The Bitcoin Odyssey is mainly funded by Digital Currency Group, White Star Capital, GBV Capital, and GSR, among many others. Okcoin crypto exchange, together with the Stacks Accelerator and Stacks Foundation, confirmed the start of the ‘Bitcoin Odyssey’ on March 10. The Odyssey is a one-year commitment among the investment companies to invest $165 million in inventive solutions to help in pushing Bitcoin adoption.
Notably, the Bitcoin Odyssey is funded by these organizations to respond to the increasing interest in decentralized finance (DeFi) and new technological capabilities that are made possible with Stacks. The head of listings at Okcoin, Alex Chizhik, and Kyle Ellicott, partner at Stacks Accelerator, will co-lead the initiatives.
The assets and money will be used to finance initiatives that are being powered on Stacks, an open-source network for the Bitcoin-based smart contracts, and the Bitcoin blockchain itself. On the other hand, Stacks 2.0 is a layer-1 blockchain that has a built-in bridge to Bitcoin.
This Clarity smart contract language is based on Algorand’s open-source protocol. It serves as the foundation for Stacks 2.0. Being a second-layer network, Stacks complements the Bitcoin blockchain and supports the use of Bitcoin in the nonfungible token (NFT) buying, decentralized lending, and other smart contract applications.
Since its mainnet launch in January last year, the layer-1 network’s STX token surged to peak at a market capitalization of $3.7 billion. The Bitcoin Odyssey will choose projects focused on Stacks and Bitcoin, and solutions across Web3, including NFTs, Metaverse, decentralized finance (DeFi), blockchain-based play-to-earn gaming, and decentralized autonomous organizations (DAOs). It will also focus on government technology, CityCoins, and other fields.
Apart from funding, the industry leaders will offer hands-on assistance to the chosen Odyssey projects.