Home
News
The crypto market has had notable events towards the end of August, with Ethereum’s transaction fees falling to an eight-month low and Bitcoin Spark gaining significant traction in the market.
How to mine Ethereum?
Ethereum moved from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) through what was known as The Merge, rendering traditional Ethereum mining obsolete. Ethereum now relies on validators who lock up at least 32 ETH as collateral to confirm transactions and secure the network, with the chances of being chosen based on the amount of Ether staked. The shift to PoS reduced the energy consumption associated with validating blocks on Ethereum, making it more environmentally friendly. The Merge also promised to be a foundation for several developments steered towards improving the scalability, speed, and security of the Ethereum blockchain.
ETH price
Investors have raised questions about the potential impact on the ETH price after Ethereum’s daily total fees fell to the lowest single-day total since December 26, 2022. A decline in the total fees suggests low network usage since the fees are determined by the level of activity in the network. The recent decline in Ethereum’s fees has been attributed to the rise of layer-2 scaling solutions and the overall bearish market outlook. Analysts suggest if ETH fails to clear the $1,660 resistance, it could start another decline, with the initial support on the downside near the $1,640 level.
What is Bitcoin Spark, and why is it gaining traction?
Bitcoin Spark is a new crypto inspired by Satoshi Nakamoto’s vision. It thus has similarities with Bitcoin (BTC), which includes having a maximum supply of 21 million. Several factors contribute to Bitcoin Spark’s rise. First, its innovative technologies and association with the original cryptocurrency have given it recognition among many crypto enthusiasts and investors. Bitcoin Spark also boasts fast transactions and low fees, making it suitable for day-to-day crypto transactions.
Moreover, Bitcoin Spark establishes itself as a robust platform with a focus on scalability and real-world applicability. It will have a multi-layered architecture with separate smart contract executing systems that all reach finality on the main network.
The Bitcoin Spark consensus mechanism has also attracted many crypto miners and validators. The network uses a cross between Proof-of-Work and Proof-of-Stake known as the Proof-of-Process (PoP). This groundbreaking mechanism requires users to stake and provide processing power to the network for them to confirm blocks and earn rewards. The PoP is combined with an algorithm that exponentially reduces rewards per larger stake size and additional power to ensure a more equitable distribution of rewards. Additionally, the network has a massive number of nodes, which opens up network validation to many individual users. The project’s development team will also launch an application that enables users to participate in the validation by granting access to the device’s processing unit. The app will be user-friendly, lightweight, and compatible with any smart device.
Those undertaking high CPU/GPU load tasks will be able to rent computing power from the Bitcoin Spark network and will pay for the service using BTCS. The revenue will then be distributed among the network validators, providing an additional reward for securing the network.
The Bitcoin Spark Initial Coin Offering (ICO) has also contributed to Bitcoin Spark’s rise. The ICO offers BTCS at discounted prices in addition to bonuses, contributing to significantly increased investments when the project officially launches. ICO has been progressing smoothly, with Phase 4 selling BTCS at $2.25 and offering a 10% bonus.
More on Bitcoin Spark:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsored post. Thecoinrepublic.com is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.
For publishing articles on our website get in touch with us over email or one of the accounts mentioned below.
