Last week, the Blockstack team officially rolled out their proposal for a new mining mechanism for its Stacks blockchain named Proof of Transport (PoX). In addition to this blog article, you can read the entire PoX white paper and the Stacks Improvement Proposal (SIP-007) that details the thought.
PoX is a method of building new blockchains on top of existing Proof-of-Work blockchains such as Bitcoin. Whereas PoX wants a transfer of BTC as opposed to a burn. This has the added advantage of developing a mining bonus pool denominated in Bitcoin.
At a higher level, among the coolest aspects of cryptonetwork and blockchain technologies is composability — the concept that crypto protocols and assets could be freely interconnected in just about any way possible, without barriers or consent. Each (public) blockchain, asset, and smart arrangement is a de-facto API which can be hooked into, built upon, as well as extended.
This might seem like a minor feature, but I think this is a breakthrough attribute. Today, we’re seeing this play out most vividly from the DeFi area, where protocols such as Maker, Compound and Uniswap interconnect to construct new financial products. What Blockstack is performing with PoX brings this strategy further to the Web3 / information space. Ultimately, I believe this approach will allow a wide explosion of not only tech infrastructure but fresh experience & attributes, both for consumers and businesses.
It seems like customer growth in Web3 is moving slowly, and from the consumer numbers it’s . However, composable invention is compounding, as well as the job that is happening right now is creating the tools & patterns for what will definitely be enormous, exponential jumps in performance and expertise over time.