Bitcoin Spark is gaining traction in the crypto world as it promises to revolutionize the future of decentralized finance by combining the strengths of Bitcoin and Ethereum.
Bitcoin price prediction
Bitcoin’s price observed through a four-hour timeframe reveals a bearish sentiment with a pattern of “Three Black Crows” candlesticks. The prevailing bearish dominance is emphasized by the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators moving into the oversold region. The immediate resistance is at $26,200. But, the presence of a bearish engulfing candlestick and a two-day candle pattern below this level suggests ongoing downward pressure. A continuation of this trend could propel Bitcoin’s descent to $25,600. Conversely, surpassing the $26,200 level might pave the way for targeting resistance at $26,800, subsequently opening doors for further gains toward $27,300. Nonetheless, a breach below $25,200 could signify the potential for deeper losses.
How to mine Ethereum
Mining Ethereum no longer became possible since The Merge. Ethereum transitioned from a Proof-of-Work (PoW) consensus mechanism, which relies on miners, to a Proof-of-Stake (PoS), where validators are chosen to create new blocks and validate transactions based on the amount of Ethereum they hold and are willing to stake as collateral. While this transition did curb the issue of energy and speed, there are still concerns about centralization with PoS.
Bitcoin Spark
Bitcoin Spark is built on Ethereum. The project improves on the original vision of Satoshi Nakamoto, Bitcoin’s creator, introducing changes that usher in a new generation of cryptocurrency use cases. However, it does retain the favorable characteristics of Bitcoin, such as a limited supply of 21 million.
Bitcoin Spark will have increased block transaction capacity, reduced block time, and a significantly higher number of nodes than the Bitcoin blockchain. This ensures it has a higher transaction throughput while maintaining fast speeds and low costs.
Taking from its predecessor, Ethereum, Bitcoin Spark will support smart contracts. However, it takes it a step further by having a multi-layered architecture with different contract execution systems but singular network finality. This layered model ensures scalability while promoting diversity by allowing the use of multiple programming languages, both high-level and low-level. Bitcoin Spark therefore boosts its utility, establishing itself as a blockchain with diverse applications extending a simple P2P payment system.
The Bitcoin Spark network introduces a cross between Proof-of-Work (PoW) and Proof-of-Stake (PoS) known as Proof-of-Process PoP (PoP). The PoP requires miners/validators to stake and contribute processing power to the network in order to validate blocks and earn rewards. Bitcoin Spark, however, combines the PoP with a unique algorithm that reduces rewards per larger stake size and per additional power exponentially to ensure fairer distribution between larger and smaller miners. The Bitcoin Spark development team has ensured that the work and power required for mining BTCS is relatively low through the network’s native application.
The Bitcoin Spark application allows users to mine by permitting access to their mining device’s processing unit. The application can be installed on Windows, Linux, Android, iOS, and Mac OS devices and will work in an isolated virtual environment that doesn’t interfere with operating system functions to ensure security. It will also adjust the processing power used to account for overheating, battery, and simultaneous usage requirements. However, miners will have the option of manually selecting the device resources permitted for mining use. Bitcoin Spark’s innovative approach to network validation ensures true decentralization by enabling anyone to participate.
Newly minted coins are the only way to incentivize validators to participate in many blockchains. However, Bitcoin Spark changes this notion. The processing power provided by miners is ‘rented out’ to organizations or individuals as remote computing power through the Bitcoin Spark network. The clients will pay with BTCS, which will be allocated to the mining pool to supplement BTCS minting rewards. Additionally, the Bitcoin Spark application and website will have small slots for community-policied advertisements, where 50% of the revenue generated will be transferred to miners and network participants. With such diverse revenue sets, Bitcoin Spark can not only survive but thrive in a Web3 world of singular use cases and closed revenue systems.
The Bitcoin Spark Initial Coin Offering (ICO) has gained significant investments so far and is currently in Phase 3, selling BTCS at $2.00, accompanied by a 12% bonus.
For more on Bitcoin Spark:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register