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Blockstack (STX) is a Layer 1 blockchain that enables decentralized applications and smart contracts while maintaining Bitcoin settlement for security, using a unique Proof of Transfer consensus mechanism. It aims to create a user-owned internet where applications can function without centralized intermediaries, allowing developers to build dApps with Bitcoin-level security. STX's key innovation is its ability to leverage Bitcoin's immutability and network effects while providing faster transaction speeds and lower costs than the Bitcoin network itself.