Fintech, including payment systems and monetary transfers, has become popular thanks to blockchain technology. The blockchain ecosystem significantly lowers trading and money transfer costs. Cryptocurrencies like BTCS and XLM have recently had a tremendous run with an imminent outburst and soaring digital assets’ prices with the incoming bull market.
What is Stellar?
Stellar is a decentralized blockchain network developed by the Stellar Development Foundation in 2014. The platform’s native digital asset is Lumens or Stellar Lumen, which goes by the XLM ticker. The network functions in the Stellar Consensus Protocol, which consists of a network of independently running peers that trade information. The network aims to connect people and financial organizations worldwide.
Bitcoin Spark Ignites a new era of digital currencies
Bitcoin Spark is among the most anticipated projects to launch in 2023. After completing all the ICO phases, the project’s mainnet release is scheduled for November 30th. During the ICO phase, Bitcoin Spark devs intend to distribute 4 million tokens, representing 87% of the launch supply and 19.05% of the total supply. Bitcoin Spark shares its tokenomics with that of Bitcoin. The platform has a maximum supply of 21 million. However, most tokens (78.33% of the max supply equivalent to 16.45 million tokens) will be minted and allocated to mining pools. They will be offered as mining rewards to network participants and community members.
Bitcoin Spark’s native utility and gas token is BTCS. This token will begin to fuel the ecosystem upon the network launch. Once a participant transacts on the network, they will pay for the fees in BTCS tokens, which will, in return, be redirected to validators running the network. The smallest unit of Bitcoin Spark’s currency is 0.000000000001 or 10^(-12) BTCS, which is referred to as a Spark. As the network grows, the gas fees will be reduced to zero, making it among the few networks allowing free transactions.
But how will the network reward validators if the goal of the network is to become fee-less or gasless? Well, the devs are working on introducing two main sources of revenue that will generate the income needed to pay the network managers. Once fully integrated, the transaction fees will be eliminated, which is projected to happen in 1 or two years after launch.
The platform will have two main sources of income. First, Bitcoin Spark will lend out processing power generated by miners. The processing power comes from the low computation needed to solve the far less complex mathematical challenges in the Bitcoin Spark network. Therefore, the excess ‘proof-of-work’ output will be put to use in a way that generates income for the ecosystem. The processing power will be used to execute complex virtual operations, including film rendering. These players will also be required to pay in BTCS.
Bitcoin Spark will also introduce brand advertisement by secluding unobstructed spaces on the mobile application or website that will provide a medium for external brands to advertise to the Bitcoin Spark community. Half of the income generated from this advertising medium will be directed to the team for maintenance and upkeep. The remaining 50% will be directed to the mining pool as mining rewards for network participants.
The ads will be managed decentralized, and anyone holding BTCS tokens will be eligible to vote for or against an ad. Once a vote to remove an advertisement gets more supporters in the given timeframe, the ad will go through a consensus where one of the team members will manually review the ad and devise a solution.
Learn more about Bitcoin Spark on:
Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or crypto projects mentioned in this piece; nor can this article be regarded as investment advice.