The cryptocurrency arena has had an outstanding run in the last decade, attracting many participants. Bitcoin and Ethereum have also participated in the development of the virtual currency ecosystem. However, the blockchain ecosystem requires a more diverse platform that provides distinct means of revenue generation.
Bitcoin Spark is a cutting-edge network that promises a prospect in the distributed ledger with its sustainable mechanism and ability to equally reward community members regardless of mining devices.
What is Bitcoin Mining
Bitcoin mining is considered a convoluted technological and computational process since it involves validating blocks on the network. The miners are then rewarded with the native token BTC for confirming new blocks on the network. Mining in the Bitcoin ecosystem will require an individual to have high electrical power and powerful computers called ASICs (Application specific integrated circuits). Bitcoin utilizes the proof-of-work consensus mechanism to conduct mining activities.
Bitcoin Spark Initiates Sustainability in Blockchain
Bitcoin Spark is a new digital network that promises sustainability to cryptocurrency natives and newbies. The project’s main aim is to put the proof-of-process into use so that electricity consumption has complete value and valid utility through renting validator computational power to institutions and individuals.
Another primary goal is to distribute mining rewards fairly, regardless of the device’s computational power. This comprehensive strategy improves the network’s security and decreases the costs of participating in mining and validation activities. The strategy will be executed by a special algorithm embedded on the PoP consensus.
The network utilizes a new and improved consensus mechanism (PoP) that blends two of the most popular consensus mechanisms: proof-of-work and proof-of-stake. The processing power of the mining devices is then rented to institutions and individuals who need it to conduct intrinsic computational activities such as rendering films and videos.
An added advantage for community members is that no data is stored outside the RAM. Instead, only the processing power of the device is utilized. 97% of revenue generated from renting processing power will be allocated to network participants and the remaining collected revenue allocated to the team behind the project’s development.
In addition, Bitcoin Spark’s team will create a user-friendly mining platform that participants having Linux, iOS, Android and MAC can utilize. The feature will enable users to install the mining software on any device and conduct mining activities, promoting the network’s security. An increase in security will reduce the 51% attack chance with large firms and individuals with expensive mining equipment as seen on Bitcoin.
Not forgetting, two comprehensive auditing companies, Vital Block and Cognitos, have performed a KYC and smart contract audit on Bitcoin Spark. It is a sign that improved transparency will improve investors’ security.
Moreover, Bitcoin sparks has a well-developed and clear roadmap that provides complete details of progression in the distinct ICO phases to the launch and post-launch period. The digital platform’s initial coin offering is at its third phase, when each BTCS is $2. Community members receive a 12% bonus from the team for their early participation.
The blockchain industry requires a new entrant that provides multiple means of generating revenue and a new mechanism that enhances each user’s participation in mining. Bitcoin Spark has a mechanism that aims to improve mining and validation processes with its new one-of-a-kind double mechanism, proof-of-process.In addition, the network also has an easy-to-use platform where newbies can easily navigate while conducting mining activities. There are rewards given to all participants in a linear system to promote fairness.
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