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Technology has evolved from time to time, leading to the development of blockchain technology. Blockchain technology has witnessed immense inaugurations over the last decade. Bitcoin is among the innovations that have sparked the attention of both decentralized know-hows and newbies. Whales have invested in the project as it had a massive surge during the prominent bull runs, recording increased trading volume according to on-chain data.
Other altcoins, such as Ethereum, emerged in the ecosystem to improve on measures such as interoperability, scalability, and efficiency, which are the major defects of the Bitcoin network. Bitcoin Spark is a new cryptocurrency project that has garnered massive attention in the virtual currency industry. The project has the potential to massively revolutionize blockchain technology through its new consensus mechanism that is yet to be witnessed in the ledger technology.
XRP price prediction, XRP News
The prominent on-chain price prediction and metrics organization, Chagelly, has suggested that XRP might have a bullish paint. This comes after XRP has devoured the US Securities and Exchange Commission (SEC) in a legal battle that had been going on for years. Amid the long winter market that commenced in 2022, XRP might surge as many investors have shown interest in the digital currency after the lawsuit ended in favor of Ripple Labs and its founders.
Bitcoin Spark Revolutionize Blockchain Technology
The decentralized ecosystem has expanded with new projects such as Bitcoin Spark. Bitcoin Spark is a groundbreaking solution that leverages state-of-the-art governance and advanced consensus mechanisms. The cryptocurrency project aims to increase the means of generating income for individuals within the ledger technology in the form of passive and active income.
The project seeks to capture many investors as it maintains integrity after being audited. Audits on upcoming crypto projects are essential since they enable trustworthiness and efficiency with participants. Three leading and prominent auditing platforms in the virtual currency ecosystem, Contract Wolf, Cognitos, and Vital Block, have conducted investigations on Bitcoin Spark’s smart contract as well as the project’s founders’ KYC.
Bitcoin, widely considered the first digital currency launched in the crypto sphere, has had an impressive and exclusive surge since its debut in 2009. The decentralized network’s limitation hinders a broad adoption from individuals in the traditional finance niche. The network’s low transaction speed (7 TPs) has made most developers and validators seek layer-two scaling solutions and Bitcoin alternatives like Bitcoin Spark.
The low transaction speed has also led to an increment in transaction costs to an extent where the gas fees may exceed the amount being transacted. Moreover, the platform has mining centralization issues as large-scale firms have taken over the industry by controlling more than 50% of the mining operations in the Bitcoin network.
Moreover, Bitcoin lacks smart contracts. Smart contracts aid in the automated execution of transactions and command line codes. The Bitcoin network, therefore, has transaction congestion since it has no inbuilt or any other utility case created to scale the network.
Bitcoin Spark will transform the ecosystem with its new solution to Bitcoin’s shortcomings. First, the transaction costs will be reduced by increasing the number of nodes that solve equations during BTCS mining. Also, the time consumed in creating a single block will be decreased, hence a surge in transaction speed and reduced transaction costs that will not exceed the amount being transacted, as is the case with Bitcoin.
Participants who can’t afford electricity and expensive computers can now partake in developing the project. They only need an electric device that can access an internet speed of 50 Mbps and above. Developers can create new decentralized applications as the new Bitcoin fork has integrated smart contract layers into its systems. These programs can utilize a variety of programming languages compared to digital networks such as Ethereum.
Learn more about Bitcoin Spark on:
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 NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
