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Innovative technologies are reshaping the world, and decentralized finance (DeFi) is no exception. The concept of smart contracts has been extensively utilized in the development of decentralized applications that facilitate automated executions.
Developers implement smart contracts using various programming languages, such as Vyper and Solidity. Platforms that support the deployment of smart contracts are referred to as smart contracting platforms. Ethereum stands out as the leading smart contracting platform. Nevertheless, this new Bitcoin alternative enhances the functionality of smart contracts beyond what Ethereum offers.
What is Ethereum Merge?
The Ethereum merge represents a major software upgrade that the Ethereum network experienced, shifting its consensus mechanism from the traditional proof-of-work model to the more adaptive proof-of-stake validation system.
This upgrade was completed in September 2022, resulting in a 99% reduction in Ethereum’s carbon emissions and energy usage. The primary goal leading up to the merge was to create a greener, faster, and more scalable network. While proof of stake is an improvement over proof of work, the proof of process introduces a new paradigm.
What is Proof of Process (PoP)?
Proof-of-process is an innovative consensus mechanism that merges two widely utilized network validation methods: proof of work and proof of stake. This validation process is distinctive within the industry, positioning Bitcoin Spark as the first mover with a proof-of-process consensus mechanism. This approach primarily emphasizes the “work” component, which entails mining BTCS tokens, the native digital currency that powers the Bitcoin Spark ecosystem, rather than focusing on staking.
During the mining phase, miners will need to solve straightforward mathematical problems to validate transactions and add new blocks to the network. In return, miners will receive BTCS tokens as rewards for their validation efforts. Throughout the mining process, network participants will contribute processing power to the ecosystem, which will be crucial in the network’s ambition to achieve a gasless status two years post the official mainnet launch.
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The processing power will be allocated to Bitcoin Spark clients engaged in complex virtual tasks such as video rendering and other computational activities. The team will retain a 3% share of the revenue generated, while the remainder will be directed to mining pools for distribution as mining rewards.
Additionally, the team plans to implement an advertising scheme that will enable brands and marketing agencies to promote their products and services to the Bitcoin Spark community. Bitcoin Spark will utilize unused and unobstructed areas on the platform’s mobile applications and website to facilitate this revenue stream.
Clients interested in utilizing these advertising slots will need to pay in BTCS tokens. From this revenue, 50% will be allocated to the team for maintenance and operational costs, while the other half will be deposited into the mining pools and distributed to network participants.
The two revenue streams will ensure sufficient cash flow to maintain the mining pools with adequate BTCS to reward miners. Consequently, the initial transaction fees that the network intends to impose on users upon mainnet launch will become unnecessary, leading to a gasless network.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Visit BTCS Presale: https://network.bitcoinspark.org/register
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