BlockStack

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BlockStack is a new network for decentralized applications[1]. Blockstack aims to address the centralization at the application-layer of the internet. More specifically, Blockstack builds an [alternate DNS and alternate public-key infrastructure. It's the first implementation of a decentralized DNS system on top of the Bitcoin blockchain It combines DNS functionality with public key infrastructure and is primarily meant to be used by new blockchain applications.

Blockstack is being developed by a group of engineers and researchers coming from both industry and academia and is released as open-source. Other systems like Namecoin have implemented decentralized DNS using blockchains earlier by using blockchains other than Bitcoin. Blockstack became operational on the Bitcoin blockchain in September 2015. As of March 2016, Blockstack was the largest non-financial system using the Bitcoin blockchain by transaction volume.[2]

Founded in 2013 as Onename, Blockstack raised $5.45 million venture capital from a number of major players, including Union Square Ventures, AngelList founder Naval Ravikant, and Digital Currency Group.[3]

In May 2017, at CoinDesk's "Consensus 2017" blockchain conference in New York, Blockstack released a decentralized browser add-on, described as "a kind of Netscape for the decentralized internet, running apps on a plethora of blockchains". The purpose of this add-on is to allow developers to use Blockstack's tools (decentralized identity, storage, and payments) to "create consumer-facing application software". The add-on works with any browser, including Chrome, Safari, and Firefox.

Description[edit]

Why has Blockstack built a decentralized internet?

The Blockstack project is a comprehensive product that includes an Internet browser, a blockchain name registration system, a user identification system, and a cloud-based storage infrastructure aimed at decentralizing the Internet. It can run on an existing set of Internet technologies and Bitcoin blockchain, but distances itself from the centralized properties of existing Internet applications, and can be easily moved to another blockchain.

Blockstack is an open source project implemented by a long-established company consisting of professionals of the highest level and more than 3 years receiving support in the form of venture capital. Token “Stack” will serve as a means of motivation of participants and payment of the commissions the network. Its production in a fixed volume in the Genesis block is planned in 2019, with a pre - defined mining algorithm. ICO participants will receive the majority of tokens (66.66%), and investors who made investments at an early stage (including founders) - 33.34%. It is worth noting that the documentation Blockstack not enough information about how it is planned to use the collected funds. As for legal risks: it is unlikely that tokens will fall under the definition of securities.

History[edit]

Blockstack network is developed by a group of companies located in Jersey City: the operating company Blockstack Token LLC is a subsidiary of Blockstack Public Benefit Corp. Information about the activities of the group of companies is not provided, except for the one that States that the startup project Blockstack was launched in 2013. Since its inception, Blockstack has attracted $ 5,450,000 in venture capital to develop a decentralized level of Protocol - the Stack Protocol. In addition, the team plans to increase capitalization by issuing its own tokens("Stack"): the ICO of the project is scheduled for November 13, 2017. Blockstack tokens will be fully developed and released online by January 30, 2019.

The initial launch of Blockstack in March 2014 was on Namecoin, but then moved to Bitcoin at the end of 2015. Currently, the Blockstack network has already deployed several applications, including the Casa shared housing service, the Alfa personal health monitor, the Guild blogging platform and the Ongaku Ryoho music player. In may 2017, Blockstack introduced a new Internet browser that allows users and developers to plunge into the world of decentralized Internet.

External links[edit]

See Also on BitcoinWiki[edit]

References[edit]

  1. Blockstack: A New Decentralized Internet
  2. Opreturn Stats
  3. Bitcoin-Powered Internet Advances With $4 Million Blockstack Funding