Blockchain software firm Blockstack PBC announced that it will be changing its name to “Hiro Systems PBC.”
Muneeb Ali, co-founder and CEO of Blockstack, told Cointelegraph that the team plans to focus on a narrower set of priorities once the stacks 2.0 mainnet launches — something they believe has the potential to unlock an “immense amount of value and possibility”:
"We’ll narrow our focus to building tools for developers that are building apps and smart contracts on Bitcoin. This is enabled by the fact that the ecosystem around Stacks has matured (...) With key functions being taken care of by other organizations, PBC will no longer need to spend the majority of its time at the ecosystem growth or pubic infrastructure (blockchain) layer."
In a previous interview, Ali said that the best way to bring about a user-owned internet "is to anchor applications and smart contracts to the Bitcoin network in a way that uses Bitcoin as a reserve currency and its powerful blockchain as a security mechanism."
In June, Algorand and Blockstack launched a joint open-source project to support the development of a smart contract language dubbed “Clarity.” Both companies claimed that existing smart contract languages are neither secure nor predictable enough to meet the growing needs of the emerging industry.