Smart technologies are changing the world, and decentralized finance (DeFi) has not been left behind. The knowledge of smart contracts has widely been applied in deploying decentralized applications that aid in the automation of executions.
Developers deploy smart contracts through various languages, including Vyper and Solidity. Platforms that allow the deployment of smart contracts are called smart contracting platforms. The most prominent smart contracting platform is Ethereum. However, this new Bitcoin alternative changes how smart contracts function better than Ethereum.
What is Ethereum Merge?
Ethereum merge is a significant software upgrade that the Ethereum network underwent to transform its consensus from the old-generation proof-of-work consensus to the adaptive proof-of-stake network validation mechanism.
The upgrade ended in September 2022, reducing Ethereum’s carbon footprint and energy consumption by 99%. Ethereum’s main objective leading up to the merge was to make the network greener, faster, and more scalable. Although proof of stake is a better alternative than proof of work, proof of process changes the game.
What is Proof of Process (PoP)?
Proof-of-process is a new consensus mechanism that combines two of the most used network validation processes: proof of work and proof of stake. The network validation process is unique to the industry, making Bitcoin Spark the first market mover with a proof-of-process consensus mechanism. This consensus mechanism is primarily inclined towards the “work” aspect, which involves mining BTCS tokens, the native digital asset powering the Bitcoin Spark ecosystem, rather than the staking element.
During mining, miners will be required to solve simple mathematical equations to verify transactions and add new blocks to the network. In exchange, miners will get BTCS tokens as rewards for their network validation processes. During the mining process, the network participants will yield processing power for the ecosystem, which will play a significant role in the network’s efforts to become a gasless network two years after the official mainnet release.
The processing power will be issued to the Bitcoin Spark clientele working on complex virtual tasks such as video rendering and other computational tasks. The team will get a 3% cut from the income generated, while the rest will be relocated to mining pools to be distributed as mining rewards.
The team will also introduce an advertisement scheme allowing brands and marketing agencies to showcase their products and services to the Bitcoin Spark community. Bitcoin Spark will create advertisement sections from unused and unobstructed spaces on the platform’s mobile applications and website to administer this income stream.
Clients who wish to take advantage of these ad slots must pay in BTCS tokens. From this income stream, 50% will be allocated to the team for maintenance and upkeep, while the remaining half will be deposited to the mining pools and distributed to network participants.
The two income sources will provide enough cash flow to keep the mining pools with enough BTCS to reward miners. This means that the initial transaction fees the network will charge users upon mainnet release will no longer apply or be needed, and the network will become gasless.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Visit BTCS Presale: https://network.bitcoinspark.org/register
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