Crypto mining has come under scrutiny in recent times. However, the newest market trend, Bitcoin Spark, is bringing a superior mining application that trumps other blockchains, including Cardano.
Cardano (ADA) is a third-generation blockchain platform designed with a unique focus on scientific and academic principles. Cardano uses a Proof-of-Stake (PoS) system, which relies on validators who are chosen to create new blocks and confirm transactions based on the amount of cryptocurrency they hold and are willing to "stake" as collateral. The PoS system reduces the environmental impact of blockchain operations and enhances scalability. However, centralization concerns have been raised since those with large amounts of ADA could wield significant power over the network.
Cryptocurrency mining is the process by which new digital coins are created and transactions on a blockchain network are validated. It is mainly associated with Proof-of-Work (PoW) systems, where miners compete to find the solution to a cryptographic puzzle, and the first one to solve it gets the right to add a new block to the blockchain and is rewarded with a certain amount of the cryptocurrency. However, the underlying technology of the PoW system has resulted in the use of powerful computers and immense electricity, leading to concerns of centralization and environmental degradation.
Bitcoin Spark is a new blockchain that aims to foster the next generation of cryptocurrency. It ensures faster and cheaper transactions by having a low block time, enhanced individual block transaction capacity, and a massive number of nodes.
Bitcoin Spark also offers a scalable platform for smart contracts and decentralized applications (Dapps) by using a multi-layered system. The layered design also promotes diversity by allowing for the use of different high-level and low-level programming languages.
Bitcoin Spark is currently in its Initial Coin Offering (ICO) phase, selling BTCS at $2.25 and offering a 10% bonus.
Bitcoin Spark uses a novel consensus mechanism known as Proof-of-Process (PoP), which rewards miners for confirming blocks and contributing the processing power of their mining devices to the network. However, the PoP is combined with an algorithm that exponentially reduces the rewards per additional power to promote a more equitable distribution of rewards. This, combined with the network's vast number of nodes, allows even those with low-powered devices to mine BTCS.
The Bitcoin Spark application is a lightweight application that will be compatible with Windows, Mac OS, Linux, iOS, and Android devices.
Users will be able to mine BTCS by installing the application and permitting access to the processing unit. The app will also need some higher-level device permissions, such as resource management, but will not require access to other permissions, such as media files or phone capabilities. Once granted access, the app will create an isolated virtual processing environment that doesn't interact or interfere with any other part of the device to ensure security. The application will also regularly adjust the device resources used to account for overheating, battery life, and simultaneous usage needs. However, miners will be able to manually select the number of device resources permitted for mining use. For example, someone who uses their PC during the day might set a 30% rate for light activity and 90% during the night.
Bitcoin Spark's approach reduces the work and power consumption required to mine, opening it up to essentially anyone with a smart device. This is the path to true decentralization.
Website: https://bitcoinspark.org/
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