Digital Currency Group, GBV Capital, White Star Capital, and GSR are among the firms that have contributed to the Bitcoin Odyssey.
The “Bitcoin Odyssey,” a one-year pledge among investment firms to invest $165 million in imaginative solutions to assist increase Bitcoin (BTC) acceptance, was unveiled on Thursday by cryptocurrency exchange Okcoin, the Stacks Accelerator, and the Stacks Foundation.
The Bitcoin Odyssey is being supported by Digital Currency Group, GBV Capital, White Star Capital, and GSR, among others, in response to the growing interest in decentralized finance (DeFi) and the new technological capabilities enabled by Stacks.
Alex Chizhik, Okcoin’s head of listings, and Kyle Ellicott, Stacks Accelerator’s partner, will co-lead the endeavor. The funds and assets will be used to fund projects based on Stacks, an open-source network for Bitcoin-based smart contracts, as well as the Bitcoin blockchain.
Stacks 2.0 is a layer-1 blockchain with an integrated Bitcoin bridge. Stacks 2.0 is built on the Clarity smart contract language, which is based on Algorand’s open-source protocol. Stacks is a second-layer network that works in tandem with the Bitcoin blockchain to enable decentralized lending, nonfungible token (NFT) purchasing, and other smart contract applications.
The layer-1 network’s STX token has a market valuation of $3.7 billion since its mainnet launch in January 2021. The Bitcoin Odyssey will choose initiatives centered on Bitcoin and Stacks, as well as Web3 solutions such as the Metaverse, blockchain-based play-to-earn gaming, DeFi, NFTs, and decentralized autonomous organisations, as well as CityCoins, government technology, and other disciplines. Industry professionals will provide hands-on help to the Odyssey projects in addition to money.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.