New York-based decentralized computing network Blockstack which announced its proof of transfer mining algorithm earlier this year has announced that it has now launched Krypton – the third phase of the Stacks 2.0 testnet.
Its next milestone will focus on testing Stacks 1.0-2.0 upgrades with integration and testing with the Bitcoin (BTC) testnet.
Krypton is an important development in Blockstack’s novel mining consensus mechanism Proof-of-Transfer (PoX). This uses Bitcoin to secure an independent blockchain network, called Stacks 2.0.
PoX makes it also possible to reward Stacks token holders with bitcoin BTC, a feature called Stacking. With Stacking, Stacks (STX) token holders lock up STX tokens for a certain amount of time. Doing this helps to secure the network by acting as validators on the network, incentivizing honest behavior on the part of miners.
Developers and miners will be able to interact with the full Proof-of-Transfer mechanism, and users will soon