Decentralization in the ledger technology refers to transferring decision-making and control from a centralized entity, be it a firm or individual, towards the distributed networks. Blockchain has computers that all verify transactions, hence improving security.
Multiple users can view the transactions. Blockchain networks such as Bitcoin, Ethereum, and Tron have promoted Decentralization within the DeFi environment. However, Bitcoin lags in Decentralization as half of the mining sphere is controlled by leading firms such as Antpool and Foundry USA.
The new platform, Bitcoin Spark, has a unique mechanism that will lead to the development of the technological sphere. The platform’s proof-of-process enables miners and validators to generate income. This article will discuss the future of Decentralization with Bitcoin Spark.
Tron is a digital network built on a distributed ledger mainly supporting games and entertainment apps. Tronix, or TRX, is its proprietary cryptocurrency. TRX is the tenth most valuable cryptocurrency by market capitalization.
Decentralization will improve with a new entrant that will factor in features such as interoperability, scalability, and efficiency. Bitcoin Spark is a cutting-edge platform with mechanisms to make investors flock to the blockchain ecosystem. The project utilizes a consensus mechanism that amalgamates proof-of-stake and proof-of-work (proof-of-process).
Proof-of-process is a proprietary that rewards validators or miners for confirming new blocks in the ecosystem. These validators also provide GPU/CPU power to the platform, which external companies and individuals utilize for solving computational tasks. The power consumption utilized for confirming blocks in the network is relatively low compared to Bitcoin.
The reward system operates skewed to processing power; the more you stake, the higher the rewards. However, it is not conducted in a one-way lane. The proof-of-work has four critical layers: execution layers, where block creation is conducted and selection of validators; the consensus layer, where verification of a block is conducted and all validators agree; and the mining layer, which enables processing power that runs on Bitcoin Spark’s network, and rewards layer that facilitates the distribution of rewards.
The project also has a layer of smart contracts that contains multiple layers to facilitate the utilization of compatible high-level and low-level programming languages. Smart contracts help networks in terms of the automatic execution of transactions. Networks like Ethereum have a common preferable programming language for developing layer-2 scaling solutions.
Bitcoin Spark’s smart contracts enable developers to utilize programming languages like Vyper, Solidity, or any other high-end language while developing decentralized applications. The network also allows variation of style from these developers to bring about variations and innovation of smart contracts and dApps.
Revenue generation is also a critical factor that is embedded within the network. Bitcoin Spark’s revenue generation method involves renting processing power and advertisement. An unused part of the platform’s website and application will be set apart for advertisements.
Brands wishing to promote the product need to adhere to the community’s standards. On the other hand, the processing power provided by validators is rented to individuals and organizations.
Learn more about Bitcoin Spark on:
Visit BTCS Presale: https://network.bitcoinspark.org/register
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.