While Bitcoin and Ethereum have long dominated the crypto landscape, the fast-paced arena thrives in innovation and adaptation. Bitcoin Spark’s emergence is a paradigm shift that revolutionizes the crypto space by challenging and transforming the established order of digital currencies, extending beyond the realms of Bitcoin and Ethereum.
What is Bitcoin?
Bitcoin is a decentralized digital currency operationalized through a P2P system and runs on blockchain technology rather than central authority. Often referred to as BTC, it pioneered the cryptocurrency concept in 2009 and the distributed ledger that records transactions. Bitcoin is akin to a network of computers, with transactions verified by network participants (miners). Bitcoin exists only in digital form and can be sent and received worldwide with an internet connection. It transcends traditional borders and can facilitate international transactions secured through cryptographic techniques. Every BTC transaction is recorded on the blockchain, making it a transparent and immutable ledger. Anyone can view transaction details, but the identities of users are pseudonymous. Bitcoin caps its maximum coin supply at 21M to implement scarcity akin to gold. Bitcoin provides utility as a store of value (digital gold), a medium of exchange, and an inflation hedge. New BTC coins are created through mining, a process that also secures the network and validates transactions. Bitcoin’s popularity paved the way for tens of thousands of other cryptocurrencies (Bitcoin alternatives).
What is Ethereum?
Ethereum is an open-source dApps blockchain platform that enables smart contract execution. Proposed and developed in late 2013, the ETH network went live in 2015 as a versatile and programmable blockchain, distinct from Bitcoin, which primarily serves as a digital currency. Ethereum operates as a worldwide, decentralized computer, allowing developers to build and deploy decentralized applications on its blockchain for diverse uses. Ethereum thrives in smart contract functionality, where contracts self-execute whenever a term or condition is predefined, thus fostering trust. ETH leads in NFT revenue, making it a fundamental part of the blockchain and cryptocurrency ecosystem. The Ethereum network has passed several upgrades to enhance its scalability, security, and sustainability. The most notable upgrade is Ethereum’s transition from a PoW to a PoS mechanism geared to energy efficiency and transaction processing speed.
Bitcoin Spark: The Crypto Revolution
Hurdles and disputes have marked the ascent of Bitcoin. There have been internal disagreements and conflicts within the Bitcoin community, commonly known as “The Bitcoin Wars.” These disagreements have revolved around the dimensions of blocks within the Bitcoin blockchain, the trajectory of the technology, and the influence of developers and miners in molding Bitcoin’s future. Ethereum faces scalability, congestion, and high gas fees as a consequence.
Bitcoin Spark (BTCS) forked out of Bitcoin to address speed, scalability, and mining decentralization. Built on Ethereum, it strives to maximize the trustless smart contract system and deploy a revolution to the crypto arena.
BTCS deploys a combined PoS and PoW consensus mechanism, labeling it “Proof-Of-Process” (PoP), a new-age blockchain technology revolutionizing crypto operations. PoP brings equality, fairness, and accessibility to the mining and other cryptocurrency processes while addressing the shortcomings of BTC and ETH. Within this distinctive system, miners and validators are incentivized to provide processing power for computational tasks on the network. The energy consumption and work required for block confirmation will remain relatively low, ensuring sustainability. BTCS reward structure is algorithmically calculated with an emphasis on processing power, reflecting the ‘work done’ aspect of consensus. Rewards for larger stake sizes and processing power decrease exponentially, preventing any single entity from gaining undue control over the network.
Anyone can mine, and a rewards calculator will be integrated into the Bitcoin Spark application, enabling validators to gauge their potential earnings before participating in network consensus. Bitcoin Spark operates through interconnected layers, creating a cyclical system. The execution layer utilizes the proprietary Bitcoin Spark validator selection algorithm, avoiding automatic validator assignment based on transaction size. This execution layer is further divided into distinct programming language-style layers, interacting with the consensus layer.
The consensus layer plays a pivotal role by establishing unanimous agreement among all validators regarding the validity of a new block before it is indexed. This consensus process serves as an additional security measure, fortifying the network against potential attacks.
BT ICO phase four offers one BTCS token at $2.25 with a 10% incentive bonus, and early adopters can enjoy returns of up to 489% upon the project’s successful launch in November.
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