The cryptocurrency mogul Vitalik Buterin and other blockchain enthusiasts are credited for developing the Ethereum network. The network saved blockchain technology from high transaction costs and promoted the creation of decentralized applications. Ethereum integration with the new platform, Bitcoin Spark, will facilitate an exponential surge in virtual currency adoption. This article will discuss the significance of Bitcoin Spark to blockchain technology.
What is Ethereum?
Ethereum is a blockchain network developed to combat problems within the Bitcoin network, the main solution being scalability. The decentralized platform has smart contracts that have improved efficiency and transparency in the blockchain arena. In addition, smart contracts have also provided an added advantage for blockchain developers to create their decentralized applications.
The native token for the network is ETH, which acts as a gas for the ecosystem. Ethereum uses a proof-of-stake mechanism to run the network. The mechanism involves validators staking or locking their assets in the network to improve security. Validators are then rewarded with ETH for partaking in the project’s development.
Bitcoin Spark unlocks Vast Earning Opportunities
Most adherents in the crypto market usually have an epiphany of a project that will generate massive yields from their capital. Bitcoin Spark is a new project that will provide various ways of generating revenue in blockchain technology. Cognitos and Vital Block have already successfully audited the platform to promote community member protection and transparency.
The project utilizes a new consensus mechanism known as proof-of-process. Proof-of-process is a stir-up of proof-of-work and proof-of-stake validation processes. The mechanism will enable both validators and miners to receive BTCS rewards for their contributions to running the network.
Entrance into the mining ecosystem has become challenging because of barriers such as high electrical expense, lack of mining resources, and lack of processing power. These components have led to security concerns in Bitcoin as wealthy firms Foundry USA and Antpool can carry out a 51% attack by editing the blockchain when they team up.
Using the proof-of-process consensus, Bitcoin Spark will incentivize decentralization in blockchain technology. The platform also has a special algorithm that inhibits linear rewards based on stage size and raw processing power for miners and validators. Rewards will be distributed standardised between the large and small network participants.
The platform renders processing power to the community members so they can participate in mining, confirming new blocks, and improving security. To access mining activities, users need an electrical device with access to an internet speed of up to 50Mbps.
The network has a unique marketing strategy based on interruptive disruption concepts. The new concept will disrupt traditional marketing norms with a new phase of strategic positioning, storytelling, and leveraging modern technology and social media.
The marketing strategy will also involve a combination of influencer partnerships, content marketing, and community building to develop trust and efficiency with participants. In addition, the project’s roadmap is detailed, starting from the initial coin offering (ICO) first phase towards the launch period scheduled for 30th November.
The crypto market always onboards platforms, contributing to scalability, efficiency, transparency, and security. Bitcoin Spark comes into the limelight with new innovative methods of generating income in the blockchain ecosystem. The platform’s double network validation mechanism enables validators and miners to stake and mine, respectively, to receive rewards. Moreover, the platform’s marketing strategy depicts exponential growth in the decentralized ecosystem.
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