Bitcoin Spark has been steadily getting the attention of the crypto community. According to a Polygon whale, this new altcoin is like buying Bitcoin (BTC) at a dollar.
What is Polygon (MATIC)?
Polygon is a layer-2 (L2) scaling solution built on top of the Ethereum blockchain. The network aims to address Ethereum’s limitations, such as high transaction fees and slow transaction speeds, while still maintaining its security and decentralization. Polygon achieves this by using sidechains to enable off-chain processing of transactions. This technology has made Polygon an attractive choice for decentralized applications (dApps) and DeFi projects looking to offer better user experiences and reduce the barriers to entry for users. It has also led to a significant value appreciation for its native token, MATIC.
Bitcoin Spark: Evolving the legacy of Bitcoin
Bitcoin Spark is a new crypto project that seeks to improve on the vision of Bitcoin’s creator, Satoshi Nakamoto. It retains the favorable attributes of Bitcoin, such as decentralization and a limited supply of 21 million. However, this Bitcoin alternative introduces significant improvements to offer enhanced speed, security, and scalability.
The Bitcoin Spark network has a greatly increased number of nodes, reduced block time, and increased transaction capabilities per block. This ensures significantly improved transaction speeds and lower gas fees. The Bitcoin Spark is also multi-layered, including a smart contract layer that allows for both EVM-compatible languages and Rust to be used for application building. This boosts the utility of the Bitcoin Spark native token, BTCS, by creating a diverse network.
Bitcoin Spark also introduces mining for all. The Proof-of-Work mining process has brought about concerns of centralization and environmental damage. Bitcoin Spark solves this by introducing the Proof-of-Process (PoP). This new consensus mechanism rewards miners for validating blocks and for renting the processing power of their mining devices to the network. This puts the proof-of-work concept to work as the energy being used actually has a valid purpose. The Proof-of-Process is used together with a unique algorithm that restricts linear rewards based on raw computational power to ensure a fairer distribution. The Bitcoin Spark development team will offer a user-friendly application that enables users to mine by providing access to their device’s processing unit. The Bitcoin Spark application can be installed on any device and limits itself to the processing power it is able to use in the device, thereby regulating the mining capability by default. This ensures the work and power consumption for confirming a block on the Bitcoin Spark blockchain is low.
Bitcoin Spark’s network participants are rewarded in various other ways apart from mining and renting out their processing power. They receive 50% of the revenue generated from the advertisements on the Bitcoin Spark application and home website. They also get a further 15% for policing the ads.
The Bitcoin Spark Initial Coin Offering (ICO) offers a chance comparable to the early days of Bitcoin. BTCS is selling at $1.50 with a 20% bonus in phase 1 of the ICO, which ends on 11th August.
Are altcoins worth it?
Projects like Polygon (MATIC) and Bitcoin Spark (BTCS) show why altcoins are worth it. These alternatives drive technological progress and push the boundaries of blockchain technology, benefiting the entire cryptocurrency ecosystem. While investing in altcoins also carries risks, their potential for growth and adoption makes them a compelling option.
For more information on Bitcoin Spark:
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