Bitcoin’s dominance in the cryptocurrency market has been unmatched for an extended period, essentially known for its security and decentralized nature. Its new hard fork project, Bitcoin Spark, is established as a preferred alternative to major digital currencies, offering solutions to their challenges. Ethereum, a decentralized project supporting the creation of decentralized applications, is now supporting the Bitcoin Spark network. The project aims to create a new mining ecosystem on Ethereum.
What is Ethereum?
Ethereum is a decentralized project that was forged by Vitalik Buterin in 2013 as a peer-to-peer network that executes and verifies application codes securely, termed smart contracts. Ethereum has grown over the years as it rivals Bitcoin for the top spot in market capitalization. Its popularity and application have been realized through its developments, including the recent merge. Moreover, the open-source blockchain allows the creation of programmable contracts allowing Bitcoin Spark to be built on the Ethereum ecosystem.
What is crypto mining?
Cryptocurrency mining is the validation and verification process for network transactions in a blockchain project. Miners use advanced machines, including computer hardware, to solve complex mathematical problems. After finding a solution to these problems, miners are awarded newly minted crypto tokens. This is for the new blocks added to the blockchain and as a reward for their efforts.
Bitcoin Spark Engaging a New Mining Ecosystem
Bitcoin Spark has created a new mining ecosystem on the Ethereum network. The project allows miners to diversify their mining operations while still expanding the mining crypto community. Bitcoin Spark uses the Proof-of-Process (PoP) protocol that provides unparalleled speed, security, and scalability. The protocol also employs new reward systems that allow validators and miners to earn from renting processing power for computational tasks. The PoP mechanism also allows miners to get awarded for new blocks added to the network using low consumption power for block confirmation.
Bitcoin Spark is also a self-sustaining crypto project that allows revenue expansion sources. They include primary revenue sources that consist of decentralized CPU renting that enables miners to rent out processing power. The payment for these services is made using BTCS tokens. This, in turn, immediately increases the mining reward and the BTCS reward elasticity. 3% of the revenue goes back to the team for upkeep and maintenance. The secondary revenue source is advertising, and 50% of this revenue goes to the team, while the remaining portion goes to the miners and validators.
Bitcoin Spark is a project created by a team of experts to provide groundbreaking solutions to the limitations of traditional cryptocurrencies. Bitcoin Spark had its phase one ICO at the beginning of August and seeks to complete its roadmap. It offered an opportunity similar to when Bitcoin was valued at $1. Among the key milestones targeted in the ICO is the creation and auditing of Ethereum-based IOU tokens. Other milestones intended are CEX pre-listing agreements and the internal load and stress test for the “Spark” blockchain.
The network has an experienced team, including Steven Kurtz, the project manager skilled in construction engineering, and Dylan Ashford, an app and website developer. The team secures and implements development ideas in light of providing Bitcoin Spark network services. BTCS tokens are now selling for $1.50. The project is currently on presale phase 1, which commenced on 1st August.
Conclusion
Bitcoin Spark’s revolutionary entry into the crypto space is undoubtedly an impressive move aimed at resolving scalability and security challenges traditional cryptos like Bitcoin and Ethereum face. A new mining ecosystem is being forged by applying Bitcoin Spark and its PoP protocol. Individuals can easily mine the BTCS tokens with the Bitcoin Spark application.
Find out more about Bitcoin Spark on:Website: https://bitcoinspark.org/Buy BTCS: https://network.bitcoinspark.org/register
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