The distributed ledger technology is prominent for its traceable decentralized mechanism. It is also referred to as a game-changer in the technological universe since it has witnessed vast innovations in years. Dogecoin is among the projects that emanated in the ecosystem. Another platform, Bitcoin Spark, has created waves in the crypto industry with its double verification mechanism and its new ways of revenue generation. This article will cover the technical features of Bitcoin Spark.
Will Dogecoin Recover?
Dogecoin came into the Web3 community with a huge anticipation of development. Several crypto enthusiasts joined the project with hopes of gaining massive profits. However, the memecoin plummeted due to the cryptocurrency winter of 2022, which saw various firms such as Celsius crumble. Dogecoin hopes to have an upsurge during the anticipated bull run projected to occur in 2024.
Bitcoin Spark Skyrockets Amid the Crypto Winter
Bitcoin is considered for its development and participation in the growth of the distributed ledger. Satoshi Nakamoto’s vision for the digital network was to enhance decentralization and evict fractional reserve banking that takes power away from people. Nevertheless, Bitcoin faces significant challenges in the mining ecosystem and has immense centralization.
Mining in Bitcoin requires high amounts of electricity to power the computational nodes that validate transactions. Moreover, nodes are expensive to acquire, leaving out small-scale miners from participating. Large firms such as Antpool and Foundry USA control more than 50% of Bitcoin’s mining activities, creating tension over blockchain security concerns.
Bitcoin Spark overcomes this process with the new consensus mechanism titled proof-of-process. The process makes proof-of-work work in tandem with proof-of-stake work together to maintain the network alongside special mathematical blueprints that balance earnings for network participants. This essential validation process allows both validators and miners to have returns on the staking and mining network contributions.
Moreover, a unique method prevents linear payments based on computational power or bet size. This enhances the network in remaining stable, making larger and smaller community members receive rewards in a fair manner.
For any crypto project, bridging is also a role-player element since blockchains can interact, allowing users to transfer assets and data to different networks. For a start, the only asset that is bridgeable to Bitcoin Spark’s network is BTCS, the native token. The new platform will have liquidity pools on Polygon, BNB Smartchain, and Ethereum.
This will allow users to transact BTCS in and out of the network without faculties. Further, bridging will enable the ICO to commence on the Ethereum network. The maximum supply of bridgeable tokens on Ethereum is 4.3 million, which is equivalent to the initial coin offering. It is important to ensure supply remains mostly native after the project launches.
Bottomline
Among the cryptocurrencies to be innovated and gain massive traction is Dogecoin. The digital asset has had many investors join the community to avoid missing out on earning capital returns. Dogecoin’s price is currently low, paving the way for the new entrant, Bitcoin Spark. The network has skyrocketed amid its ICO phase three. Entrepreneurs and venture capitalists have dropped their capital into the project.
Find out more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
