Bitcoin Spark (BTCS) has gained significant traction in the crypto community.
And according to some industry watchers, Ethereum (ETH) and ZCash (ZEC) miners might be looking forward to starting mining Bitcoin Spark. Best Mining Power Supply Reddit
Steven Nerayoff, the former Ethereum advisor, recently accused Vitalik Buterin, one of Ethereum’s co-founders, of fraud and character assassination.
Nerayoff claims that Vitalik and his father orchestrated a character assassination against him, pointing to a video where Vitalik implicates Nerayoff of ICO fraud. According to him, this maneuver was intended to shift blame onto him and divert attention away from Vitalik.
Analysts suggest the ongoing internal dispute could lead to distractions and divisions within the Ethereum community, which, in turn, might impact the network’s overall stability and validators’ willingness to continue supporting it.
ZCash is a cryptocurrency that was created with a primary focus on enhancing privacy and anonymity in blockchain transactions.
It was launched in 2016 and uses a Proof-of-Work (PoW) consensus mechanism like Bitcoin. What sets ZCash apart, however, is its use of advanced cryptographic techniques like zero-knowledge proofs, specifically zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge), which allow users to transact with a high degree of privacy.
Unlike Bitcoin, where all transaction details are publicly visible on the blockchain, ZCash transactions can be shielded, meaning the sender, receiver, and transaction amount can remain confidential.
Bitcoin Spark is a new Bitcoin derivative. However, it has many significant changes that set it on its own path. Nonetheless, it has a capped supply of 21 million BTCS, retaining the scarcity factor that has made Bitcoin (BTC) so popular among investors. In fact, it has been recommended by some influencers for those who missed out on cheap BTC.
The Bitcoin Spark blockchain boasts faster and cheaper transactions owing to its low block time, high individual block transaction capacity, and large number of nodes.
The blockchain also positions itself as a robust platform for diverse smart contracts and decentralized applications (Dapps). It has a smart contract layer that includes separate execution systems that all reach finality on the main network. The multi-layered design ensures scalability and promotes diversity by allowing for a myriad of programming languages.
Bitcoin Spark uses a proprietary consensus mechanism known as the Proof-of-Process (PoP). It rewards miners for validating transactions and providing their processing power to the network.
However, the rewards for mining BTCS are not linear, as the PoP exponentially decreases rewards per additional power, ensuring a fairer distribution. The nonlinearity of rewards, coupled with the network’s massive nodes, allows even those with low-powered devices to profitably mine BTCS.
Before the network’s repository is made public for developers to create other mining software, users will need to install the Bitcoin Spark application in order to mine BTCS. The Bitcoin Spark application has been designed to be secure, user-friendly, lightweight, and compatible with Mac OS, Linux, Windows, iOS, and Android. Once installed, the application will need access to the device’s processing unit plus other permissions, including resource management.
Once granted permission, the app will create a separate virtual environment that doesn’t interfere or interact with any other part of the device. The app will also regularly adjust the device resources used in mining to account for overheating, battery, and simultaneous usage requirements, although miners will have the option of setting the rate themselves.
Notably, Bitcoin Spark enables individuals and organizations seeking remote computing power to rent the miners’ contributed power in exchange for BTCS. The revenue generated will be sent to the mining pool, where it will supplement the minting rewards. This means that miners will receive newly minted BTCS, transaction fees, and income from renting out their CPU/GPU power.
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Bridgit Murphy is a blockchain technology engineer specializing in integrated online services, smart contracts, fork development, and quality assurance. An open-source enthusiast, Murphy recently relocated from her hometown of Dublin to Hong Kong. Contact: LinkedIn
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