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Ethereum (ETH) and Bitcoin Spark (BTCS) have made quite an impression in the crypto space. And by examining their divergent trajectories, we uncover insights into the future of digital currencies.
How to stake Ethereum
Ethereum is a layer-1 blockchain platform for building and executing smart contracts and decentralized applications (DApps). Ethereum has made significant strides to boost its scalability, security, and energy efficiency. This includes a transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism. PoS entails participants locking up a certain amount of Ether (ETH) as collateral in order to validate transactions and create new blocks on the blockchain.
To stake Ethereum, one must have a certain amount of ETH and a compatible Ethereum wallet that supports staking. After setting up the wallet and transferring the desired amount of ETH, you can connect it to a staking service or a validator node. This can be done through dedicated platforms. After depositing the ETH, the validator node begins participating in the network’s consensus process. As validators propose and confirm blocks, they contribute to network security and earn a share of newly minted ETH.
Bitcoin Spark (BTCS): An evolution of Bitcoin (BTC)
Bitcoin Spark is a Bitcoin hard fork, retaining the core attributes of the original cryptocurrency, including a max supply of 21. However, its development team has introduced various enhancements and technologies that usher in a new dawn for crypto.
Bitcoin Spark will have a substantially higher number of nodes, reduced time per block, and improved individual block transaction capabilities to ensure fast and cost-efficient transactions. This makes BTCS a great alternative for daily crypto transactions when compared to BTC.
Smart contracts and decentralized applications (Dapps) can also be built on Bitcoin Spark. This is achieved through a multi-layered architecture with separate smart contract execution systems reaching finality on the main network. This innovative design allows for the deployment of smart contracts in Rust, Solidity, Vyper, and all high-level programming languages compilable to EVM bytecode. Bitcoin Spark will therefore foster a wider range of developers and smart contract styles, creating a more diverse ecosystem.
Bitcoin Spark uses a proprietary consensus mechanism known as Proof-of-Process (PoP), which combines features of Proof-of-Work (PoW) and Proof-of-Stake (PoS). Here, miners/validators are required to provide a stake in the network in addition to the processing power of their mining devices in order to confirm blocks and earn rewards. This groundbreaking mechanism is combined with an algorithm that ensures rewards per additional power and per larger stake size decrease exponentially, assuring no single entity can capture network control as is with the case in Bitcoin, where Antpool and Foundry USA (two BTC miners), combined can capture more than 51% of the hash rate. Moreover, the development team assures anyone can mine through the Bitcoin Spark application.
The Bitcoin Spark application will be compatible with Windows, Android, iOS, Linux and Mac OS, allowing users to mine by permitting secure and isolated access to their device’s processing unit. The app will be easy-to-use, lightweight, and automatically limit itself to the resources it can use on the device. The processing power provided by miners is rented out as remote computing power through the Bitcoin Spark network, with BTCS serving as payment. The revenue generated is sent to the mining pool, supplementing the BTCS minting rewards and consequently moving the minting endpoint further. Bitcoin Spark will leave small spaces for community-policied ads on its application and website, and the revenue generated will also help in rewarding miners and network participants.
Bitcoin Spark (BTCS) has great growth potential. Its Initial Coin Offering (ICO) has been compared to the early days of BTC, and its successful audits bolster its credibility further. The ICO is in Phase 2, with BTCS selling at $1.75 and investors getting a 15% bonus.
For more information on Bitcoin Spark:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
