Stacks (STX) is a Blockchain network designed to expand Bitcoin’s functionality by providing smart contracts and decentralized applications (dApps) on the Bitcoin network. Originating from Blockstack, founded at Princeton University in 2013, Stacks aims to create a decentralized internet and digital economy where users have control over their data. Since rebranding as Hiro PBC in 2019, the company has focused on building developer tools for the Stacks network and supporting decentralized applications. This article answers two key questions: What is Stacks (STX), and how to buy Stacks (STX) with TRY.
What is Stacks (STX)?
Stacks is a Blockchain network designed to expand Bitcoin’s functionality by providing smart contracts and dApps on the Bitcoin network. Leveraging Bitcoin’s security, Stacks aims to create a decentralized internet and digital economy with enhanced programmability.
Stacks originated from Blockstack, founded in 2013 by Muneeb Ali and Ryan Shea at Princeton University’s Computer Science department. Their goal was to address fundamental issues in current web and mobile applications. After Muneeb’s doctoral thesis on Blockstack and their participation in the Y Combinator accelerator, they secured initial funding from prominent investors like Union Square Ventures and Naval Ravikant.
By 2014, the team launched a Blockchain-based decentralized identity (DID) system and continued to develop their network focusing on peer-to-peer communication and data storage. By 2017, Blockstack released the alpha version of its developer platform, including Blockstack Browser and a decentralized storage system. The company also completed multiple funding rounds and a token offering.
Stacks’ core vision is to provide a full-stack solution for decentralized applications, reduce dependency on centralized cloud services, and enhance user data control. Stacks applications run on client devices where data is stored separately, using the blockchain only when necessary. This design provides a scalable network where users control their data through a unique identity system recorded on the Blockchain.
Stacks launched its mainnet in October 2018 by distributing tokens to early investors and unlocking token transactions. The team also initiated an App Mining program to encourage developers to build on the Stacks network. Although initially successful, the program was paused for redesign due to challenges in ensuring fair distribution.
In July 2019, Hiro PBC, formerly Blockstack PBC, raised $15.5 million by conducting the first Reg A qualified token offering. This milestone was achieved after meeting SEC qualifications. Hiro PBC has raised over $75 million through equity investments and token offerings, with contributions from various investors, including USV and Digital Currency Group.
By the end of 2019, Hiro PBC became based in New York and continues to develop the Stacks ecosystem. The network hosts approximately 300 applications created by over 100 independent developer teams. The anticipated launch of Stacks v2 will introduce the Clarity smart contract language and a new consensus mechanism called Proof of Transfer (PoX), enhancing the network’s capabilities and security.
In October 2020, the project rebranded the Blockstack network and application ecosystem as the Stacks Ecosystem and the company as Hiro PBC. Hiro now focuses on building developer tools for the Stacks network, guiding its future development, and supporting the dApps built on it.
How to Buy Stacks (STX) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Stacks (STX). Over 100 cryptocurrencies, including STX, can be bought and sold on Binance TR, where accounts can be quickly created. Follow these steps to buy Stacks (STX) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. Go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as your email address, phone number, name, surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through Binance TR’s official website. Note that you will also need your mobile phone for identity verification on the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the dropdown menu, and then click “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click on “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. First, tap on the “Identity” option to continue.
Then, a screen like the one below will appear. To continue the verification process, first select the document type that suits you.
After selecting the document type, tap on the “Upload Front Side” option to continue. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload Back Side” option and take a photo of the back side of the document and upload it. Make sure that the images are clear and the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then, tap on the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and trade seamlessly from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 via FAST up to 50,000 TL. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the dropdown menu.
Then, a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can transfer money via wire transfer, EFT, or FAST. All you need to do is use the information displayed on the bank’s page to transfer the amount you want to deposit into your Binance TR account via wire transfer, EFT, or FAST.
Once your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy STX Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to STX coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. Type “STX” in the search bar on the right side of this page and click on the STX/TRY option from the results to go to the TL to STX purchase page.
Now the following STX trading page will open. In this page, enter the price at which you want to buy STX in the first box marked with a red box and the number of STX you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy STX” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users can access market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functionalities through Binance TR.
