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A $165 Million ‘Bitcoin Odyssey’: Okcoin, Stacks Purpose to Speed up BTC Adoption

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Cryptocurrency change Okcoin at present introduced it’s teaming up with the Stacks Accelerator and Stacks Basis to launch Bitcoin Odyssey, a grant program with $165 million in funding. The enterprise capital-backed mission goals to propel Bitcoin previous Ethereum because the go-to blockchain for decentralized functions.

The concept is to assist deliver all the weather of Web3—play-to-earn crypto video games, DeFi, NFTs, DAOs, and the metaverse—over to Bitcoin. Up till now, Ethereum has been the highest blockchain for constructing decentralized functions, or dapps. However some Bitcoin builders wish to see that change, and Stacks goals to be the platform to get it carried out.

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Stacks, based in 2016 by Muneeb Ali and Ryan Shea, is an open-source protocol for builders to deploy sensible contracts (software program that executes duties mechanically) and NFTs (distinctive tokens linked to digital content material, offering proof of possession) on the Bitcoin blockchain. In January of final 12 months, Stacks debuted its mainnet, which resulted in its STX coin reaching an all-time excessive market capitalization of $3.7 billion. STX’s present marketcap is $1.84 billion.

The coin’s value spiked at present from round $1.06 to $1.89 on the Bitcoin Odyssey information, and is at present buying and selling at $1.40 in keeping with CoinMarketCap.

Along with receiving funding, chosen tasks to Bitcoin Odyssey will get hands-on help from organizations already within the blockchain trade. The Bitcoin Odyssey initiative is co-chaired by Alex Chizhik, head of listings at Okcoin, and Kyle Ellicott, companion on the Stacks Accelerator. Contributors within the fund embrace Digital Foreign money Group, GSR, and White Star Capital, all of whom will allocate cash and sources to tasks constructing on Stacks.

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Bitcoin Odyssey will even assist fund tasks that create CityCoins like MiamiCoin, a cryptocurrency developed utilizing the Stacks protocol that launched June 8 of final 12 months.

https://decrypt.co/94836/165-million-bitcoin-odyssey-okcoin-stacks-aim-accelerate-btc-adoption

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