Bitcoin Spark has been called the next Bitcoin, and an analyst has added to the excitement by predicting at least five figures for this new crypto.
Why Bitcoin Spark competes with Bitcoin
Bitcoin Spark aims to build on the original vision of Satoshi Nakamoto while introducing changes that better position it for dominance in the now significantly evolved blockchain landscape. That said, it does share similarities with Bitcoin, such as a limited supply of 21 million and mining as a concept.
The Bitcoin Spark network will achieve faster speeds and lower costs than Bitcoin due to its increased individual block transaction capacity, reduced block time, and substantially higher number of nodes.
While the Bitcoin network has no other in-built use apart from being a simple peer-to-peer transfer system, Bitcoin Spark seamlessly integrates a smart contract layer into its network. This layer, including separate execution systems that all reach finality on the main network, allows for smart contract development in multiple programming languages. Developers will be able to use high-level languages like Solidity and low-level ones like Rust. This innovative architecture promotes scalability and diversity, potentially leading to a robust ecosystem of decentralized applications catering to a myriad of use cases.
Despite Bitcoin Spark retaining mining as a concept, its process is not filled with the juggernauts that have led to concerns of centralization and environmental degradation. The network introduces a groundbreaking consensus mechanism known as the Proof-of-Process (PoP), which is a cross of Proof-of-Work (PoW) and Proof-of-Stake (PoS). Miners/validators will be required to stake and contribute the processing power of their mining devices in order to confirm blocks and earn rewards. The provided processing power is then rented out through Bitcoin Spark to institutions or individuals who require significant amounts of remote computational power for high CPU/GPU load tasks. This ensures the energy used for mining is essentially not “wasted” verifying transactions. The network’s clients will pay with BTCS, which will be allocated to the mining pool. The revenue supplements the immediate mining rewards but reduces the BTCS minting rewards, moving the minting endpoint further. This suggests that BTCS will have much longer until the maximum supply is reached, but miners will remain profitable.
The rewards are calculated on a blend of the miner’s stake and the work done by those using the network as remote computing power. However, it will not directly correlate that the more stake and power contributed, the more the rewards since the PoP will be combined with an algorithm that exponentially decreases rewards per larger stake size and per additional power. This ensures that those with increased mining capabilities earn more, but not in a way that is unbalanced by fiat-equivalent net worth. The Bitcoin Spark development team will also provide an application that allows anyone to mine BTCS.
The Bitcoin Spark application will be compatible with Windows, Android, iOS, Linux, and Mac OS. It will allow users to mine by permitting access to their device’s processing unit. After granting access, the app will create a virtual environment separate from the device’s operating system functions to ensure security. Miners will be able to select the device resources to be used for mining, although the application can automatically adjust the processing power used to account for overheating, battery, and simultaneous usage requirements. This approach significantly reduces the work and power required for mining.
The Bitcoin Spark network will also overlay secondary revenue-generating services within its network, boosting its utility and the rewards for network participation. For example, the Bitcoin Spark application will include small slots for advertising, where network participants will receive 50% of the revenue generated.
Is Bitcoin Spark a good investment?
Bitcoin Spark is in its Initial Coin Offering (ICO) stage, and while this does come with risks, several factors suggest it could be a good investment. The project has conducted several audits, and analysts who’ve reviewed it suggest significant potential for growth. Additionally, the ICO has witnessed significant investments, with a number of crypto whales involved. BTCS is selling at $2.00, with a 12% in Phase 3. Investing at this Phase will grant a 560% profit by the end of the ICO. And with its low market cap and innovative technologies, BTCS could rise even more after launch.
For more on Bitcoin Spark:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
