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The debate between building new blockchains from scratch versus developing Layer-2 solutions has become increasingly relevant. However, Bitcoin Spark provides a compelling illustration of why constructing entirely new blockchains is better.
What is Polygon (MATIC)?
Polygon (MATIC) is a layer-2 solution that was designed to address the scalability issues faced by the Ethereum blockchain. It offers a framework for building and connecting various sidechains, or “Polygon chains,” which process transactions more efficiently and affordably. This network allows developers to create decentralized applications (DApps) with enhanced speed and lower costs, making it an attractive choice for projects seeking to leverage the security of Ethereum while mitigating its limitations.
Polygon price
The Polygon (MATIC) price has been on an overall decline for the last 60 days. Analysts suggest Polygon’s daily active addresses have been declining significantly, and that without a significant uptick in retail demand, chances of MATIC’s price breaking above $0.60 in the near future are slim.
Polygon’s challenges
A major drawback is that Polygon’s functionality is intertwined with Ethereum’s infrastructure and development, making it susceptible to any shortcomings that Ethereum may face. Additionally, significant security concerns are associated with the network due to its smaller validator set, which makes it more vulnerable to attacks. The limited number of validators also raises questions of centralization. Moreover, Polygon faces growing competition from other Layer-2 solutions and emerging blockchain platforms, making its long-term sustainability and relevance a subject of concern. In fact, analysts have identified increased competition as one of the biggest issues currently affecting Polugon’s price, as seen with the decline in active daily users. Lastly, Ethereum has made significant efforts to upgrade its network, and many projects still opt to use the Ethereum network directly, which could slow down Polygon’s growth.
Bitcoin Spark
Bitcoin Spark is a new Bitcoin hard fork that seeks to solve the limitations of its predecessor and usher in a new generation of crypto. While it does have similarities to Bitcoin (BTC), such as a maximum supply of 21, the layer-1 blockchain has made significant changes that set it on its own path.
The Bitcoin Spark network has a lower block time, increased transactional capabilities per block, and a substantially higher number of nodes. This enables it to have faster and more cost-efficient transactions when compared to traditional layer-1 blockchains.
Additionally, Bitcoin Spark has an integrated smart contract layer with multiple execution systems, all reaching finality on the main network. This creates a scalable platform where developers can use multiple programming languages for smart contracts and Dapp development.
Furthermore, Bitcoin Spark uses its proprietary consensus mechanism known as the Proof-of-Process (PoP), which rewards users for validating blocks and contributing processing power. The PoP, however, exponentially decreases rewards per additional power to ensure a fairer distribution. This, combined with the network’s lightweightedness and vast nodes, allows it to accommodate a large number of validators. This ensures true decentralization and bolsters the security of the blockchain. Notably, the Bitcoin Spark application will enable Android, iOS, Windows, Mac OS, and Linux users to participate in network validation by simply installing and granting access to their device’s processing unit. The app will create a virtual working environment that doesn’t interact with any other part of the device to ensure security. It will also account for battery life and simultaneous usage needs by regularly adjusting the processing power used.
The validators’ processing power will be routed to organizations or individuals requiring significant computational capacity, who will pay for the service using BTCS. This extends Bitcoin Spark’s real-world applicability and provides additional income to validators from what would have otherwise been dormant processing power.
Bitcoin Spark also makes use of the booming marketing industry to generate revenue. The network’s application and website will have small slots for ads, which will be community-policed to ensure security. Advertisers will use BTCS as payment, and the revenue generated will be split between the network’s participants and the development team.
Bitcoin Spark (BTCS) price
The ongoing Bitcoin Spark ICO (Initial Coin Offering) has been lauded as an opportunity to buy the new Bitcoin. The ICO is in phase 4, selling BTCS at $2.25 and offering a 10% bonus. BTCS will launch at $10, signifying a 489% increase from its current price and an 800% increase from its initial price.
For more on Bitcoin Spark:
Website: https://bitcoinspark.org/
