Blockstack

What it solves?

Blockstack addresses blockchain performance problems using a layered approach. The base layer consists of the Stacks blockchain and the Blockstack Naming System (BNS). The blockchain governs ownership of identities in the Blockstack network. Identities can be names such as domain names, usernames, or application names.

How does it work?

Proof of Transfer is a proposed design that uses Bitcoin’s Proof of Work (PoW) to launch new blockchains that are anchored in Bitcoin’s security

Works with a open-source reference implementation of a PoX blockchain anchored to Bitcoin. I like this approach because it does what bitcoin doesn't do, while contributing to bitcoin itself.

How is this different from ETH

The guys over at Blockstack have an AMA where they go in depth on the subject. The main takeaways to note are

Blockstack’s programming model is based on running off-chain programs. These programs can be written and debugged in any language you want. By contrast, Ethereum’s programming model is based on running on-chain “smart contracts.” These are written and debugged with a whole new set of tools, like Solidity and Serpent. You can think of Ethereum as a “heavy” blockchain that does everything for you. All the complexity is handled there, computations run there, and all scalability and security issues need to be handled at the blockchain layer. Blockstack puts minimal logic into a blockchain and handles scalability outside of the blockchain by re-using existing internet infrastructure in new ways.

My thoughts

I'm intrigued to see how Blockstack matures. They aren't really doing any one thing particularly new. They are however doing a lot of things very well and from a wide variety constitutes. I think the actual app ecosystem still needs some more time to grow and stabilize as is often the case with crypto. I wouldn't bet against Eth at this point but Blockstack is definitely something to keep an eye on.