In the world of Bitcoin forks, Bitcoin Spark (BTCS) is gaining major recognition, surpassing even Bitcoin SV (BSV).
What is a Bitcoin fork?
A Bitcoin fork refers to a change in the underlying code of the Bitcoin blockchain. These forks can be categorized into either hard or soft forks. A hard fork results in a permanent divergence, leading to two separate and incompatible blockchains, while a soft fork is a backward-compatible upgrade that doesn’t create a new blockchain but enforces new rules that older nodes can still follow.
What is BSV?
Bitcoin Satoshi Vision (BSV) emerged from a hard fork of the Bitcoin Cash (BCH) blockchain in 2018. Bitcoin Cash was created from a hard fork of Bitcoin (BTC) to enhance its scalability by increasing the block size limit to 8MB and later 32MB, enabling faster and more cost-effective transactions. However, over time, disagreements arose in the BCH community due to the continued structural changes, resulting in the creation of BSV. The goal of its proponents was to adhere closely to Satoshi Nakamoto’s original vision. While BSV boasts a significantly larger block size, it shares many core features with Bitcoin, such as the Proof-of-Work (PoW) consensus mechanism, a fixed supply of 21 million coins, and a 4-year halving cycle.
What is BTCS?
Bitcoin Spark (BTCS) is the latest Bitcoin hard fork. However, it’s not just another clone, it’s a distinct and forward-thinking blockchain and cryptocurrency designed to revolutionize digital transactions.
The Bitcoin Spark blockchain ensures fast transaction processing by having a decreased time per block and an increased number of individual block transaction capabilities. Combining this with vast network nodes results in lower fees. Additionally, the blockchain is built with multiple layers, ensuring scalability. Among these layers is a smart contract layer with different execution systems that reach singular network finality, allowing for both high-level and low-level programming languages. This positions Bitcoin Spark as a robust and versatile platform capable of supporting diverse decentralized applications (DApps) and smart contracts.
Additionally, Bitcoin Spark uses its own consensus mechanism, the Proof-of-Process (PoP). This groundbreaking mechanism necessitates miners to contribute processing power to the network for them to confirm transactions and earn rewards. However, it reduces the rewards per additional power exponentially, which, combined with the network’s massive nodes, will allow even miners with lower-powered devices to mine BTCS profitably. The Bitcoin Spark app, which will serve as the native network wallet, will also enable users with Windows, Linux, macOS, iOS, and Android devices to seamlessly participate in the process.
The Bitcoin Spark network will monetize the miner’s unused processing power by renting it out to individuals and institutions seeking remote computing resources, with payments conducted in BTCS. Notably, the BTCS minting will run on an elastic system that will factor in the revenue generated within the network. This means that if more revenue is earned, the minting rewards will be reduced proportionally, moving the minting endpoint further. Therefore, BTCS miners will have the potential to remain constantly profitable in the long term. This is especially considering that Bitcoin Spark is set to include secondary revenue-generating services within its network, such as having unobtrusive advertising slots on its application and website.
The future of Bitcoin Spark
Bitcoin Spark (BTCS) is currently in the third-to-last phase of its Initial Coin Offering (ICO), selling at $3.25. The crypto will launch on November 30th, denoting a 320% increase. With its low market capitalization and launch timing near the predicted 2024 bull run, analysts suggest strong potential for a massive price rally. A series of third-party audits have validated Bitcoin Spark’s security and sustainability. And despite its many notable improvements, Bitcoin Spark retains Bitcoin’s scarcity factor by having a limited supply of 21 million BTCS coins. This suggests continued value appreciation, especially given the expected demand arising from its innovative technology and real-world applications.
For more information on Bitcoin Spark:
Website: https://bitcoinspark.org/
