Investing and trading platform Robinhood (HOOD) holds over $3 billion in BTC. This makes the trading platform the third largest bitcoin holder after Binance and Bitfinex, which accumulated $6.4 billion and $4.3 billion worth of tokens, respectively. This is an ultimate expansion in the crypto industry as venture capitalists seek to gain massive profits.
Decentralized finance has had immense inaugurations, and Bitcoin is among the pioneers that led to the prolonged existence of the ecosystem. The digital currency (Bitcoin) has attracted various participants within blockchain technology. The new digital platform, Bitcoin Spark, will take over the ledger technology. This article will discuss how Bitcoin Spark will diversify the cryptocurrency environment.
What you'll learn 👉
What is Robinhood?
Robinhood is an investment platform that offers commission-free trading of stocks, crypto, and ETFs. The platform uses mobile apps and websites to conduct its operations. The firm is well-known for its user-friendly, organized platform and appeal to clients fresh to the investing world.
Is crypto better than stocks?
The conversation and debates on whether crypto is more appealing than stocks have been in a surge in the blockchain ecosystem. However, with vast inaugurations like Bitcoin and Ethereum, the virtual currency universe has promoted massive financial technology developments and returns to investors compared to stocks.
Bitcoin Spark Future is Stunning
The decentralized ecosystem managed to gain an immense attraction rate as retail and large-scale investors flocked to the ecosystem. These investors always yearn for imminent platforms with new peculiar mechanisms and features that will lead to massive capital gains. Bitcoin Spark, the new entrant, is conditioned to promote an outburst of the development of blockchain technology.
The digital network has a new consensus mechanism named proof-of-process that combines Ethereum’s proof-of-stake and Bitcoin’s proof-of-work consensus mechanisms for better security and network validation. This validation mechanism enables validators to generate new blockchain blocks, hence causing an improvement in the safety of the platform.
Bitcoin is among the largest cryptocurrencies and a pioneer of digital networks. Most blockchain enthusiasts have generated revenue due to the platform’s development. However, Bitcoin has limitations, including mining centralization, low transaction speed (up to 7 TPS), and high transaction costs. Bitcoin also lacks smart contracts, an element critical to the ledger community, where transactions can be conducted automatically. This effect has made vast blockchain developers seek layer 2 scaling solutions.
Nevertheless, the new digital currency platform, Bitcoin Spark, will take over the industry but first take charge of solutions to Bitcoin’s impediments. The new network will deploy smart contract layers, enabling programmers to develop DApps. The transaction costs will be reduced by reducing the time per block, improving transaction speed.
The new platform has an all-new means of generating revenue, which seeks to utilize several methods, including advertisement and renting CPU power. Processing power will be acquired from the validators who confirm new blocks of the network. It will then be harnessed and given out to individuals and organizations for conducting tasks such as solving hard computational equations.
From the revenue generated, the team will accumulate 3%. A small section of the platform’s website and application will be used for brand promotion. From the revenue generated in this method, Bitcoin Spark’s team will take 50% for maintenance and upkeep. A voting system is also placed in advertisements as community members can vote out vulgar adverts. The team then checks these adverts to confirm whether the advert can be flagged out.
The project’s ICO is ongoing, with BTCS tokens retailing for $2 in the third ICO phase. This phase is about to end and investors will now purchase the tokens at a higher price in the next ICO phase.
Read more on BTCS here:
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