Technology has surged in users and real-world applications exponentially. From Web 1.0, when the internet was a hub for large chunks of information (Wikipedia), Web 2.0, where the users were the product as their information was taken and regulated to a certain degree, to the current Web 3.0 involving advanced decentralized finance.
Blockchain technology has also had its inaugurations, including Bitcoin and Ethereum, which have played a pivotal role in creating awareness. Bitcoin has witnessed whales such as the Winklevii twins and Ethereum Donald Trump, who put money into the niche. Nevertheless, Bitcoin Spark is the new digital platform leading to swifter development in the crypto industry.
What is Ethereum
Developed by Vitalik Buterin and his compatriots, Ethereum is a blockchain network that seeks to amend challenges within the Bitcoin ecosystem. The platform launched smart contracts to allow programmers in DeFi to develop decentralized applications. The latest upgrade, ETH 2.0, has also generated attention as the platform transitioned from a proof-of-work to a proof-of-stake blockchain.
Bitcoin Spark is considered a Blockchain Saviour
Blockchain technology needs a network that proposes security, low transaction costs, and high efficiency. Bitcoin Spark is the new platform with all the traits required for the potential application in decentralized finance. The project aims to solve pertinent and paramount challenges, including lowering transaction costs, improving scalability, and applying a smart contract layer that vast developers can utilize to create layer-2 dApps. Bitcoin Spark will have a potent rate of attracting venture capitalists and individual investors.
In the Web3 community, platforms with diverse revenue sources always get massive attraction from potential Web3 clients. In this case, Bitcoin Spark aims to improve blockchain technology through its two-way income streams: decentralized processing power rental and advertisements. A small, unused space within the project’s application and home website will be used for advertising, and brands will be required to pay for the slots in BTCS tokens, the native crypto asset of this new Web3 platform.
Bitcoin Spark team members will take 50% of the revenue from promotion for maintenance and upkeep. Advertisements will work on an elastic mechanism involving supply and demand, whereby the advertising fee will increase when the market is high. When demand plunges, the costs will reduce.
The platform also advocates for community policy that encourages partakers to vote against an advert that is vulgar and non-conforming with the required standards and terms of service. The team will also conduct a manual check-up on the advert to process the flag when the dispute reaches the consensus stage.
Miners and validators will provide processing power to the network that individuals and organizations will use to solve intricate programming equations and render video. From this method, the team will take 3% of income.
Mining should be decentralized in cryptocurrency since it incentivizes the confirmation of new blocks and the generating of new coins. The mechanism, therefore, leads to improved security of a network. Bitcoin Spark aims to strengthen the mining capabilities of individuals in the ledger technology.
The incentive will work in a new mechanism peculiar to the industry called proof-of-process that integrates PoW and PoS. Moreover, the platform has a systematic tool that prevents unequal reward allocation based on stake size and raw processing power. It enhances the small scale and large partakers to earn in a linear method. Being on its last laugh of the ICO phase three, blockchain enthusiasts are acquiring BTCS at a cheaper rate of $2 with a 12% bonus. Once the next phase begins, the BTCS price will increase, and the bonus will subsequently reduce.
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