to ensure the transaction does not make any unexpected transfer of assets.
That’s it! You’ve just cast your own vote and made history. Please share with us your voting journey on social media with the hashtag #IvotedwithXverse.
Show your support and let us know what you think of this year's vote!
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