Many projects have emerged in the cryptocurrency realm. Some emanated through social media hype, discussing how they will transform the industry into a more robust, secure, and advanced earning system. Crypto enthusiasts will now witness the rise of a new innovation in blockchain technology that gives them a second chance to capitalize on similar BTC movements. Bitcoin Spark is considered an alternative platform for Bitcoin and will solve problems entailing scalability, transactional cost, and centralization in mining.
Bitcoin mining is centralized
An unknown individual or group renowned by the pseudonym Satoshi Nakamoto developed Bitcoin hoping for a decentralized monetary system that the government could not control. However, the network has transformed to centralization in regard to its mining composition. Observable traits depict that giant firms and investors have 50% ownership of the mining sector. This is because of their access to adequate capital and mining resources compared to minor players who lack these privileges. Mining features undermine Bitcoin’s development rate, which is addressed in an upcoming project called Bitcoin Spark.
Bitcoin Spark is considered Blockchain’s next hope
Blockchain technology has become a buzz around social media to an extent where Google’s searches around the field have exponentially increased. More individuals are showing interest in the industry pertaining to its essence in the financial markets. Interestingly, the numbers are expected to rise due to the inauguration of a new platform known as Bitcoin Spark.
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Bitcoin Spark is a platform that leverages ledger technology to create immense means for boosting its community members’ earnings. The platform utilizes a proof-of-process (PoP) ledger verification mechanism that combines the infamous proof-of-work and the proof-of-stake consensus methods to promote easier network validation methodologies by the community. Bitcoin Spark also has a special algorithm that promotes equal distribution of rewards. Therefore, both large and small participants will earn in a standardized manner.
The native currency of the project is BTCS which is used for gas fee payment in the ecosystem. Clients are awarded BTCS as a reward for actively partaking in the project’s development. In fact, the majority of BTCS tokens have been set aside as rewards for community participation. The token’s total supply is 21 million, while the launch supply is 4.55 million tokens. The tokens will be allocated to the imminent public ICO, mining rewards, team allocation, liquidity, and exchanges. The ICO phase stage 1 is set to commence on August 1 to August 11, 2023, where the price will be $1.50 per BTCS.
Users will receive a 20% bonus during the first stage. All purchases made during phase 1 of the ICO will gain an 800% profit for this phase (phase 1) when the project launches on November 30. Bitcoin Spark gains its revenue from renting processing power to clients.
Additionally, an unused portion of the website and application will be utilized for advertisement. Advertisement is considered user based (or decentralized) as community members with BTCS holdings will have a vote for removal if the content doesn’t satisfy their needs. The platform also has a strong marketing strategy that uses storytelling and current technology for an increased population reach.
Bottom line
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Investors, both individual and venture capital, have recognized the potentiality embedded within blockchain technology as there are significant means of generating revenue. Since its inauguration, the industry has experienced immense innovations to the point of raising the market cap. However, the next entrant, Bitcoin Spark, will be considered as the replacement for Bitcoin. The platform merges PoW and PoS, making it easier for miners and validators to receive rewards.
