Bitcoin (BTC), the pioneer of cryptocurrencies, has spawned numerous forks over the years, each with its unique features and vision. Notably, market watchers suggest among the many options, Bitcoin Spark (BTCS), Bitcoin Cash (BCH), and Bitcoin Satoshi Vision (BSV) are set to repeat Bitcoin’s price pally.
What is a Bitcoin fork?
A Bitcoin fork is a fundamental division within the Bitcoin network that results in the emergence of two distinct ‘branches,’ each operating under its unique set of rules and protocols. These forks can be categorized as either ‘soft’ or ‘hard’ forks. In the case of a soft fork, the newly formed branch remains compatible with the original one, albeit with some protocol updates. On the other hand, a hard fork leads to an incompatibility with the original branch, effectively giving rise to an entirely new blockchain network.
What is Bitcoin Cash?
Bitcoin Cash (BCH) emerged from a hard fork of the original Bitcoin network in 2017. It was created to address some of Bitcoin’s scalability issues by providing faster and cheaper transactions. Bitcoin Cash achieved this by increasing the block size limit to 8MB and later 32MB, allowing more transactions to be processed in each block.
However, as time went by, Bitcoin Cash developers implemented more structural changes to the protocol. This resulted in a hard fork that created Bitcoin Satoshi Vision (BSV). Proponents of BSV aimed at preserving the original vision of Bitcoin’s creator, Satoshi Nakamoto. While Bitcoin SV introduced a larger block size (currently at around 4GB), it has many similarities with Bitcoin. This includes the Proof-of-Work (PoW) consensus mechanism, a capped supply of 21 million coins, and a 4-year halving cycle.
What is Bitcoin Spark?
Bitcoin Spark (BTCS) is the newest addition to the Bitcoin hard fork family. This innovative crypto project builds on Satoshi Nakamoto’s vision by introducing several improvements and technologies, all while retaining a limited supply of 21 million coins.
The Bitcoin Spark blockchain has increased capabilities per block, reduced block time, and expanded the number of nodes, resulting in reduced gas fees and improved transaction throughput. The blockchain also has a seamlessly integrated smart contract layer with multiple execution systems that achieve finality on the main network. This structure ensures scalability and allows support for a number of high-level and low-level programming languages. This opens the door to decentralized applications (Dapps) on the Bitcoin Spark network, diversifying its ecosystem and enhancing its utility.
The mining process in Bitcoin Spark is based on its proprietary consensus mechanism called Proof-of-Process (PoP). This novel blockchain technology rewards miners for block confirmation and for renting out their mining devices’ processing power to the network. The PoP ensures a more equitable distribution of rewards by exponentially reducing rewards per additional power. This, combined with the massive nodes, allows even those with low-powered devices to profitably mine BTCS. The Bitcoin Spark team simplifies the mining and processing power contribution process with a user-friendly application that can be installed on any device, making it more accessible and removing the barriers associated with Proof-of-Work (PoW) mining.
Aside from the newly BTCS tokens and transaction fees from confirmed blocks, BTCS miners will be able to receive income from their idle processing power as the Bitcoin Spark network will rent it out to vetted individuals and institutions for remote computing, who will be required to pay for the service exclusively in BTCS.
Additionally, Bitcoin Spark is set to have advertising slots on its application and website, which will also be paid for in BTCS and community-policed to ensure security. Network participants and miners will get 50% of the revenue generated and additional incentives for maintaining the integrity of the advertising system.
BTCS price prediction
A number of experts believe that BTCS is poised to have a 100X or greater increase in value. While the official launch of BTCS is scheduled for November 30th at $10, it is currently trading at $3 with a 7% bonus in Phase 7 of its Initial Coin Offering (ICO). Bitcoin Spark’s innovative features, which address the limitations of other Bitcoin forks and introduce unique real-world applications, coupled with its limited supply, make a strong case for sustainable long-term value appreciation. Additionally, Bitcoin Spark’s low market capitalization and launch being near a crypto bull run has historically led to massive price increases.
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