​​Stacks (STX) The Stacks blockchain enables secure smart con | Crypto Great | Bitcoin | DeFi

​​Stacks (STX)

The Stacks blockchain enables secure smart contracts and dApps to be built on the bitcoin network. Stacks provides utility to bitcoin’s network with projects such as MiamiCoin, unlocking bitcoin’s potential as a programmable base layer.

In our last portfolio update, we introduced you to MiamiCoin, a cryptocurrency built on Stack’s blockchain, designed to provide income for the city to help those in need and to “incentivize people to move to Miami and be part of the tech ecosystem.” Just one week after the token went live for users to mine, MiamiCoin has already generated nearly $1 million for the city. Patrick Stanley, one of MiamiCoin’s creators points out, “Every 10 minutes, the city of Miami essentially gets richer.”

Originally, the only way to obtain MiamiCoin (MIA) was to mine it. But on August 30, Okcoin announced it would enable the buying and selling of MIA on its platform. This further recognition solidifies Stacks as a reliable solution to bring smart contracts and dApps to the bitcoin network.

Although state and federal statutes prevent municipalities from owning cryptocurrencies, officials in Miami have already been discussing ways to make Florida more crypto-friendly with Tallahassee-based state legislators.

As of now, Miami can only accept crypto proceeds after they are converted into dollars. But Stanley notes that the funds can instantly be converted into dollars. Also, with MIA now available on Okcoin, finding liquidity is suddenly much easier.

It’s great to see protocols powered by Stacks pushing innovation in government. State officials and legislatures are forced to come together to find a solution that will benefit everyone. By utilizing the Stacks blockchain, investment, charity, and state funds can be easily managed by smart contracts built on the Stack network – the fastest and most cost effective way to build on top of the bitcoin network.