The contemporary ecosystem experiences revolutions from time to time. Blockchain technology is one of the leading ecospheres in the technological universe. The niche has been depicted as the future of the modern world alongside artificial intelligence. Payment systems are now conducted efficiently through the utilization of the decentralized universe of cryptocurrencies.
One of the most critical aspects of blockchain is the usage of cryptocurrencies such as Litecoin. Litecoin has played a pertinent role in the mass adoption of the crypto ecosystem. Another inauguration, Bitcoin Spark, seeks to benefit digital currency experts with loads of perks. This article will discuss the features that make Bitcoin Spark a unique digital platform.
Will Litecoin Reach New Highs?
Litecoin was developed as an alternative hard fork for Bitcoin The digital platform seeks to improve scalability and transaction speed, but Bitcoin fails. The cryptocurrency is named among the 30 prominent digital currency platforms. Cryptocurrency investors usually seek a virtual platform that sees massive potential for development. Litecoin is among those digital currencies that will surge.
Is Litecoin Still Popular?
Litecoin still has a low market cap compared to other digital currencies such as Ethereum and Bitcoin. However, virtual currency remains among the most traded cryptos in the decentralized ecosphere. Decentralized analysts believe the token will glimpse into the future like other altcoins.
Bitcoin Spark Revolutionizes the Crypto Industry
Bitcoin Spark is a decentralized platform that leverages distributed ledger technology to facilitate transparency, scalability, and security for crypto participants. Prominent auditing organizations have audited the decentralized platform called Vital Block and Contract Wolf.
The audit report has been conducted to smart contract and know your customer verification processes. The platform has leaders and a well-informed team that contains the necessary data for developing the virtual currency sphere.
Mining is a niche considered integral in a decentralized application. Bitcoin mining uses a process known as proof-of-process that inspires the confirmation of blocks and the creation of new BTCS tokens. Proof-of-process operates in a double manner as it utilizes both proof-of-work and proof-of-stake validation mechanisms.
Those participating in the network’s confirmation are validators/miners. Validators provide GPU/CPU power from their devices to the network. They are then rewarded with the new BTCS tokens. An outstanding feature of the mining algorithm of the network is that rewards are skewed non-linearly.
The project’s team will also create a platform to facilitate iOS, MAC, OS, Linux, and Android. This will allow anyone with an electrical device to participate in the project’s development. They only need to access an internet speed of up to 50 MBPS. Rewards are disturbed non-linearly since the network contains a specialized algorithm.
The systematic algorithm seeks to amend the centralization of mining in the Bitcoin network, as those with access to expensive nodes and electricity could have high rewards. This could lead to security concerns, which would be imposed on the blockchain ecosystem as these firms or individuals could edit the distributed ledger. The project is currently in phase 5 of its initial coin offering.
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