Bitcoin Spark (BTCS) has undeniably stood out among the myriad of Bitcoin (BTC) forks, heralding what could be the most pivotal moment in this evolution. According to some experts, BTCS could be the most important BTC fork to date. Let’s explore why.
What is a Bitcoin fork?
A Bitcoin fork is a divergence in the Bitcoin blockchain’s protocol, which results in the creation of a new and distinct version. The popularity of Bitcoin forks stems from their potential to address issues such as scalability, security, and governance, as well as to implement novel features, helping users and investors to engage with different iterations of Bitcoin (BTC). Bitcoin forks can be categorized as either hard or soft forks. Hard forks involve radical changes that are not backward compatible, meaning they create a separate blockchain and network from the original. Soft forks introduce backward-compatible changes that still allow the new and old versions of the blockchain to coexist. Some examples of Bitcoin forks include Bitcoin Cash (BCH), Bitcoin SV (BSV), and Bitcoin Gold (BTG).
Bitcoin Spark has captured the attention of the crypto community because of its distinctive approach. Unlike most forks, which are essentially clones of the previous networks, Bitcoin Spark brings radical and innovative changes and technologies with the aim of sparking a new generation of cryptocurrency transactions. Nonetheless, it retains the scarcity characteristic that has made Bitcoin (BTC) be likened to gold by having a limited supply of 21 million BTCS coins.
The Bitcoin Spark blockchain features a higher transaction capability per block, a shorter block time, and a significantly larger number of nodes, resulting in more transactions per second and reduced fees for users. This makes it a more suitable option for small and recurrent transactions.
The blockchain is also designed with multiple, harmoniously integrated layers, enhancing its scalability. It will include a dedicated smart contract layer with separate execution systems that reach singular network finality, enabling the support of both high-level and low-level programming languages. This unique architecture positions Bitcoin Spark as a robust network that extends its utility to support the development and utilization of potentially diverse smart contracts and decentralized applications (DApps).
Notably, Bitcoin Spark uses its proprietary consensus mechanism, the Proof-of-Process (PoP). This groundbreaking mechanism will reward miners for confirming blocks and contributing their processing power to the network. However, the PoP will exponentially reduce the rewards per additional power, a feature that, combined with the massive network nodes, will enable low-powered devices to mine BTCS, forging a path toward true decentralization. The Bitcoin Spark team is set to launch a mining application that will also serve as the network’s native wallet. The team has ensured that the application is user-friendly, compatible with popular operating systems like iOS and Android, and, most importantly, secure.
Bitcoin Spark goes further to introduce decentralized CPU and GPU renting. This pioneering service will enable institutions and individuals seeking remote computing power to use the miners’ contributed power effectively in exchange for BTCS. 97% of the revenue earned plus minted BTCS and transaction fees will be distributed to miners, expanding the reward aspect for participating in the network. The remaining 3% will go to the team for income and maintenance, creating a win-win situation. Additionally, Bitcoin Spark will feature small spaces for community-policied advertisements on its application and website. Advertisers will pay in BTCS, and 50% of the generated revenue will go to miners and network participants.
Interestingly, the BTCS minting rewards will run on an elastic system that takes into account the revenue generated within the Bitcoin Spark ecosystem, and with the potential for unlimited power provision and the booming of the marketing industry, BTCS miners could remain consistently profitable in the long-term.
Bitcoin Spark is set to enter the last phase of its Initial Coin Offering (ICO) offering on November 15th, which will indicate a $3.75 price for BTCS and a 4% bonus to investors. The ICO has gained massive investments, with the Bitcoin Spark team taking steps like conducting smart contract audits with multiple auditing firms to ensure security, openness, and sustainability.
As the cryptocurrency ecosystem continues to advance, Bitcoin Spark (BTCS) emerges as a beacon of promise, bridging tradition and transformation to redefine the possibilities of the Bitcoin-related ecosystem.
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