The launch of the Bitcoin network pioneered the entire crypto ecosystem. This innovation inspired the birth of a new class of investment assets in the digital realm that has squeezed itself into mainstream adoption without proper oversight of regulators worldwide. Bitcoin was launched in 2008 by an unknown person or group commonly referred to as Satoshi Nakamoto by the crypto community. While the technology has seen massive success for early investors, it is corroded with limitations that make it less desirable for developers. These challenges have led to the development of other Bitcoin ‘alternative’ crypto projects like Bitcoin Cash and Bitcoin Spark that aim to solve these challenges.
Bitcoin Cash price gives a future prediction for Bitcoin Spark
The main challenges facing the Bitcoin network are high transaction fees, limited scalability, and reduced transaction speeds. These shortcomings have led to the innovation, growth, and development of a crypto asset class known as Bitcoin alternatives. Projects that fit into this category, including Bitcoin Cash, have introduced new ideas and features that users can now capitalize on to counter Bitcoin’s limitations. Bitcoin Cash is a Bitcoin hard fork launched in August 2017. The project focussed on increasing the number of transactions in a given block as well as decreasing the transaction fees.
Bitcoin Cash shares similar tokenomics with Bitcoin. They are both capped at 21 million coins as the maximum token supply. However, Bitcoin Cash’s price is still lower than that of Bitcoin. Its trading volume has remained a fraction of Bitcoin’s trading volume since its inception in 2017. This is because Bitcoin has a higher demand than Bitcoin Cash.
Bitcoin Spark is Different from Bitcoin and Bitcoin Cash
Bitcoin Spark is a new DeFi project that, similar to Bitcoin Cash, mimics Bitcoin’s functionalities. The project’s utility, however, shows a more promising future than that of Bitcoin Cash. Bitcoin Spark uses a Proof-of-Process consensus mechanism to verify transactions on its network. This process is a hybrid of the Proof-of-Work and Proof-of-Stake mechanisms reinforced with a unique algorithm that standardizes rewards for the network participants (staking participants as well as miners).
Although Bitcoin Spark supports mining activities, its algorithmic math is not as complex as that found on the Bitcoin network. Therefore, miners do not require sophisticated computers and high electricity levels to compete in solving these simple calculations. The simplicity of this mining process has been shredded to a simple software program that users can install on their electronic devices including iOS, Mac, Linux, Android, and Windows, to start mining BTCS. BTCS is the native cryptocurrency of Bitcoin Spark.
Bitcoin Spark has two main sources of revenue. The primary source involves miners ‘renting out’ system processing power to individuals and companies that carry out high-end virtual activities like video rendering and resource simulations. To get access to the processing power provided by miners, these entities will need to pay for the services in BTCS rewards that will automatically allocate these funds to the mining pools. 3% of the generated revenue will be awarded to the team behind Bitcoin Spark for their upkeep, income, and maintenance while the remaining 97% will be disbursed to the network’s miners.
The second source of income is advertising. The mobile application or website will have a segregated section where paid ads will run. From the total revenue collected by the project, 50% will be directed towards the dream team while the remaining half will be distributed to network participants.
Bitcoin Spark is about to commence its Initial Coin Offering (ICO) on 1st August 2023. During this ICO, enterprising investors will have a massive opportunity to grab BTCS tokens at a significantly low price of $1.50. Imagine making 800% from just buying during the ICO phase 1 and holding your funds till the end of the ICO.
For more information:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.