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Cryptocurrencies have taken the world by storm. The industry has seen massive improvements with advanced technology from newer projects. Bitcoin launched in 2009 with basic blockchain functionalities. As a result, the network experiences limitations and challenges such as slow transaction speeds, high transaction costs, limited scalability, and an energy-intensive mining ecosystem. Dogecoin and Cardano offer suitable alternatives. However, their utility does not match this new Bitcoin hard fork called Bitcoin Spark.
Is Dogecoin Dead?
Dogecoin and Cardano have been around for a while, all attempting to solve some of the shortcomings associated with the Bitcoin network. Dogecoin is a meme coin that exists on its ledger and is used to settle online payments as well as instant peer-to-peer transactions. Although the network was developed as a form of joke in 2013, the project has a lightweight network compared to Bitcoin. The project’s logo originated from a meme. On the other hand, Cardano is a smart contract platform that facilitates the development of decentralized applications.
Bitcoin Spark is the Future of DeFi
Technology is ever-evolving to make life easier. In DeFi, a new Bitcoin Spark project shows great potential to perform well with the imminent bull market. Bitcoin Spark uses advanced technology to significantly reduce gas fees and, at the same time, increase transaction speed to provide a suitable alternative to the overloaded Bitcoin network. Bitcoin cannot also deploy smart contracts, a deficiency that heavily inhibits its growth potential, yet the project remains the largest crypto asset by market capitalization.
Bitcoin Spark has been closely analyzed and scrutinized by renowned auditing firms, including Vital Block, Cognitos, and Contract Wolf, and the comprehensive audit reports are available online for investors to scrutinize.
Bitcoin Spark will increase transaction speeds by increasing the block time and block transaction capacity. Additionally, Bitcoin Spark’s network will have an increased number of node operators with reduced running costs to minimize the gas fees significantly as developers plan to make the network gasless. The network will initially charge users for transactions, which are to be paid in BTCS tokens, the native gas and utility token of the Bitcoin Spark network. The fee will be directed to reward network participants for approving transactions and manning the network.
Bitcoin Spark network integrates a new consensus mechanism that allows miners and staking validators to co-exist and run the same network. The consensus mechanism is called proof-of-process.
Bitcoin Spark developers will use high-level and low-coding languages when using the network’s smart contract execution system. The network’s smart contracts will deploy in Ethereum Virtual Machine languages, including Vyper and any other coding language that coincides with the Ethereum bytecode.
The smart contract system consists of four layers: The Execution Layer, which has two parallel layers that accommodate EVM and Rust languages; the Consensus Layer, which interacts with the execution layer to verify transactions and add new blocks; the Mining Layer, which allows validators to generate processing power, and Rewards Layer that helps validators calculate their returns before allocation. These four layers work hand in hand to create an advanced smart contract deployment system relative to any use case.
Bitcoin Spark is in the early development stages; the project is relatively new and has just started to implement its initial roadmap stages. Investors can participate in the project’s development by buying BTCS tokens in the ongoing ICO. The ICO is in phase 4, and the price of BTCS is pegged at $2.25. All purchase transactions made during this stage will attract a 10% bonus from the team.
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.
