Blockchain technology has grown and evolved exponentially since the inception of Bitcoin in 2009. Bitcoin was designed to accumulate peer-to-peer transactions and promote decentralization. Ethereum came to change the game by providing a platform where decentralized developers can generate other DeFi projects on the network. These projects including Arbitrum are known as layer-2 scaling solutions. However, such projects tend to have short-term revenue. Bitcoin Spark, the new cryptocurrency, has a solution towards long-term rewards for its clients.
What is Arbitrum Fees?
Arbitrum is considered a layer-2 scaling solution built on the Ethereum mainnet. The layer-2 scaling solution powers smart contracts and reduces transaction costs. The ticker symbol of the platform’s native token is ARB, which acts as gas for the ecosystem. Arbitrum aims to solve Ethereum’s problems by offering fast transactions per second (TPS) and cheaper transactions without hindering attributes such as security and decentralization.
Bitcoin Spark Has Potential for Longterm Rewards
Bitcoin Spark is a well-established digital currency that aims to improve actions such as transaction costs, speed, and smart contract usage. This is conducted through the proof-of-process mechanism that integrates proof-of-work and proof-of-stake alongside a unique mathematical blueprint that standardizes returns for miners and validators. The project (Bitcoin Spark) is led by two key figures named Dylan Ashford and Steven Kurtz, who are technological natives who believe in an improved decentralized ledger system.
The native currency of Bitcoin Spark is referred to as BTCS. BTCS acts as fuel and is used for giving out rewards to active participants in the community. The total supply of BTCS is 21 million, while the launch supply is 4.55 million. The tokens will be distributed to mining rewards, public ICO, liquidity pools and exchanges, and team tokens. Participants will start getting involved in the project during the first stage of the initial coin offering (ICO), which will commence on August 1st. During this stage, the peg price of the token will be $1.50 with an 800% profit at the time of the project’s official launch at $10 per coin.
Compared to Bitcoin, Bitcoin Spark aims to destroy centralization in mining processes that are evident on the Bitcoin network. Participants get to earn revenue in an unbiased manner regardless of the mining device used and the amount of electricity available for mining.
The higher the mining capabilities, the higher-earning; however, in a regulated manner to embrace equal earnings by both large and smaller parties. Users can conduct validation processes from a third-party application since Bitcoin Spark is a lightweight network. Other networks, such as Bitcoin, are heavy weight hence lowering speed and causing an increase in transactional fees during the mining process.
Bottomline
Since the inauguration of Bitcoin, most digital currencies and networks emerged, each having solutions to the other. For instance, Vitalik Buterin introduced the Ethereum network to provide opportunities for other developers to generate their applications in the blockchain. However, the new network, Bitcoin Spark, aims to utilize consensus mechanisms for the two networks to develop one unique feature that enhances decentralization. Even though at its pre-ICO phase, the project is showcasing a promising future.
For more information:
Website: https://bitcoinspark.org/
