Cryptocurrencies have the potential to evolve as mainstream financial assets and grow in the future with advancing technology and widespread adoption.
These digital assets are a gateway to decentralization in finance, with its main objective being to disseminate power from financial institutions such as banks to the people. Projects like Bitcoin Spark and Toncoin address key metrics that no other project finds the solution to.
What is Toncoin?
Telegram, a popular messaging application for communities, commenced its web3 project in 2021, which involved a digital platform known as Gram. Gram launched on Telegram’s developed network called Telegram Open Network (TON), hence dubbed Toncoin. The TON also has a wallet provision that provides a secure platform for commission-free crypto asset transfers from one telegram user to another. TON network is a proof of stake platform linked to a high transaction speed of 55,000 transactions per second.
What is Bitcoin Spark?
Bitcoin Spark is a unique BTC fork with a smart contracting platform that allows devs in the Web3 arena to interact with automated smart contracts and innovate decentralized applications. Bitcoin Spark’s utility token is BTCS, which has a maximum supply of 21 million coins. The crypto asset is currently a token minted on the Ethereum mainnet as ERC-20 tokens. Ethereum has a total supply of 4.3 million BTCS tokens, which have been purposefully minted to power the ongoing ICO event to spearhead the project’s development.
The Bitcoin Spark mainnet will launch soon after the ICO event is completed. But before then, users would develop the need to trade or buy BTCS tokens as users anticipate Bitcoin Spark’s genesis block. This is why BTCS tokens have been created as ‘wrapped’ versions of the actual BTCS tokens that will be minted on the underlying Spark network after the project goes live on the mainnet.
However, the IOU tokens will be replaced with actual BTCS tokens through a bridging system. This proprietary bridging system will allow cross-network transfers of BTCS tokens from one network to another. In Ethereum’s case, only BTCS tokens will initially be transferable to the Bitcoin Spark network. On the contrary, developers will continue to work on the project to ensure more tokens will be bridged on the Bitcoin Spark network.
Bitcoin Spark’s most attractive feature is its consensus mechanism, which has been purposefully designed to solve major challenges affecting consensus mechanisms in DeFi. By amalgamating proof of work and proof of stake, proof of process is the only consensus mechanism with miners and stakers manning the network.
Alongside the proof of work and proof of stake consensus mechanism, the proof of process has algorithms that actively manage miners’ and stakers operations in safeguarding the network’s security. The network algorithms also manage the distribution of rewards for stakers and miners depending on the amount of work done on the network.
An algorithm will calculate the reward allocation process inclined more towards the mining activities and the yielded processing power than the actual stake size. The platform will provide a reward calculator on the Bitcoin Spark application to ensure network participants can calculate their profit margins before embarking on the network validation activities.
For more information:
Buy BTCS: https://network.bitcoinspark.org/register
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