Bitcoin Spark (BTCS) has gained recognition for its innovative technology. Investors are now more confident in the project after its multiple KYC certificates and smart contracts audits.
What is Bitcoin Spark?
Bitcoin Spark is a new Bitcoin fork. It has characteristics similar to Bitcoin (BTC) but has significant changes that set it apart. The network will have a reduced block time, enhanced individual transaction capacity per block, and a substantially higher number of nodes. These improvements will result in faster transaction processing while simultaneously reducing the gas fees for using the chain. Bitcoin Spark will also support smart contracts on its platform, increasing the utility of its native token, BTCS.
The Bitcoin Spark network introduces the concept of mining for all. It uses a proprietary consensus mechanism known as Proof-of-Process (PoP). The PoP rewards miners for confirming blocks and contributing their processing power to the network. The Bitcoin Spark application will enable users to mine BTCS by permitting access to their devices’ processing units. The app will be compatible with Windows, iOS, Android, Mac OS, and Linux. It will function in an isolated environment that doesn’t interfere with any other part of the device. Miners will be able to choose the number of device resources permitted for mining use, and the application will automatically limit itself to the set resources. The ability for many individual users to participate in network validation greatly increases the blockchain’s security.
The processing power provided by the miners is rented out to organizations or individuals in need of additional computational capacity, who will be required to pay with BTCS. The revenue generated is sent to the mining pool, helping miners bring additional income. Moreover, Bitcoin Spark will allocate small amounts of advertisement space on its website and application to capitalize on the growing marketing industry. The ads will be community-policed, and network participants will receive 50% of the revenue generated.
What is a smart contract audit?
A smart contract audit is a comprehensive and systematic review of the code underlying a blockchain-based smart contract to identify vulnerabilities, bugs, and potential security risks. The audit process typically involves manual code review, automated tools, and sometimes even testing the contract in a controlled environment to simulate real-world usage. Once the audit is complete, the findings are documented in a report, which includes details about the identified vulnerabilities, severity levels, and recommended fixes. This report helps the development team to rectify the issues before the smart contract is deployed.
What is a KYC certificate?
KYC, or Know Your Customer, is a process used by financial institutions, businesses, and platforms to verify the identities of their customers. It is a crucial step in preventing fraud, money laundering, and other illicit activities. A KYC certificate is a document or digital record that attests to the completion of the KYC process for a specific individual or entity. To obtain a KYC certificate, customers are required to provide valid identification documents such as passports, driver’s licenses, or government-issued IDs. These documents are then verified by the organization conducting the KYC process.
The Bitcoin Spark ICO: Ensuring investor security
The ongoing Bitcoin Spark Initial Coin Offering (ICO) offers investors a chance to get BTCS at discounted prices, among other benefits. The ICO started on August 1st, with BTCS selling at $1.50 and investors getting a 20% bonus. It is now in Phase 2, selling BTCS at $.175, with a bonus of 15%. This means Phase 1 investors already have a 147% increase in investments.
The Bitcoin Spark team has taken proactive measures to ensure the safety of its investor’s assets. The Team has conducted KYC audits and received certificates from two reputable KYC service providers, including Cognitos. Bitcoin Spark’s smart contracts have also been successfully audited by several noteworthy auditors, including ContractWolf.
For more information on Bitcoin Spark:
None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.