Decentralized Finance is slowly gaining speed and mass adoption through its exclusive uncontrolled features. The entire ecosystem is powered by a blockchain network, which forms the underlying base structure for developing crypto projects like Bitcoin and Bitcoin Spark. Bitcoin is an old-generation blockchain that formed the foundation for cryptocurrencies emerging today. However, this network has limiting factors, including high costs during transactions and slow speeds of up to seven Transactions per Second (TPS).
Bitcoin is a blockchain-based network that promotes decentralization in the world of finance. The digital asset was launched in 2009 by an unknown group of computer scientists commonly known as Satoshi Nakamoto. Since then, Bitcoin has made headlines for its incredible performance and accompanied massive investment returns in the long run.
Bitcoin offers a cheap peer-to-peer network for decentralized transactions that counter the modern financial systems controlled by banks and governments. The project also works as a shield against the imminent CBDCs that governments worldwide are looking to implement as a form of control over their citizens.
However, the network faces major challenges that inhibit its use and applications. The network needs a smart contract, and its transactions are slow and costly. Bitcoin Spark has been developed to solve these challenges for Bitcoin and promote further decentralization.
Bitcoin Spark is a decentralized peer-to-peer network that aims to distribute mining rewards and, simultaneously, put the proof-of-work to use by lending out processing power generated by miners. The platform uses a new blockchain innovation method called proof-of-process, which encompasses the capitalization of two major network validation processes: proof-of-work and proof-of-stake. Alongside these two validation methods, the ecosystem will have an advanced algorithm that will standardize the distribution of rewards between miners and validators.
Miners generate processing power with their mining devices through the proof-of-process consensus method, and they lend it to individuals and organizations needing the processing power to carry out complex virtual activities. These activities include film rendering, executing or solving complex equations, and running shared resource servers.
The clients getting the processing power will pay the ecosystem in BTCS. The team behind Bitcoin Spark development will receive 3% of the income generated through this means. Network participants such as miners and validators will receive the remaining 97%, distributed through the mining rewards pools.
The platform will also start an advertising campaign to earn the platform more revenue. The devs will create ad slots from secluded. And unobstructed spaces on the website and applications for different brands to capitalize to boost their reach in the Bitcoin Spark community. Advertisers will pay for the slots in BTCS tokens, and the community members will govern the ads in a decentralized manner.
This income stream will allocate half of the revenue to the Bitcoin Spark team for their upkeep and maintenance. The remaining 50% will go to miners and network participants.
Bitcoin Spark’s native cryptocurrency is BTCS, the platform’s utility and gas token. The token has a total limited supply of 21 million, classifying it among the deflationary ecosystems in Web3. The team cannot create more BTCS tokens after the original token mint. The project is currently in its ICO phase three, which is about to end. Participants can pick up BTCS tokens at only $2 per token. With a 12 bonus on all purchase orders during this stage.
Website: https://bitcoinspark.org/
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