Bitcoin Spark’s Proof of Stake: Can It Make it a Top 100 Crypto?
Ethereum, a pioneer in the crypto world, struggles with its stagnating price as it faces a new contender.
The emergence of Bitcoin Spark (BTCS) and its innovative Proof of Stake mechanism might position it as a formidable competitor.
Bitcoin Spark (BTCS)
BTCS is a crossover between Proof of Stake and Proof of Work, deploying the best of two worlds under the Proof of Process (PoP) umbrella. PoP is a promising consensus mechanism seeking to strike a balance between energy efficiency, security, and decentralization in blockchain networks.
The rewards in a PoP system are algorithmically calculated, with a focus on processing power (similar to PoW) but also considering stake size (akin to PoS). This dual approach ensures that no single entity can monopolize network control, promoting decentralization and security. Furthermore, PoP often incorporates a rewards calculator to help validators assess profitability before participating in the network’s consensus process.
BTCS’s PoS mechanism could be what Bitcoin needs to thrive, and BTCS fully deploys this algorithm in its platform supported by PoW. PoS relies on validators to create new blocks and validate transactions based on the number of coins they hold and are willing to stake. It provides a secure network through economic incentives. Validators have a stake in the network in the form of their crypto holdings, making malicious behavior costly. If a validator acts maliciously, they risk losing a portion of their stake, aligning their interests with the network’s security and stability.
BTCS integrates a smart contract layer into the Bitcoin Spark network. This multi-layered system aims for finality on the mainnet while allowing diverse programming languages for application development. The project envisions an ecosystem where users can engage with the network seamlessly, supported by a robust in-house blockchain explorer.
Moreover, the Bitcoin Spark application facilitates additional mining power rental and advertising opportunities, maximizing mining rewards. It’s designed to be user-friendly, compatible with various operating systems, and provides a simple way for users to adjust processing power usage based on usage requirements.
BTCS runs a fast-moving ICO currently in phase six at $2.75, and BTCS holders are incentivized with an 8% bonus offer. The ICO has received a boost as investors and whales diversify into the project, signifying its prospects. BTCS has undertaken a smart contract audit and a Cognitos KYC certification to fortify its security and transparency and check compliance with regulations.
Ethereum Merge
In 2016, the Ethereum network reached a critical juncture that triggered a fundamental shift in its underlying consensus mechanism that saw the Ethereum community create parallel protocols. One split continued with the PoW, and the other pursued PoS.
Ethereum has undergone a groundbreaking upgrade known as the Ethereum merge. This monumental event marks the complete transition of Ethereum from PoW to PoS, consolidating the entire network’s operations under the PoS consensus mechanism.
The merge represents a substantial step forward in Ethereum’s evolution as it bids farewell to the resource-intensive PoW protocol and fully embraces the energy-efficient and eco-friendly PoS mechanism. However, staking Ethereum requires a solid understanding of the process, technical knowledge, and the ability to maintain a reliable and secure validator node. Furthermore, the post-merge successes have yet to be realized as the Ethereum price struggles.
Ethereum Price Outlook
Over the past six months, ETH hit a peak of $2,120 in July and dipped to a low of $1,549.61 in September. Throughout this year, ETH has largely fluctuated within the range of $1,550 to $2,120. The current market capitalization is at approximately $191 billion.
More about BTCS and ICO here:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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