Technology is quickly growing, and the DeFi ecology has been included. The industry has continuously showcased an impressive growth rate in the last decade due to the emergence of new decentralized platforms with advanced technology designed to improve the financial sector. The industry has also offered the birth of a new asset class category that seasoned retail and institutional investors can capitalize on in investing in new DeFi projects like Bitcoin Spark. Bitcoin Spark is a new DeFi project that Cardano whales are investing in.
Cardano is a decentralized platform with smart contract layers that Charles Hoskinson developed to rival Ethereum in utility and functionality. Ethereum recently transformed its network from a proof-of-work blockchain to a proof-of-stake. However, when Cardano launched its network, Ethereum was still a proof-of-work network with miners solving complex computation equations to mine ETH. Charles Hoskinson was among the founders of the Ethereum network. However, he broke from the web and launched the Cardano network, whose native digital currency is ADA.
DeFi is still developing, and slow and opaque networks characterize old-generation networks like Cardano. Bitcoin Spark is revolutionizing blockchain technology through its futuristic open-source, scalable, and interoperable blockchain network. The platform has a new consensus validation mechanism that leverages proof of work. The proof of stake network validation mechanisms and improved smart technological innovations. It prevents the linear distribution of mining rewards between mining participants and stakers.
BTCS is the platform’s native digital currency, with a maximum supply of 21 million tokens, just like Bitcoin. It is not a coincidence that Bitcoin and Bitcoin Spark share similar tokenomics since Bitcoin Spark is a hard fork upgrade designed to improve the Bitcoin network. On the grounds of tokenomics, Bitcoin Spark is differently coded to have an extended period before the maximum token supply is attained. The devs have allocated 16.45 million BTCS tokens from the total supply to the mining reward pools for network participants.
Although the Bitcoin Spark network houses both staking and mining. The mining aspect will provide the “work” functionality, which is the primary consensus mechanism. Mining BTCS tokens on the network will generate valuable processing power. It uses for complex virtual tasks such as video rendering and solving mathematical equations. This processing power will be allocated to Bitcoin Spark’s clients at an affordable price who will pay for the product in BTCS.
Bitcoin Spark devs also develop software solutions to manage the ecosystem’s virtual operations, including mining. The Bitcoin Spark applications will be compatible with numerous operating devices, including Mac OS, iOS, Android, Linux, and Windows. These software solutions will form the epitome of BTCS mining activities.
The bridging system within the network has enabled the minting of 4.3 million BTCS tokens on the Ethereum network as ERC 20 tokens. Out of these tokens, 4 million ERC-20 BTCS tokens have been assign to the ongoing ICO event in phase 5. Each BTCS token retails at $2.50, a much-reduced price compared to the overall intrinsic value of the token. The ICO is giving institutions and investors a valuable opportunity to capitalize on the platform’s growth by purchasing BTCS tokens at a discounted price.
As the crypto market slowly builds momentum for its next breakout cycle, experienced investors are…
In the constantly evolving world of decentralized finance, it’s often the lesser-known projects that quietly…
Pi Coin’s price has been on a rollercoaster—rising to $2.98 before crashing down to $0.50,…
XRP, the fourth-largest cryptocurrency by market cap, is heating up as traders go all in,…
Bitcoin’s price has been stuck in a range, with its last trade above $90,000 occurring…
XRP, Ripple’s native token, is strongly holding its key support level at $1.95, even after…
