Constant innovation has greatly contributed to the growth of cryptocurrency. And industry watchers suggest Bitcoin Spark (BTCS) could be the next big thing in crypto since Arbitrum (ARB).
What is Arbitrum?
Arbitrum is a layer-2 (L2) scaling solution for Ethereum designed to address the network’s scalability limitations. It uses optimistic rollups, which conduct transactions off-chain and then periodically summarize them on the Ethereum mainnet for added security and transparency. This approach significantly boosts transaction speed and lowers costs, making Arbitrum (ARB) more accessible and efficient for users. The L2 blockchain also allows for smart contract development, and by leveraging Arbitrum, developers can create decentralized Dapps that provide a seamless and responsive user experience without compromising on security. ARB is the native token of the Arbitrum ecosystem, used to transfer value and to vote on governance decisions.
Bitcoin Spark: The next generation of crypto
Bitcoin Spark (BTCS) is a new Bitcoin fork that has been termed the modern alternative to BTC. Crypto has the same core tokenomics as Bitcoin but has improvements within its network that enhance efficiency and scalability while bringing new concepts to crypto.
The Bitcoin Spark network achieves greater speeds and lower fees than Bitcoin by increasing its nodes, reducing the time per block, and enhancing individual block transaction capacity. The network also boosts its use cases and real-world applications by supporting smart contracts. This is achieved through a layered architecture with separate contract execution systems, all reaching finality on the main network. This design allows for both high-level and low-level programming languages, creating wider options for developers. Bitcoin Spark’s unique architecture is set to foster a robust ecosystem of applications and smart contracts catering to many real-world use cases.
Notably, Bitcoin Spark seeks to retain its limited supply (capped at 21 million) while ensuring its miners and network participants remain profitable by generating revenue within its ecosystem. This is possible through its native application and Proof-of-Process (PoP) technology. The PoP is a novel consensus mechanism that rewards miners for confirming blocks and sharing the processing power of their mining devices. The work required, and the Bitcoin Spark application significantly reduces the power used for validating the transactions. This groundbreaking software will allow anyone with an Android, iOS, Windows, Linux, or Mac OS device to mine by permitting access to the device’s processing unit. The application will create a virtual environment separate from operating system functions to ensure security. It will also adjust itself to the resources it is able to use on the device, but miners have the option of personally selecting the number of device resources permitted for mining use.
The miners’ processing power is then rented out to institutions or individuals who require substantial computing power for high CPU or GPU tasks like large-scale video rendering or running servers. Those using the remote computing power will send BTCS as payment, which will automatically be allocated to the mining rewards pool. Having unlimited devices able to provide processing power to the network infinitely increases the revenue-generation potential. It also means greater security for the blockchain as it significantly reduces the chances of a single being too powerful, as seen with Bitcoin mining, where two miners, Antpool and Foundry USA, combined can control more than half of the hash rate.
Bitcoin Spark will also include secondary services, such as advertisements on its website and application, to boost the revenue aspect of the network. The revenue generated within Bitcoin Spark supplements and reduces the BTCS minting rewards, extending the minting endpoint. And thus, achieving the project’s goal.
The Bitcoin Spark ICO (Initial Coin Offering) is in phase 2, selling BTCS at $1.75 with a 15% bonus. The project has successfully completed KYC audits, demonstrating its commitment to security and transparency.
For more information on Bitcoin Spark:
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