Cryptocurrencies have found a special place in the hearts of enterprising individuals and blockchain enthusiasts due to the multiple ways for wealth generation. Crypto adherents typically buy and hold assets to reap profits from capital gains as the crypto asset becomes more popular, scarce, and thus more expensive. While this is a profitable way to earn income from digital assets, more advanced industry players take it to the next level by joining specific ecosystems and participating in-network validation processes such as cryptocurrency mining and staking activities. Learn how this new Bitcoin alternative uses the two consensus mechanisms to revolutionize blockchain technology.
What is crypto mining?
When Bitcoin rose to popularity in 2013, Bitcoin mining became an arms race, leading to a surge in demand for graphics processing units (GPUs). However, the frenzy was short-lived since the mining difficulty of blockchain networks also increased. While most individuals think crypto mining is a way of creating new coins, it is a way of network verification that validates the legitimacy of transactions and the addition of new blocks to the network. The most extensive crypto-mining platform is Bitcoin. However, it has centralization issues where two mining firms control more than 50% of the mining activities. Crypto mining also takes place in the Dogecoin network.
Bitcoin Spark’s proof of process is better than Dogecoin’s proof of work
Dogecoin mimics Bitcoin’s proof of work consensus mechanism, which is similar to the process of extracting valuable metals. Dogecoin miners deploy complex machines that solve complicated mathematical challenges and equations called cryptographic hashes and earn DOGE coins. However, Bitcoin Spark employs a new and improved consensus that alloys the complex mining process in Dogecoin with unique algorithms alongside the proof of stake consensus mechanism.
The proof-of-process involves network participants solving simple mathematical equations to validate transactions in exchange for BTCS tokens. Since the network’s mining process is more straightforward, BTCS miners yield processing power that allows the network to put excess energy into use by tapping it and handing it out to external players who need processing power for virtual executions. Although PoP is an amalgamation of proof of work and proof of stake, the network is more inclined towards proof of work since it powers its primary source of revenue.
The additional power and rewards per more significant stake will decrease spontaneously to minimize the centralization of one entity taking over the validation process.
The mining process will take place in the mining layer, which is among the four layers of the network. The Bitcoin Spark team of developers is working on launching an application that will run on simple electric gadgets. The application will be developed for different operating systems, such as Android, Linux, Mac OS, and iOS, to reduce the barrier of entry that currently exists on Bitcoin and Dogecoin networks.
The application will not only offer a mining platform for every Tom, Dick, and Harry but also provide an online calculator to allow miners to calculate their potential rewards before they even begin their mining process. This is impossible on the Bitcoin and Dogecoin networks since the mining process is a competition between node operators. Bitcoin Spark has already been audited and distributes BTCS tokens in an ongoing ICO event in phase 6. Each BTCS token is available for purchase at $2.75, worth $10 when the project launches. This means that funds infused now will be worth 393%. Buy BTCS tokens today.
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.