Bitcoin’s legacy has had an outstanding run since its development and inauguration in 2009. However, a promising new Bitcoin Spark project shows signs of becoming the best alternative to its predecessor blockchain. Bitcoin is classified as an old-generation blockchain built on the grounds of a parent network with old technology. However, Bitcoin Spark is the center of technology and advanced innovation with solutions to some significant challenges facing the Bitcoin network. The new entrant has unique characteristics, including a new consensus mechanism, faster and cheaper transactions, and a smart contract layer.
The Shortcomings of Bitcoin
Bitcoin rose to fame in 2013 following hype and frenzy as a first market mover. The platform marketed itself as a decentralized peer-to-peer network that offers an antithesis to the ordinary traditional banking systems designed to control the finances of individuals worldwide. Although the network serves its purpose, it paved the way for new projects such as Bitcoin Spark with advanced technology and modern innovation compared to its old underlying blockchain network. The Bitcoin network has high transaction costs, slow speeds, and limited scalability due to a lack of smart contracts.
Bitcoin Spark is the answer
While Bitcoin remains the pinnacle of peer-to-peer asset transfers, Bitcoin Spark is bringing a new revolution to DeFi. Bitcoin Spark’s network is the only network that will utilize the proof-of-process consensus mechanism to validate transactions and manage the network’s operations. The proof-of-process consensus is a merger between proof-of-work, Bitcoin’s underlying network validation process, and proof-of-stake, the adaptive network managing consensus. The two network validation processes are combined with smart algorithms that equate the distribution of mining rewards to network validators.
Although the network incorporates mining and staking, the proof-of-work aspect is the dominant validation process. However, Bitcoin Spark’s “work” aspect is different and more advanced than Bitcoin’s. Bitcoin Spark’s work aspect yields the platform processing power, which plays vital roles in the ecosystem, such as generating revenue. Over time, rewards per processing power are issued, and the stake size is reduced to decrease the chances of centralization from encroaching on the ecosystem, as is the case with Bitcoin’s mining activities.
Bitcoin Spark is currently in its development stage. The platform has been running an initial coin offering (ICO) event in phase 5, selling BTCS tokens at a throwaway price of $2.50. BTCS is the native utility token of the platform, which will also be used as the gas token before the network becomes gasless. The ICO event has been scheduled to end on November 29th, and the token release is set for November 30th.
After the launch period, new crypto projects usually face high volatility and massive sell-offs as early adopters cash out their tokens. However, Bitcoin Spark is introducing a new feature to ensure BTCS token prices remain stable after the launch period. Bitcoin Spark devs have developed a specific line of code that offers interesting additional features to the ICO wallets bridging from the Ethereum mainnet.
The entitled wallets have received BTCS tokens through the ICO deployer address. These wallets will unlock a two-fold mining rate for owners that will be available for two years after the launch. The feature was introduced to discourage price volatility in the long run and reward long-term holders. Buy BTCS tokens today and take advantage of this feature.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
