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Bitcoin Spark Application
Decentralized Application To Mine Rewards
Bitcoin Spark Application
There are two primary goals of Bitcoin Spark. 1: Distribute out mining rewards, no matter the computational power of the device used, in a fair way that increases the security of the network and decreases the cost of participation.
2: Put 'proof-of-work' to use so the electricity consumption has a valid purpose by ‘renting’ miner computational power out to companies and individuals.
Network usage and Mining
The network itself would use a proprietary proof-of-work/proof-of-stake cross concept, which ‘rents out’ the processing power of the mining devices to those in need of it, such as servers or for large-scale video coding. No data is stored outside of RAM, only the processing power of the device is used.
The fees generated will be distributed 100% to the mining pools. (Stablecoin will create an automated buyback and deposit BTCS into the mining reward allocation, and BTCS will deposit straight into the mining reward allocation.)
Through this buyback mining reward system, the length of time at which the remaining mining rewards can be distributed can be increased as the revenue supplementing the rewards will allow for a lower mint rate.
The team will create an easy-to-use mining program for Windows, Mac OS, Linux, iOS, and Android, allowing users to install the mining software on any device and mine by permitting secure, isolated access to the device’s processing unit. The software itself can adjust how much of the processing power is used to account for overheating, battery, or simultaneous usage requirements.
All processing runs through the devices’ CPU and/or GPU (user choice) and RAM in an isolated environment that does not affect or interact with any other part of the device.
In addition to adjusting the ‘power’ that some miners hold over the network to gain rewards, such as the huge mining facilities that exist for Bitcoin, this also drastically increases security, as the consensus required to create a “51% attack” would be much harder to achieve with a significantly wider scope of devices and mining nodes. The Bitcoin Spark repository will be made publically available for developers after the network launch to create their own mining applications and wallet apps to reduce dependency on the team’s efforts and ensure true decentralization.
The Bitcoin Spark team will not officially recommend any third-party wallet until extensive testing by the team has taken place and the third party can demonstrate the highest levels of device security.
The Bitcoin Spark application will also act as a wallet for the Bitcoin Spark network, in addition to other network capabilities such as Ethereum, XRP, BNB Smart Chain, Solana, and many others.
Bitcoin Spark network will not be compatible with EVM wallets such as Metamask on launch. Anyone wishing to purchase BTCS or hold BTCS in a wallet such as Metamask will be able to do so using the 'wrapped' BTCS on Ethereum.