Decentralized Finance (DeFi) is used as a key metric when measuring the state of the crypto market. That said, a recent DeFi report suggests that a BTC Fork known as Bitcoin Spark (BTCS) is gaining popularity among ENS, FTM, and SOL holders.
Bitcoin Spark (BTCS)
Bitcoin Spark (BTCS) has been said to be rewriting the history of Bitcoin (BTC). This Bitcoin fork not only solves its predecessor’s limitations but introduces novel technologies that prime it as a pioneer of the next generation of cryptocurrency. However, it does retain the favorable attributes of Bitcoin, including the capped supply of 21 million.
The Bitcoin Spark network offers faster and more cost-effective transactions than Bitcoin due to its reduced block time, augmented transaction capabilities per block, and a substantially larger number of nodes.
Bitcoin (BTC) has no other use case aside from being a transfer or store of wealth. Bitcoin Spark transcends this by seamlessly integrating a smart contract layer within its network. The smart contract layer will have separate execution systems but singular network finality and will allow for different programming languages. This innovative multi-layered architecture establishes Bitcoin Spark as a robust platform for diverse smart contracts and decentralized applications (DApps) pertinent to many potential use cases.
Bitcoin Spark also introduces a new mining concept. The network uses a proprietary consensus mechanism called the Proof-of-Process (PoP), which rewards miners for confirming blocks and contributing their processing power of their mining devices. The PoP is used with an algorithm that exponentially diminishes rewards per additional power, ensuring a more equitable distribution of rewards. The nonlinear rewards functionality, coupled with the network’s massive nodes, allows even low-powered devices to mine BTCS profitably. The Bitcoin Spark team will provide an application compatible with Windows, Mac OS, Linux, iOS, and Android devices, which will serve as the network’s native wallet and mining software.
To mine, users will be required to install the application and grant it access to the device’s processing unit. The app will then create a virtual environment isolated from the device’s operating system functions to ensure security. It will also regularly adjust the device resources used to account for overheating, battery, and simultaneous usage requirements, although miners will have the option of manually selecting the device resources used for mining.
The miners’ processing power will be rented out as remote computing power to Bitcoin Spark’s clients, who pay for the service using BTCS. The revenue generated will then be transferred to the mining pool, supplementing the BTCS minting rewards.
Additionally, Bitcoin Spark’s application and website will have unobtrusive slots for community-policied advertisements. Advertisers will also pay using BTCS, extending the real-world applicability of Bitcoin Spark.
The Bitcoin Spark Initial Coin Offering (ICO) is currently in Phase 5, with BTCS priced at $2.50 and investors getting a 9% standard bonus.
Fantom (FTM) crypto
Fantom (FTM) is a cryptocurrency known for its fast and low-cost transactions. It operates on the Fantom Opera blockchain, utilizing a Directed Acyclic Graph (DAG) consensus mechanism. Fantom aims to provide scalable and efficient decentralized applications (dApps) and smart contracts while offering an eco-friendly alternative to traditional blockchain networks.
What is Ethereum Name Service (ENS)?
Ethereum Name Service (ENS) is a decentralized naming system built on the Ethereum blockchain. It enables users to replace long and complex wallet addresses with easy-to-remember, human-readable domain names, simplifying the process of exchanging cryptocurrencies and interacting with smart contracts. ENS has gained attention due to its ability to enhance user experience.
Is Solana (SOL) a good investment?
Solana (SOL) has gained significant popularity among DeFi enthusiasts due to its fast transaction speeds and low fees. Its growing ecosystem and developer support have also contributed to its appeal. However, SOL being listed as a security in the SEC cases against Binance and Coinbase has had negative effects on Solana so far, which could heighten in case of an unfavorable ruling.
Bitcoin Spark gaining popularity among ENS, FTM, and SOL holders suggests there’s great potential for growth and adoption of BTCS.
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