Stacks Foundation Will Soon Put Those 100M Tokens to Work
Blockstack co-founder Muneeb Ali speaks at Consensus 2017. (Credit: CoinDesk archives)
The Stacks Foundation plans to soon begin awarding grants to Blockstack blockchain projects with its fresh reserve of 100 million Stacks tokens.
- Grants “will be awarded on a rolling basis,” to developers and researchers iterating on Stacks blockchain 2.0, according to a foundation spokesperson, who said more info on the program will be coming soon.
- Blockstack PBC committed to transferring its Stacks reserves, intellectual property and a low-interest $950,000 operational loan to the Stacks governance foundation, according to a Monday SEC filing.
- Such a massive value transfer – the 100 million tokens were worth over $26 million at press time – will have the secondary effect of decentralizing Blockstack’s network.
- Relinquishing control of 100 million STX could help Blockstack’s argument that Stacks is not a security and possibly lead to an eventual token listing on U.S. exchanges, according to Decrypt.
- Even so, Blockstack treats its Stacks token as a security by taking steps like filing updates with the SEC.
Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
