What is Stacks?
If you’re a Bitcoin user, you may have heard about Stacks — a blockchain technology that aims to bring smart contracts and decentralized applications (DApps) to the Bitcoin ecosystem. What’s exciting about Stacks is that it does this without changing any of the features that make Bitcoin so powerful and secure.
At the heart of Stacks is the Stacks token (STX), which is used to power smart contracts, process transactions, and register new digital assets on the Stacks 2.0 blockchain. This means that developers can build new tools and applications on top of Bitcoin without needing to fork or change the original blockchain.
One of the most interesting things about Stacks is its use of a novel consensus mechanism called Proof of Transfer (PoX). This allows Stacks to settle transactions on the Bitcoin blockchain, leveraging Bitcoin’s security and stability. PoX also has a sustainability benefit — by reusing the electricity already spent to secure Bitcoin, Stacks allows developers to create more value from energy that has already been expended.
Overall, Stacks is an exciting development for the Bitcoin ecosystem, offering new opportunities for decentralized finance (DeFi), non-fungible tokens (NFTs), and more. As the Stacks ecosystem continues to develop, we can expect to see even more innovative use cases emerge.
What you Need to Buy a Stacks NFT
Accessing the Stacks ecosystem is quite simple. You will need a handful of tools that are required to navigate the Bitcoin affiliated blockchain. Once your assets are vaulted you will be able to buy and sell Stacks NFTs on OpenSea or other EVM NFT Marketplace.
Note: You may interact with a different provider for any of these services. Multiple options exist for all of these options.
Unlocking the Vault and Retrieving the Private Keys
Now it’s time to unlock the vault. There are a handful of reasons one may want to bring their Stacks NFTs back to their native chain. Reasonings may include transactional, collateral, or security purposes. The process is quite simple, just follow these quick steps!
1) First check to ensure your Stacks NFTs are in the vault.
2) Click on “Unlock (Get Private Keys)” to retrieve your private keys.
Note: Unlocking the vault will BURN the NFT and will deem it non-transferrable. This process CANNOT be reversed and is setup for security purposes to prevent double spending.
Once that vault has been unlocled there will be a few steps between you and your NFTs Mnemoic Phrase & Private Keys.
1) Check the Owner address. If it displays as “0x00000..” this means the NFT has been burned and now is non-transferable. Meaning only YOU have access to these private keys.
Note: If you leave this page you can access this vault through:
My Vaults -> Unlocked
2) Check to see a displayed green “CLAIMED” at the bottom of the vault. This verifies that the vault has been cracked and you are the owner of the keys.
3) Click on “Get Keys” to view the Vault’s Private Keys and Mnemonic Phrase.
4) This is your Mnemonic Phrase that can be imported into any Counterparty wallet. (Hiro, Xverse, etc)
5) This is your Private Key that can be imported into any Stacks-supported wallet. (Hiro, Xverse, etc)
Once the vault is cracked it will no longer display on your OpenSea account. In order to access the keys you will need open the Dapp Emblem.Finance.
1) Click on “Unlocked” to display all cracked vaults.
2) Click on the vault that you wish to attain the private keys for.
If you’d like to import you private keys into your Hiro Wallet (or any other Counterparty Wallet) then you’ll need “Import Private Key” in the wallet of your choice.
1) Open up Hiro Wallet and click on “Sign in with Secret Key”.
2) Paste the Mnemonic Phrase you copied from inside the vault where is says “Paste or type your Secret Key”.
3) Type in a password for your new wallet.
4) You can view your NFTs in your Hiro Wallet or head over to Gamma and sign in with your new wallet. Once your wallet is authenticated your NFTs will display under “Collected” on your Gamma account.
Congrats you have now imported your Stacks NFTs from Emblem to your self-custodial wallet.