Despite being the most decentralized cryptocurrency in the industry, Bitcoin has faced challenges with being available to miners of any size.
Prosper is tackling this issue head-on by creating a decentralized protocol. It will allow the community to get involved in the action. It does this through the $PROS native token and its carefully designed ecosystem, which ensures Bitcoin’s mining power is better integrated into DeFi.
Here’s how Prosper is solving this challenge, as well as the key benefits it offers to users and investors.
The Problem and Solution
According to CompaniesMarketCap, the Bitcoin mining industry has a combined market cap of around $40.5 billion as of late 2024.
Yet, despite this massively successful industry, mining is mostly dominated by centralized companies like Marathon Digital, Core Scientific, and so on.
Moreover, while Bitcoin itself has a $1.3 billion market cap as a cryptocurrency, there has been no significant effort to bring its mining infrastructure forward like that of Ethereum, especially when it comes to decentralized applications.
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Prosper stands as a solution to these problems by bringing institutional-grade mining power on-chain. The protocol is designed around its native $PROS token, which gives holders several perks, including community-driven governance and access to real-world mining rewards.
Put simply, Prosper, by combining Bitcoin mining power with DeFi tools, creates a sustainable model that benefits its community over the long term.
How Prosper Works
Prosper’s foundation lies in its DAO (Decentralized Autonomous Organization). This Prosper DAO is special because it owns and governs its own Bitcoin mining power.
It also enforces a transparent hashrate-per-token mechanism, where each $PROS token represents a fraction of the total mining power.
Participants can buy these tokens and gain access to several benefits, including voting on proposals, receiving rewards in Bitcoin, and other benefits from ecosystem partners. Moreover, existing $PROS holders receive priority (often discounted) access to newly issued tokens.
In summary, Prosper benefits existing and new token holders alike by ensuring that the $PROS token supply only increases alongside hashrate growth.
Institutional-Grade Hashrate Operations
Prosper ensures its operations are always in full gear by partnering with leading industry experts (like BITMAIN and AntPool) who help it manage aspects like hardware hosting and miner efficiency.
This approach combines the strengths of decentralization with the reliability of these companies for the best user experience. Participants also have access to the Prosper dashboard, which shows real-time performance metrics for mining operations.
Users can verify the backing of their $PROS tokens and even refer to education initiatives like “Prosper 101” to further understand key concepts. Keep in mind that $PROS is deployed only on the Ethereum and BNB chains at the time of writing.
Key Benefits for Users and Investors
What do users stand to gain? To start with, the aforementioned Prosper dashboard provides transparent data where users can verify or track the hashrate backing their tokens.
Users also get direct rewards in Bitcoin for active participation, along with other benefits like staking opportunities, gaming quests, NFT whitelists, and so much more from Prosper’s collaborations with partner projects.
Investors, on the other hand, can benefit from Prosper’s trackable value accrual, where the hashrate-per-token mechanism ensures that each PROS token becomes more valuable over time.
Prosper’s model is designed to support rapid growth and can, therefore, adapt to market conditions or expand mining operations efficiently.
In summary, the project stands out as the ultimate bridge between Bitcoin mining and decentralized finance.
Its seamless combination of community governance and its robust token model makes it perfect for unlocking the full potential of Bitcoin mining over the years. Users and investors have a sustainable way to participate and benefit from the Bitcoin ecosystem.
