Most individuals in the traditional ecosphere are yet to comprehend the digital currency industry. Digital currency can be utilities based on blockchain technology that facilitate peer-to-peer transactions. The first ever pioneered virtual currency was Bitcoin, and it has managed to garner vast numbers of institutional and retail investors.

Solana is another virtual currency that seeks to develop blockchain technology. Bitcoin Spark is another blockchain platform that will lead to massive development in web3. Read through the article to have an insight into Bitcoin Spark.

What is Solana?

Solana is a blockchain platform developed by Solana Labs. The pioneer, Anatoly Yakovenko, aimed at developing a layer-1 network that can support all other decentralized applications. Moreover, Yakovenko also wanted a platform that would have improved transaction speeds, scalability, and interoperability.

The platform’s native token is SOL. SOL acts as a governance tool for the ecosystem. Individuals who hold SOL can become decentralized autonomous organizations. DAOs have the right to participate in the voting mechanism of the platform that leads to changes.

Is Solana a Good Investment?

The Solana ecosystem has had immense development since its inauguration. Solana, with its native token, has managed to capture the attention of venture capitalists and individual investors. The project can conduct more than 1000 transactions per hour, hence reducing the transaction cost.

The platform is amongst the best investments as it is ranked among the best ten digital currencies. It also has a secure mechanism called proof-of-stake that enables validators to stake SOL, hence improving security.

Bitcoin Spark Raises the Bar in Crypto

Bitcoin Spark is a  new decentralized platform that seeks to improve the distributed ledger with its double consensus mechanism. The decentralized platform uses a validation mechanism called proof-of-process. The consensus mechanism amalgamates Ethereum’s and Bitcoin’s proof-of-stake and proof-of-work validation mechanisms, respectively.

Proof-of-process awards validators who partake in confirming new blocks in the ecosystem. The validators also partake in minting new BTCS tokens. There is a reward calculator placed on the network, hence enabling validators to verify the platform’s profitability before participating in the validation process.

The network is divided into four layers: the execution layer, consensus layer, mining layer, and rewards layer. The execution layer is where block creation occurs and validators are selected. The layer will also be split into two programming language styles that interact with the consensus layer.

The consensus layer entailed the verification of the newly created block and affirming it for indexing. The mining layer runs distinctively from other layers, hence facilitating processing power products, and lastly, the reward layer pertains to giving rewards to the participants.

In addition, the project contains a remote call procedure that uses nodes to communicate with the blockchain technology. RPCs also enable decentralized participants to partake in interoperability operations. Interoperability is a mechanism that facilitates the transfer of data and assets from one blockchain to another.

The new distributed network has official RPC providers who can give out two data streams in a simultaneous manner. This blockchain mechanism is pertinent as it requires a single unique wallet in a platform. Therefore, it lives the official Bitcoin Spark application, being the only wallet in the network during the mainnet release.

Learn more about Bitcoin Spark on:

Website: https://bitcoinspark.org/

Buy BTCS: https://network.bitcoinspark.org/register

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Filed under: Bitcoin - @ September 28, 2023 1:21 pm