Bitcoin Spark (BTCS) and Dogecoin (DOGE) have both captured the attention of crypto enthusiasts and investors. But the question remains, which cryptocurrency reigns supreme in this dynamic digital landscape?
Is Dogecoin dead?
While it can be argued that Dogecoin (DOGE) has lost its initial hype and popularity, it would be premature to declare it “dead”. Dogecoin still ranks among the top 10 cryptocurrencies by market cap and boasts a dedicated community of supporters who continue to use and promote it. However, for Dogecoin to remain viable in the long term, it undeniably requires significant improvements. These improvements should encompass technology upgrades and more importantly the establishment of real-world use cases beyond P2P payments.
How to mine Dogecoin
Mining Dogecoin (DOGE) involves using a computer to solve complex mathematical puzzles in a Proof-of-Work (PoW) system. To get started, you’ll need specialized hardware, typically ASIC (Application-Specific Integrated Circuit) miners, and a compatible mining software. After setting up your mining equipment, you’ll need to join a mining pool, as solo mining has become exceedingly difficult due to the increased competition. Mining pools combine the computing power of multiple miners to increase the chances of solving blocks and receiving rewards. However, it’s crucial to note that PoW mining, as seen in Dogecoin and several other cryptocurrencies, has raised concerns about environmental degradation due to the high energy consumption involved. Furthermore, it can lead to centralization, with larger miners having a disproportionate influence on the network.
What is Bitcoin Spark?
Bitcoin Spark is the latest Bitcoin fork. It has similarities with Bitcoin (BTC), including a maximum supply of 21 million. But, has notable changes that improve on security, speed, and efficiency.
Bitcoin Spark has faster transaction processing and lower fees owing to its enhanced individual block transaction capacity, reduced block time, and a larger number of nodes.
The Bitcoin Spark network extends its use case beyond being a simple peer-to-peer payment system by supporting smart contracts. It has a layered smart contract execution system that enables the use of both high-level and low-level programming languages. This fosters a diverse ecosystem of developers, promoting a wider range of decentralized applications (Dapps) within the Bitcoin Spark ecosystem.
How to mine Bitcoin Spark
The Bitcoin Spark mining process is very different. The project’s development team ensures it is simple, energy-efficient, and open to everyone.
Bitcoin Spark introduces a novel consensus mechanism known as Proof-of-Process (PoP). The Pop rewards miners for confirming blocks and renting out the processing power of their mining devices to the network. Bitcoin Spark combines the PoP with an algorithm that exponentially reduces rewards per additional power to ensure a more equitable distribution of rewards.
Mining will be through the Bitcoin Spark application, which ensures that the work and power required to mine BTCS is significantly reduced. The app will be compatible with Windows, Android, iOS, Linux, and Mac OS devices, enabling users to mine by simply permitting access to their device’s processing unit. It will work in a virtual environment separate from operating system functions to ensure security. It will also automatically adjust the processing power used to account for overheating, battery, and simultaneous usage requirements. This enables anyone to mine BTCS, and having the blockchain finality distributed among many miners ensures no single miner can capture network control, promoting true decentralization.
The power provided by miners will be rented out to Bitcoin Spark’s clients, who use it as remote computing power for high CPU/GPU load tasks. The clients pay with BTCS, which is allocated to the mining pool, thus supplementing the BTCS minting rewards. Bitcoin Spark will also include advertising as a secondary service, allocating 50% of the revenue generated to miners. Thus, with minting rewards, transaction fees, and income from CPU/GPU rental and ads, miners should turn a profit regardless of energy prices or asset prices.
The Bitcoin Spark Initial Coin Offering (ICO) has been hailed as a chance at buying the “new Bitcoin”. The ICO is in Phase 3, selling BTCS at $2.00 and offering a 12% bonus.
Despite Dogecoin (DOGE) still surviving, Bitcoin Spark (BTCS) shows more promising signs of remaining relevant in the long term.
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