Stacks Foundation Introduces Nakamoto Upgrade for sBTC on Bitcoin

The Stacks Foundation has announced the Nakamoto Upgrade, a significant development aimed at introducing smart Bitcoin (sBTC) on the Bitcoin network. This upgrade, which is planned to launch on December 1, 2023, is designed to enhance Bitcoin’s functionality by enabling smart contracts and decentralized finance (DeFi) applications. The sBTC will be a fully-collateralized Bitcoin asset on the Stacks network, allowing for secure and trustless interactions between Bitcoin and DeFi platforms. This move is seen as an important step in expanding Bitcoin’s utility beyond a mere store of value, potentially transforming it into a more versatile financial ecosystem.