Dogecoin is a digital currency that attracted many investors into the cryptocurrency market. The digital patron gained fame due to the social media hype produced by prominent individuals such as Elon Musk. Having started in 2015, Cardano gained prominence in the decentralized ecosystem. The project had massive adoption because of improved scalability and the proof-of-stake mechanism.
Proof-of-stake enables validation processes hence improving the network’s security. Bitcoin Spark is a new platform in the crypto ecosphere that utilizes proof-of-stake and proof-of-work mechanisms. This allows high transaction speed and provides processing power to those in need of it.
Latest Dogecoin news
Recent debates on transforming Dogecoin’s proof-of-work into a proof-of-stake mechanism have sparked a lot of attention in the cryptocurrency industry. Huge digital currency enthusiasts such as Vitalik Buterin are advocating for the switch. However, others believe that the transformation might lead to immense security concerns.
Follow CryptoMode on Twitter, Youtube and TikTok for news updates! Proof-of-work utilizes a considerable amount of electricity to power the nodes that solve the stiff computational equations. Furthermore, crypto carbon ratings have unveiled that proof-of-stake operates with less power (99.9%) than Bitcoin’s PoW.
Bitcoin Spark the New Crypto Star
The new digital platform, Bitcoin Spark, has an outstanding mechanism that facilitates high transaction speed, scalability, and efficiency. The platform utilizes blockchain technology in conducting operations in its ecosystem. In the ongoing ICO, Bitcoin Spark has garnered various global individuals to fund the project, including newbies.
This is an indication of an improved authenticity program for development. Three panoptic auditing platforms, Cognitos, Vital Block, and Contract Wolf, have promoted investors’ transparency and security as they have already performed complete auditing on the platform.
The project has a new consensus mechanism called proof-of-process that is unique and peculiar to other cryptocurrency projects. Proof-of-process blends PoS (proof-of-stake) and PoW (proof-of-work) mechanisms. The two validating processes allow miners and validators to generate new blocks in the ecosystem and provide processing power to external entities and participants.
The processing power is utilized in conducting intrinsic computational work. Performing mining and validation activities in the platform require less power consumption and work, creating a conducive ecosphere for validators. Additionally, validators are rewarded with the network’s native token BTCS for partaking in the development and security improvement of the project.
Rewards are algorithmically determined, using weighting biased towards processing power, and both rewards per higher stake size fall and rewards per increased power, preventing the project’s governance from being consolidated in the hands of one person or organization. Before participating in Bitcoin Spark’s consensus mechanism, validators can confirm their profitability using the platform’s rewards calculator, which will be provided later.
New decentralized projects amalgamate smart contract systems within their networks to improve scalability. Bitcoin Spark has a smart contract with multiple layers that utilize different programming language styles, such as high-level and low-level languages.
The new network will allow the configuration of smart contracts written in EVM-compatible languages such as Vyper or Solidity. This will enable the translation of any language to an EVM bytecode, ensuring interoperability. Blockchain developers can also have an opportunity to develop new applications utilizing distinct programming languages. Bitcoin Spark has an ongoing presale which is in its third ICO phase.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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.
