Nakamoto upgrade delay raises concerns as STX struggles below $2

Stacks network users have expressed discontent with the hard fork activation delays
Countdown to Nakamoto activation on Stacks Foundation’s website expired on 9 October

As a seasoned researcher with a keen interest in blockchain technology and its intricate workings, I must say that the ongoing uncertainty surrounding the activation of Nakamoto for the Stacks network has been a rollercoaster ride. Having closely followed the development of this much-anticipated upgrade since its announcement, it’s disheartening to see yet another delay in its activation timeline.

It seems that the anticipated Nakamoto update on the Stacks network has encountered a delay in its scheduled activation date again.

The window for activating the hard fork commenced on August 28, marking the start of Epoch 3.0. This significant event is anticipated to deliver swift block confirmations and finality to Bitcoin transactions. In a blog post dated September 20, Stacks Foundation announced that the core developers have chosen October 9 as the day for the hard fork to take place (specifically at block number 8646846).

Uncertainty around Nakamoto activation

The Bitcoin Layer 2 network successfully achieved and verified several key targets, among them was the initiation of the Nakamoto testnet hard fork on September 27th. In an update released towards the end of September, the organization disclosed that developers encountered issues concerning inter-node communication related to tenure extensions during the initial activation of the testnet.

Prior to the planned network upgrade (hard fork), it’s essential to fix any identified issues, run tests using a fresh version on the Nakamoto testing network, and subsequently on the main testing network, as stated by the foundation in their latest blog post.

The aim here is to prepare for an update on the main testing network, ensuring it runs the most recent, stable code for a minimum of seven days without issue, prior to the scheduled hard fork on the main network.

A week ago, the foundation announced that the Hard Fork Working Group had installed the Release Candidate 2 software onto the test network.

This week’s passing of the Nakamoto countdown without any messages or announcements addressing the issue has left the Stacks community on tenterhooks.

Some STX holders took to X (formerly Twitter) to express their frustrations. One user posted,

Supporters have remained steadfast and understanding about the Nakamoto update, even with the scheduling setbacks thus far. These continuous delays in the schedule spark curiosity as to whether the Nakamoto upgrade and sBTC were an almost impractical fantasy.

At this point, no specific date has been shared, which leaves us wondering about the inner workings causing the postponement.

STX faces technical challenges

The upcoming Nakamoto update is expected to significantly advance the Stacks system, enhancing its network functionality and drawing in an increased number of decentralized apps. This progress might also stimulate interest and increase the value, both in terms of popularity and cost, for its native token, STX, on open markets.

On a day-to-day basis, Stacks (STX) has been moving within an upward sloping triangle formation. This pattern is supported by increasing resistance levels. Numerous STX investors believe that the upcoming upgrade could serve as the trigger to drive the STX price beyond $2.

Nakamoto upgrade delay raises concerns as STX struggles below $2

Since June 13th, this psychological hurdle has been difficult to surmount. The bulls’ efforts to overcome the resistance on September 27th were met with rejection at approximately $2.08, and another failed upward trend occurred at around $1.99 on October 4th.

Despite some apprehensions about the delay in the update, the project’s promising potential remains unchanged. If carried out effectively, it might subtly increase STX‘s value. Yet, persistent worries about its schedule could foster a negative mood, potentially causing a dip in STX’s value.

2024-10-11 08:39

Uncertainty around Nakamoto activation

STX faces technical challenges

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