Bitcoin and Ethereum are the most significant crypto projects in market capitalization. Bitcoin takes the first position, while Ethereum follows behind alongside other altcoins. The two platforms have provided the ecosystem with massive utility and functionalities that have pioneered the development and sustaining of new and improved projects like Bitcoin Spark.
The downside of these two networks is that they have high transaction costs. Bitcoin has a low transaction speed since its technology existed before 2009 and has limited scalability due to a lack of smart contract deployment features.
Introduction to Bitcoin Mining
Bitcoin mining is a validation process on the Bitcoin network that verifies transactions and approves the addition of new blocks recorded on the blockchain network. The activity is carried out by miners who compete to solve complex mathematical arithmetics using sophisticated high-end computers explicitly specialized for mining. Miners are rewarded in BTC, the native token of the network. The process is unavailable to retailers as it has a massive entry barrier associated with high electricity costs and expensive mining equipment.
What is Ethereum Staking
Ethereum staking refers to Ethereum 2.0 participation, completed by locking up ETH as collateral to enhance the Ethereum network’s security and efficiency. The activity is conducted by speakers who are also called validators. Validators are required to provide a minimum of 32 ETH as collateral in exchange for staking rights. The validators validate transactions and add new blocks to the ecosystem while maintaining the efficiency and security of the network.
Bitcoin Spark has more advanced features than Bitcoin and Ethereum
Ethereum and Bitcoin are great projects that have contributed immensely to the development of the cryptosphere. However, these projects have old-generation blockchain networks with massive transaction fees and limited scalability. For these reasons, a new Bitcoin and Ethereum alternative called Bitcoin Spark is being developed. Bitcoin Spark is an advanced crypto-oriented network that looks to provide solutions to the inhibiting factors of Bitcoin and Ethereum networks.
The project intends to capitalize on the advantages of proof-of-work in Bitcoin and proof-of-stake in Ethereum to develop a more advanced network that processes large numbers of transactions at higher speeds. The platform’s consensus mechanism is proof-of-process, which alloys the two validation methods alongside advanced special features such as a reward-standardizing automated algorithm. This blueprint will manage the distribution of rewards among stakers and miners.
The network’s proof-of-work validation method entails solving less complex mathematical challenges to complete transactions. The process will be so simple that miners will begin mining in the network using standard handheld electronic devices, unlike it is the case with the Bitcoin network, which requires high-end computer hardware. The aim of the team to introduce a mining application for standard devices is to make BTCS mining more decentralized than mining BTC.
The applications will have well-branded, easy-to-use interphases available on most operating systems, including Mac OS, iOS, Android, Linux, and Windows. The software will run in the background of the devices, allowing users to proceed with the normal functions. Additionally, the software will have advanced technological features that will adjust for the processing power required and account for device limitations such as overheating and battery usage.
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