The inauguration of Bitcoin brought about an effective solution to the monopoly created by the banking environment globally through the provision of a decentralized digital currency. Although Bitcoin’s main intention was to offer an antithesis to fractional reserve banking, the network inspired the inauguration of numerous projects such as Kava, eCash, and Bitcoin Spark that are pioneering Web3 solutions for blockchain enthusiasts today.
What is Kava?
Kava is a digital asset that serves as the native cryptocurrency of a decentralized Web3 protocol called Kava.io. Kava is a Web3 lending and borrowing platform that uses a number of digital assets as collateral. Contrary to most DeFi protocols that are built on the Ethereum mainnet, Kava is built on Cosmos, a more scalable blockchain than Ethereum. Through the Cosmos network, Kava mints USDX, a stablecoin that has its peg price coinciding with that of the U.S. dollar. Participants then borrow the minted USDX. Those who offer liquidity to the platform earn interest paid in KAVA, the platform’s utility token.
What is eCash?
eCash (XEC) is a Bitcoin and Bitcoin Cash fork designed to be utilized as “electronic cash.” The project was reverted from Bitcoin Cash ABC (BCHA) in 2021 with its basic unit called Bits. The crypto platform integrates a proof-of-stake consensus mechanism called Avalanche (not the popular smart contracting platform called Avalanche). Upon rebranding, eCash increased its transaction speeds from 100 TPS to 5 million TPS. However, the project has not managed to remain competitive enough for Bitcoin users, paving the way for Bitcoin Spark.
Is Bitcoin Spark a good investment?
Bitcoin Spark is a newcomer in the DeFi industry with the aim of becoming the top Bitcoin alternative. The platform is hosting an initial coin offering event on the Ethereum network, aiming to distribute 4 million tokens at the end of the ICO to enterprising investors. Since the ICO began (a few weeks ago), Bitcoin Spark has raised more than 2 million dollars as whales and institutional investors flock in on the presale.
The ICO event is currently in the seventh phase, and each BTCS token is available for purchase at $3. Moreover, the team is giving a bonus of 7% bonus on all orders completed before the commencement of phase 8. The platform has already been audited as a form of spearheading transparency and accountability.
Bitcoin Spark’s main attractive feature is its improved ecosystem. It will allow miners and stakers to earn BTCS tokens while simultaneously validating the network under the proof-of-process consensus mechanism. The proof-of-process consensus is a modernized and improved network validation method that interjects proof-of-work and proof-of-stake merits. Alongside the two network validation methods, Bitcoin Spark developers have incorporated safety algorithms to automate the distribution of rewards to miners and stakers without causing an imbalance in the network.
Bitcoin spark mining app
However, miners and stakers will earn different amounts of rewards. In fact, the algorithms will favor more “work done” in the network through mining activities rather than the actual stake size of BTCS in the staking pools. This means that while staking will still be profitable in the network. Miners will earn more BTCS and thus do more work in maintaining the network.
When the term mining is mentioned in the crypto realm. It is often characterized by intensive mining equipment, high demand for energy, and mining facilities in a desert somewhere. However, mining in the Bitcoin Spark ecosystem will be different. Instead of purchasing sophisticated and modern mining equipment, miners will use their locally available electronic gadgets with RAM and CPU installed. These include mobile phones, tablets, iPads, and laptops. Mining Bitcoin Spark involves solving less complicated math and thus requires less energy.
Due to the reduced mining energy, the mining process will be simpler, cheaper, faster, and more secure. The miners will receive BTCS tokens as mining rewards from algorithmic calculations heavily inclined in their processing power contributions and network validation process. The mining will take place in software applications, including a mobile app that is under development.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
Source: https://coinpedia.org/press-release/arena-with-kava-ecash-and-bitcoin-sparks-pioneering-solutions/