Bitcoin Spark (BTCS) has been making waves in the crypto market. And as the project’s Initial Coin Offering (ICO) moves to Phase 2, data reveals it’s witnessing increased exchanges of Solana (SOL) and Cardano (ADA) for BTCS.
What you'll learn 👉
What is Cardano?
Cardano is an L1 (Layer-1) blockchain that seeks to provide a more secure and scalable platform for decentralized apps (dApps) and smart contracts. It was founded by Charles Hoskinson, one of Ethereum’s co-founders, and distinguishes itself by laying significant emphasis on scientific, peer-reviewed academic research and development.
Cardano’s architecture is designed in layers, separating the blockchain’s settlement and computation layers. This enhances scalability and allows for the introduction of protocol upgrades without disrupting the overall network. The platform uses the Ouroboros consensus algorithm, which is a Proof-of-Stake (PoS) consensus optimized for low power consumption and stronger security. Cardano also places a significant emphasis on interoperability, aiming to establish seamless communication between different blockchains and legacy financial systems. ADA is the native cryptocurrency of the Cardano ecosystem.
What is Solana?
Solana is an L1 blockchain platform designed to host decentralized, scalable applications. SOL is its native cryptocurrency. Solana is a Proof-of-Stake (PoS) blockchain but improves on it with a mechanism called Proof-of-History (PoH), which uses hashed timestamps to validate the chronological order of transactions. For this reason, Solana processes many more transactions per second and charges lower transaction fees than blockchains like Ethereum.
What is Bitcoin Spark?
Bitcoin Spark is a new Bitcoin Fork that seeks to offer enhanced speed, security, and scalability while ushering in a new era of use cases. It has a higher transaction per second (TPS) than Bitcoin due to reduced block time and increased transaction capabilities per block. Combining this with a significantly higher number of nodes results in lower fees for using the chain.
The Bitcoin Spark network will also allow for smart contract development and deployment. This will be possible through a multi-layer system that reaches finalty on the main network. The layered system will allow for multiple programming languages to be used, creating a more diverse platform for smart contracts and decentralized applications (dApps).
Bitcoin Spark introduces a new consensus mechanism known as Proof-of-Process which is a blend of Proof-of-Work (PoW) and Proof-of-Stake (PoS). Miners will be required to stake on the network and provide processing power so they can confirm blocks and receive rewards. The processing power is rented out to those who require remote computing power, and mining rewards will be calculated based on the stake of the miner and the work done using their processing power. The PoP is used with an algorithm that ensures linear rewards based on raw processing power or stake size to ensure a more equitable distribution of rewards.
Anyone can mine BTCS since the project’s team will offer a simple mining software that can be installed on any Android, Windows Linux, iOS, or Mac OS device. Users will be able to mine by permitting access to the device’s processing unit. The software will run in an isolated environment and limit itself to the resources it is able to use on the device.
Bitcoin Spark enables its network participants to benefit in several other ways. This includes getting 50% of revenue generated from advertising on its website and application. The BTCS minting rewards are reduced in balance with the revenue, and the network aims to be self-sustaining by retaining a limited supply and generating constant revenue that allows its participants to remain profitable.
e Investors exchanging ADA and SOL for BTCS suggests belief in Bitcoin Spark’s potential for growth. The network has successfully passed multiple smart contract audits and KYCs, fostering increased confidence in its ICO. Phase 2 is selling BTCS at $1.75 and offering a 15% bonus, with the promise of a 657% profit.
For more information on Bitcoin Spark:
Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com