Bitcoin’s humble beginnings as a digital experiment have evolved to become the largest antithesis of traditional banking and monetary systems. The digital asset first captured the attention of investors and institutions in 2013 after a bull market that brought it to the headlines. However, the platform uses an old-generation technology with resounding issues impeding its growth. Thankfully, the ever-evolving digital realm is accommodating new projects such as Solana and Bitcoin Spark that offer alternative networks for investors.
Is Solana a good investment in 2023?
Solana is a high-utility platform that offers an alternative network to Bitcoin and Ethereum. It is classified as one of the “Ethereum killers,” which are platforms designed to bring Ethereum out of existence by offering better smart contracting platforms and reduced gas fees, to mention a few. The platform’s utility has lured many sophisticated investors until its ties with the now defunct crypto exchange FTX came to light. As a result of its engagement with FTX, investors have deserted the platform for better investment opportunities like BItcoin Spark.
Will Bitcoin Spark Outshine Solana?
Looking at the utility of Solana and Bitcoin Spark, it is factual to say that Bitcoin Spark is a better investment vehicle than Solana. While Solana is a good platform with great functionalities, investing in Bitcoin Spark gives better returns to investors. Since Bitcoin Spark is a Bitcoin alternative, it is giving investors who missed out on buying Bitcoin from 2010 to 2013, when Bitcoin was at a relatively low price compared to its current price.
Additionally, the platform has an ICO event currently in the fifth phase. The ICO allows investors to buy and own BTCS tokens at massively reduced prices, currently at $2.50. After every purchase made during the ongoing phase, investors will get an additional 9% bonus from the team as a token of appreciation for early investments.
Bitcoin Spark uses a new consensus mechanism called proof-of-process, amalgamating the old Bitcoin proof-of-work and the Ethereum adaptive proof-of-stake consensus mechanism. The consensus has an integrated algorithm that rewards miners and stakers for their network participation activities, including verifying transactions and validating new blocks. Miners are required to generate processing power for the network, which is then lent out to third parties for various online computational tasks.
The native crypto asset of the platform is the BTCS token, which is also the gas token of the ecosystem. Initially, the Bitcoin Spark network will charge transactions in BTCS tokens, which will be used as rewards for network validators. The fee charged on the network will resemble that witnessed in other networks, including the complexity of contracts and instant demand executions. The fees will also closely relate to the balance of product revenue. The network fees will be lower than those on the Bitcoin network, making the Bitcoin Spark network a better network to transact with.
Besides the gas fees, Bitcoin Spark devs intend to free the network gas. This will be achieved by establishing two revenue streams: the lending out of processing power mentioned above and the advertisements. Bitcoin Spark clients will purchase the services using BTCS tokens allocated to the mining pools after a portion has been dedicated to the team for their upkeep.
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