The technology ecosphere is quickly transforming with new and improved innovation applications. The niche has witnessed several inaugurations, including blockchain technology. Blockchain technology has made several improvements after introducing digital currencies such as Bitcoin. Bitcoin is the leading virtual currency that holds a position to achieve a huge number of participants as it was the pioneer of other crypto projects.
Ethereum also emerged to curb other problems, such as scalability and interoperability. The new digital currency platform, Bitcoin Spark, has incorporated a mechanism to promote transparency and security in the ledger technology while combining Bitcoin and Ethereum functionalities.
What Is Bitcoin?
Bitcoin is a decentralized network developed in 2009. The blockchain platform uses a proof-of-work consensus mechanism. Proof-of-work is a mining process that involves generation of new tokens. Miners create new BTC native tokens, confirm blocks, and verify transactions. These miners are rewarded in BTC, the native cryptocurrency of the Bitcoin network. The network security is enhanced through the process of validating transactions. Mining Bitcoin requires expensive computation nodes and high electricity to solve the intrinsic computational tasks. However, Bitcoin spark is bringing a decentralization in mining by removing all entry barriers associated with Bitcoin mining.
Who Invented Bitcoin?
Bitcoin was invented by a group of individuals or an individual with the pseudonym Satoshi Nakamoto. Before the introduction of Bitcoin, there was immense control of finances from the monetary systems such as governments and central banks. However, Satoshi aimed to create a platform that articulates an antithesis of these traditional systems through decentralization and facilitates peer-to-peer transactions.
The blockchain network has gained mass adoption after the first bull run in 2013. This created more attention as they feared missing out and wanted to have a share of the asset’s capital gains earned.
Bitcoin Spark Revolutionizing Distributed Ledger
Blockchain is a special niche as it has revolutionized to work in tandem with other fields. New innovations are emerging in the distributed ledger to facilitate the drive of mass adoption and improve the efficiency of users worldwide.
Bitcoin Spark, considered a future-generation blockchain platform, has immense features that portray an array of ideologies leading to the development of the decentralized ecosystem. Like other digital currencies, Vital Block and Contract Wolf have conducted an in-depth audit on the network’s smart contract and founders’ KYC verification.
Mining is a special old-generation feature that blockchain networks have managed to incorporate for users to generate income while validating the networks and approving transactions. The new decentralized feature uses a double consensus mechanism called proof-of-process that alloys proof-of-work and proof-of-stake consensus mechanisms.
This validation mechanism improves the security of the networks. PoP allows validators and miners to generate revenue while approving new blocks and verifying transactions. Validators and miners provide the platform with processing power for activities such as film rendering. Moreover, the network has a specialized algorithm that promotes the non-linear distribution of rewards so that large and small participants fairly earn mining rewards without referring to the stake amount or power utilized.
In addition, Bitcoin Spark has an application that runs through the system that aims at putting proof-of-process into full utility without wasting energy. The application will be utilized as a wallet for the network and other digital platforms.
The application will not support EMV-compatible wallets, including Metamask, upon main net launch. On the other hand, those wishing to utilize such wallets to transfer BTCS can do it using wrapped BTCS on Ethereum.
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