Bitcoin Spark has achieved a remarkable milestone in its journey, reaching an impressive $500,000 during Phase 3 of its ICO. This achievement, coming barely a month after the ICO launch, reflects the growing confidence and support from investors who recognize the potential of Bitcoin Spark’s innovative blockchain technology and its promising future within the cryptocurrency landscape.
Why is Bitcoin Spark So Popular?
Bitcoin Spark (BTCS) pursues a groundbreaking blockchain innovation known as Proof-of-Process (PoP), which represents PoS and PoW fusion. Its unique approach to consensus algorithms deploys a vehicle to address the challenges and inefficiencies of traditional PoW and PoS systems.
PoP is the foundation of BTCS’s technology, combining the best features of PoW and PoS. While PoW relies on computational power to secure the network, PoS requires users to lock up a certain amount of cryptocurrency as collateral.
PoP, however, leverages processing power in an environmentally friendly and inclusive way. Participants can rent out their computational resources to the network, thereby contributing to the security and functionality of the blockchain. This approach minimizes energy consumption and encourages a broader community to get involved in the network’s operations.
The BTCS ICO, currently in phase four, is experiencing substantial growth, following a successful phase three, where the project managed to raise an impressive $500,000 in funding. One BTCS is priced at $2.25, and investors get 10% bonuses. The project will launch on Nov 30 at $10, and holders of BTCS tokens can expect an ROI of 489%, contributing to the ICO’s popularity.
What Makes Bitcoin Spark Better Than Bitcoin?
BTCS aims to tackle the speed, scalability, and decentralization challenges perennially confronting Bitcoin. Bitcoin’s transaction throughput is notably low, capping out at a mere seven transactions per second (TPS), posing scalability issues and rendering it increasingly unsuitable for widespread use as a payment system. Bitcoin Spark employs substantial improvements by reducing block confirmation times and enhancing the capacity for individual transactions within each block.
Bitcoin Spark’s approach involves significantly increasing the number of participating nodes while requiring a lower initial investment and reduced operational expenses. This strategy contributes to a noteworthy reduction in chain usage fees proportionate to the miners’ investments.
Bitcoin mining’s challenges primarily stem from the intricate nature of the ‘proof-of-work’ system, which tends to favor those who possess significant fiat wealth. Bitcoin Spark, however, adheres to the “Anyone Can Mine” ethos, offering advantages of heightened decentralization and security coupled with a lower entry barrier for aspiring miners. BTCS pursues the quest of mining accessibility and reward distribution through its Bitcoin Spark application.
While Bitcoin operates as a straightforward peer-to-peer (P2P) system for transferring the digital asset Bitcoin, it lacks built-in functionality beyond this core purpose. Any additional use cases layered onto the Bitcoin network invariably lead to transaction congestion. Bitcoin Spark seeks to overcome this limitation by seamlessly integrating a smart contract layer into its network. This multi-layer system ultimately achieves consensus on the main network but allows for the utilization of diverse programming languages for application development.
Bitcoin Spark plans to release an in-house blockchain explorer, with third-party developer resources on GitHub expected to follow shortly after the mainnet launch. This strategic approach positions Bitcoin Spark as a forward-looking blockchain project, striving to address Bitcoin’s inherent limitations and provide a more versatile and scalable platform for digital transactions and applications.
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