# Stacks blockchain

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**Stacks**, formerly **Blockstack**, is a [Bitcoin](/source/Bitcoin) layer-2 [blockchain](/source/Blockchain).

## History

The Blockstack project was originally founded by [Muneeb Ali](/source/Muneeb_Ali) and Ryan Shea in 2013. By 2017, Blockstack locked in two additional funding rounds totalling $4 million. In 2017, Blockstack went on to launch an [initial coin offering (ICO)](/source/Initial_coin_offering). BlockStack PBC (now called [Hiro PBC](/source/Hiro_PBC)) was the first to launch a [SEC](/source/U.S._Securities_and_Exchange_Commission) qualified token offering in July 2019. The start-up spent almost a year to ensure they met the SEC qualifications.[1]

In October 2020 the community rebranded Blockstack to Stacks.

With the introduction of the Stacks Blockchain 2.0 on 14 January 2021, Hiro PBC revoked their sole control of the network.[2] Due to this, the Stacks token could no longer be viewed as a security under SEC Regulation A+ qualifications and filed an exit report.[3]

## Design

At its inception, Blockstack aimed to offer solutions to the problems of internet privacy, security and data breaches (especially in cloud storage).[4] Blockstack purports to offer users greater choice in what data they share with other users and applications.[5][6][7]

## CityCoins

In 2021, the CityCoins project launched fungible tokens for the cities of Miami and New York City.[8][9] In September 2021, Miami's city commissioners voted to accept the protocol treasury,[context?] valued at $21 million at the time.[10] MiamiCoin's value crashed, and so Stacks donated $5.25M to the City of Miami.[11]

As of March 2023, *Bloomberg* was reporting that CityCoin was facing a "quiet demise" as liquidity issues and a lack of interest caused both the New York City and Miami coins to be delisted from the OkCoin cryptocurrency exchange.[12]

## References

1. Vigna, Paul (2019-07-11). ["SEC Clears Blockstack to Hold First Regulated Token Offering"](https://www.wsj.com/articles/sec-clears-blockstack-to-hold-first-regulated-token-offering-11562794848). *Wall Street Journal*. [ISSN 0099-9660](https://www.worldcat.org/issn/0099-9660). Retrieved 2021-06-22.

1. ["PART II – Hiro Systems PBC Form 10-K/A"](https://www.sec.gov/Archives/edgar/data/1693656/000119312521134674/d41884dpartii.htm). U.S. Securities and Exchange Commission. 30 March 2021. Retrieved 14 November 2025.

1. Chavez-Dreyfuss, Gertrude (7 December 2020). ["Blockstack's Digital Currency 'Stacks' to Be Tradable in U.S. Once New Blockchain Arrives"](https://www.usnews.com/news/technology/articles/2020-12-07/blockstacks-digital-currency-stacks-to-be-tradable-in-us-once-new-blockchain-arrives). *U.S. News*. Reuters.

1. Singh, Harminder (1 October 2017). ["'New internet' looks to keep user data away from tech giants and bypass China censorship"](https://www.scmp.com/news/hong-kong/economy/article/2113521/new-internet-looks-keep-user-data-away-tech-giants-and-bypass). *South China Morning Post*

1. Fung, Brian (23 March 2018). ["The new technology that aspires to #DeleteFacebook for good"](https://www.washingtonpost.com/news/the-switch/wp/2018/03/23/the-new-technology-that-aspires-to-deletefacebook-for-good/?noredirect=on). *The Washington Post*

1. Dillet, Romain (5 September 2018). ["Stealthy wants to become the WeChat of blockchain apps"](https://techcrunch.com/2018/09/05/stealthy-wants-to-become-the-wechat-of-blockchain-apps/). *TechCrunch`*

1. Simonite, Tom (5 March 2018). ["The Decentralized Internet Is Here, With Some Glitches"](https://www.wired.com/story/the-decentralized-internet-is-here-with-some-glitches/). *Wired Magazine*

1. Brown, Dalvin (2021-09-30). ["Crypto tax: 'MiamiCoin' has made the city $7 million so far, a potential game-changer for revenue collection"](https://www.washingtonpost.com/technology/2021/09/30/crypto-miamicoin/). *Washington Post*

1. Chen, Elaine (2021-11-03). ["Eric Adams Aims to Make NYC Crypto-Friendly With Coin Similar to Miami's"](https://www.bloomberg.com/news/articles/2021-11-03/mayor-elect-eric-adams-to-explore-nyc-coin-similar-to-miami-s). *Bloomberg*

1. Greely, Brendan (2021-11-03). ["MiamiCoin, a currency without sovereignty"](https://www.ft.com/content/f2907890-c2da-4959-bc39-589ada847b0a). *Financial Times*

1. Benavides, Cristian (February 3, 2022). ["Miami Announces It Cashed Out Some MiamiCoin as Crypto Markets Are Down"](https://www.nbcmiami.com/news/local/miami-announces-it-cashed-out-some-miamicoin-as-crypto-markets-are-down/2680613/). *NBC 6 South Florida*. Retrieved 2022-04-13.

1. Wanna, Carly (21 March 2023). ["Miami and New York's Crypto CityCoins Meet Quiet Demise"](https://www.msn.com/en-us/money/personalfinance/miami-and-new-york-s-crypto-citycoins-meet-quiet-demise/ar-AA18U7y1). *MSN*. Bloomberg. Retrieved 8 April 2023.

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Adapted from the Wikipedia article [Stacks blockchain](https://en.wikipedia.org/wiki/Stacks_blockchain) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Stacks_blockchain?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.