There’s always a new contender vying for the crown in the fast-evolving crypto landscape. And a new arrival known as Bitcoin Spark has sparked debates among enthusiasts and experts alike. Could this fresh concept be the epitome of the crypto revolution, surpassing the once-dominant Ethereum?
Ethereum (ETH) has undeniably been a trailblazer in the world of cryptocurrencies, ranking as the second-largest cryptocurrency by market cap. As a decentralized smart contract platform, Ethereum has fostered an impressive ecosystem comprising numerous decentralized applications (dApps) and DeFi protocols. However, despite being at the forefront of the blockchain revolution, the current market conditions have placed the ETH in a precarious zone, making short or long positions susceptible to liquidation based on its next price movement. While optimistic investors continue to hold long positions, anticipating a future rally, others remain cautious, bracing for a potential price drop. This uncertainty has spurred discussions about whether Ethereum’s reign may be challenged by newer and potentially superior crypto concepts like Bitcoin Spark.
Bitcoin Spark (BTCS): Bringing the best crypto concept?
Bitcoin Spark seeks to address the limitations of traditional cryptocurrencies. The Bitcoin fork includes a reduced time per block and increased individual block transaction capabilities to ensure faster transaction speeds. The network will also have a significantly increased number of nodes to ensure lower fees.
The Bitcoin Spark ecosystem is built on a multi-layered architecture that all reaches finality on the main network. This will include a smart contract layer allowing for smart contract deployment in high-level and low-level programming languages. The ability to deploy smart contracts on the network transforms Bitcoin Spark from a simple peer-to-peer (P2P) transaction system to a versatile platform with diverse applications.
Bitcoin Spark also introduces the concept of mining for all through its novel consensus mechanism, Proof-of-Process (PoP). The PoP requires users to stake on the network and provide processing power in order to validate blocks and earn new BTCS coins. This mechanism serves as a cross between Proof-of-Work (PoW) and Proof-of-Stake (PoS) and ensures that the electricity consumption has a valid use as the network rents out the miner computational power to companies and individuals. The Proof-of-Process is combined with a special algorithm that ensures rewards per additional power and per larger stake size decrease exponentially to disincentivize what has happened to Bitcoin where two miners (Foundry USA and Antpool) combined can control more than 51% of the hash rate.
The BTCS mining will initially be done through the Bitcoin Spark application before the network’s repository is made public for developers to create their own mining applications. The application will be easy-to-use and compatible with iOS, Windows, Mac OS, Linux, and Android devices. It will enable users to mine by permitting access to their device’s processing unit. This software will run in an isolated environment that doesn’t interact with any other part of the device to ensure security. It will also limit itself on the resources it is able to use on the device, automatically limiting the mining capability. Furthermore, the application will serve as a wallet for the network.
Bitcoin Spark aims to become a self-sustaining revenue network that allows network participants to remain profitable with a limited supply. The project achieves this by overlaying secondary revenue-generation services like advertising within its ecosystem. By allowing a small space for advertisements on its application and website, the network generates advertising revenue, 50% of which is distributed among miners and network participants. The advertising will be community policed, as any BTCS holder can vote to remove an advert based on issues, such as scams and non-conformity to terms and conditions. Once a vote to remove an ad reaches consensus and is deemed unsuitable after a manual review by one of the team members, it will be removed. Then, 85% of the remaining advertising fee will be returned to the advertiser, and 15% will be distributed to the wallets of those who voted for the advertising removal to incentivize community policing of the advertisements.
With its innovative features, Bitcoin Spark could bring a new era of digital transactions, challenging existing concepts like Ethereum. The project’s initial coin offering is nearing the end of its first phase, where BTCS is selling at $1.50 with a 20% bonus on top.
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