Muneeb Ali (Blockstack) on Bitcoin-based Smart Contracts

Muneeb Ali, cofounder of Blockstack, joins the show to talk about the launch of Stacks 2.0 and its evolution from a securities offering to a freely tradable instrument in the U.S.

  • New developments with Stacks and a novel legal opinion
  • What constitutes sufficient decentralization and how Blockstack took cues from regulators
  • Why Blockstack felt empowered to list their token on public US exchanges
  • The current state of Blockstack governance
  • Reflections on Ethereum’s purported transmutation
  • How Blockstack did the first reg A+ securities offering for a cryptoasset
  • Why securities registration is worthwhile for token issuance
  • Whether the SEC disclosure framework is suitable for the issuance of a token
  • Alternative disclosure and securities offering frameworks for registered token issuance
  • Whether Blockstack was willing to treat Stacks as a security in perpetuity
  • Why security tokens haven’t taken off in the US so far
  • The evolution from Stacks 1.0 to Stacks 2.0, and the differences between the two
  • Why Blockstack chose to build on Bitcoin, and how they managed to do so in an efficient manner
  • Why Blockstack chose not to build a distinct chain in its own right
  • Why Bitcoin’s inflexibility as a base layer makes it a suitable underlying protocol
  • How Muneeb thinks about Stacks value accrual
  • Blockstack’s transaction-based consensus mechanism relying on Bitcoin
  • Why Blockstack chose not to use OP_RETURN
  • The relationship between Blockstack usage and BTC value accrual
  • Muneeb’s response to the criticism of their regulated token issuance model

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