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<h1 class="uk-article-title">Learn more about the Stacks token</h1>
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<!-- Written by <span itemprop="author" itemscope itemtype="http://schema.org/Person"><span itemprop="name">Blockstack</span></span><br> -->
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<time datetime="2018-11-05T11:26:39-08:00" itemprop="datePublished">
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Nov 5, 2018
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</time>
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</div>
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<div markdown="span" class="article-content">
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<p>Stacks is the name of a token developed by Blockstack Token LLC in 2017 and
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activated in the third quarter of 2018. This page discusses a brief history of
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the Stacks token and deployment on the Blockstack network as well as the current
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role of the Stacks token.</p>
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<p>If you are a developer interested in the specific technical changes related to
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the 2018 launch, see the <a href="https://forum.blockstack.org/t/blockstack-annual-hard-fork-2018/6518" target="\blank">announcment in the Blockstack forum</a>.</p>
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<h2 id="a-brief-history-of-the-stacks-token">A brief history of the Stacks token</h2>
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<p>In 2017 Blockstack did a token sale. Participants became token holders when they
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received allocations of Stacks tokens in the genesis block. A genesis block is
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the first block of a blockchain.</p>
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<p>During the draft genesis block period token holders setup a seed phrase
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(sometimes referred to as a <em>recovery phrase</em> or a <em>recovery seed</em> using the
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Stacks wallet software or their own hardware wallet.</p>
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<p>It was each token holder’s responsibility to store their own seed phrase in a
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private and secure location. Holders could use their wallet to verify their
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holdings and allocations on the genesis block explorer. Beyond that, while in
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draft state, token holders were in a lock down period.</p>
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<h2 id="state-of-the-stacks-blockchain-v1">State of the Stacks blockchain V1</h2>
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<p>The initial block in the Stacks blockchain V1 allocates 1.32 billion
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tokens. The launch is the culmination of two year’s hard work across the greater
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Blockstack community. With the launch, Stacks tokens unlock for accredited token
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holders under a predetermined unlocking schedule. The events on the unlocking
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schedule are the same for each investor, <strong>the dates of these events</strong> depend on the
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holder’s purchase date.</p>
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<div class="uk-alert-success" uk-alert=""><b>Note:</b> If you are a token holder
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and would like to review your unlocking schedule, visit the <a href="tokenholders.html">For current token holders</a> page in this
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documentation.</div>
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<p>The genesis block launch makes possible the following interactions:</p>
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<ul>
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<li>
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<p>Token holders can purchase names and namespaces with the Stacks token. Previously, names and namespaces required the purchaser to hold Bitcoin. Initially, this process relies on the Blockstack command-line interface (CLI).</p>
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</li>
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<li>
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<p>Application developers can earn Stacks by building an application on the Blockstack ecosystem.</p>
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</li>
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<li>
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<p>Any Stacks tokens held at the time of launch or after remain usable under the Blockstack Core platform.</p>
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</li>
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</ul>
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<p>Finally, in addition to the development of Stacks token, this launch enables
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further development of Blockstack Core itself.</p>
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