The financial technology realm seeks a digital asset that provides state-of-the-art security, is user-friendly, and high transaction speeds. Such projects intrigue a considerable number of individuals globally, leading to their success. Ethereum, a layer-1 blockchain network, was introduced as a proof-of-work (PoW) technology to solve Bitcoin’s disabilities. However, the project later migrated into proof-of-stake to solve transaction speed issues and mining undersides. This changeover took years before implementation. Bitcoin Spark, the new digital currency, covers PoW and PoS, making users generate more revenue in the ledger technology.
What is Ethereum Staking?
Ethereum staking is the process of locking ETH (the native currency of the Ethereum network) to activate the validation software. The participant performing the staking activity is referred to as an Ethereum validator. The validator can store data, add new blocks (via staking), and process transactions. Validators are rewarded for staking, for their efforts to improve security and increased network sustainability.
Bitcoin Spark To Outrun Ethereum and Bitcoin
Since the inauguration of blockchain technology by Satoshi Nakamoto in 2008, several digital assets have evolved to the current technological phase. Take a look at Bitcoin when it gained popularity gradually, only to get outshined by Ethereum in terms of transactions per second and scalability. However, Bitcoin Spark is set to make the highlights for participants in the decentralized system. The virtual currency utilizes a distinct governance model and an improved consensus mechanism to promote the development of a more decentralized ecosystem than that of Bitcoin and Ethereum.
Bitcoin Spark is regarded as the key to true decentralization. It can be witnessed from Bitcoin as it was generated as a form of peer-to-peer transaction but switched to a platform where the rich create high revenue. The project (Bitcoin Spark) counters this problem as it uses both proof-of-stake (POS) and proof-of-work (POW) mechanisms and a specialized algorithmic system that facilitates a standardized revenue distribution between the larger and smaller participants in the network. This mechanism allows individuals and firms with larger mining capabilities to earn more, but not in a lopsided manner witnessed in Bitcoin and Ethereum.
The consensus mechanism used by Bitcoin Spark (proof-of-process) enables easier distribution of rewards to the ecosystem. Users earn rewards through staking; the higher the staking level, the higher the rewards, but based on a linear prize system. Moreover, the platform loans computational power to individuals and venture firms (will pay in BTCS) as they conduct activities in video rendering, running resource-hungry simulations, and operating shared resource servers.
The ticker symbol of the Bitcoin Spark is BTCS which is considered to have a maximum supply of 21 million tokens. The tokens will be distributed to public ICO, liquidity pools and exchanges, team tokens, and mining rewards. Starting August 1st, the price of BTCS will be $1.50 based on the first ICO phase, with a bonus of 20% and a launch profit of 800%. The project will be launched in November with a peg prize of $10. With BTCS’s sale price of less than $2, imagine turning back time back when BTC’s price was $1. How many bitcoins (BTC) would you purchase.
Bottomline
The decentralized ecosystem has offered several means of gaining income, such as holding, mining, and staking. It can be attributed to the leading digital currencies, Ethereum and Bitcoin, as they offer mining and validation activities. Bitcoin Spark, the new project, will accommodate both mining and validation linearly so that all participants will have a chance to generate income. Moreover, the project is a self-sufficient network that allows all partakers to stay in profit with limited supply.
For more information:
Website: https://bitcoinspark.org/
