The need for efficient and cost-effective transactions in the crypto space has become increasingly evident. While Bitcoin Cash (BCH) has attempted to address this issue, a new contender known as Bitcoin Spark (BTCS) promises to offer instant and low-cost transactions, among other benefits, aiming to surpass the limitations of traditional cryptocurrencies.
Why is BCH slow?
Bitcoin Cash (BCH) was created in 2017 to address the limitations of Bitcoin, more so its slow transaction speed. The Bitcoin fork managed to achieve faster and more cost-efficient transactions than its predecessor by increasing the block size from 1MB to 8MB and later to 32 MB.
However, despite being faster than Bitcoin (BTC), Bitcoin Cash (BCH) still maintains many of its antecedent features and is, thus, still slower than many other blockchains. This can be mainly attributed to its use of the Proof-of-Work (PoW) validation process.
And while BCH does offer some improvements to BTC, BTCS takes this to a whole new level.
What is BTCS?
Bitcoin Spark (BTCS) is the latest Bitcoin fork. It only retains the best attributes of Bitcoin (BTC), such as having a limited supply of 21 million, while introducing concepts that improve speed, security, scalability, and real-world applicability.
To ensure that the Bitcoin Spark network achieves significantly faster transaction speeds than its predecessors, it will have a reduced block time, enhanced individual transaction capabilities per block, and a significantly higher number of nodes.
Bitcoin Spark also uses its proprietary consensus mechanism, designed to be faster, easier, and more energy-efficient than PoW, known as the Proof-of-Process (PoP). The PoP rewards miners for confirming blocks and contributing the processing power of their mining devices to the network. Bitcoin Spark combines the PoP with an algorithm that exponentially reduces rewards per additional power. This, combined with the massive number of nodes, reduces investments miners require. The Bitcoin Spark development team will even provide an application that allows users with any smart device, including iOS and Android
phones to mine by permitting access to their device’s processing unit.
Having more miners within the network significantly increases the block confirmation rate, which contributes to increased transaction speed and reduced fees while upholding security and decentralization by ensuring no single miner can become too powerful.
Notably, the miners’ processing power will be safely “rented out” as remote computing power through Bitcoin Spark. Those using the network for this service will be required to pay with its native token, BTCS. This provides real-world utility to BTCS while simultaneously rewarding miners in a novel way. The miners within the Bitcoin Spark network will receive rewards in the form of newly minted BTCS, transaction fees, and income from the decentralized CPU/GPU rental.
The Bitcoin Spark network will also include smart contracts and decentralized applications (Dapps). It is built with a multi-layer architecture that includes a seamlessly integrated smart contract layer with separate execution systems, all reaching finality on the main network. This layered design ensures speed and scalability. It also promotes diversity by enabling the use of multiple high-level and low-level programming languages.
Several crypto watchers believe Bitcoin Spark (BTCS) has the potential to succeed Bitcoin (BTC), outshining Bitcoin Cash (BCH) along the way. The massive investments can also see the investor confidence in this project in its ICO (Initial Coin Offering). The ICO is in the last days of its third phase, selling BTCS at $2.00 and offering a 12% bonus.
Conclusion
By addressing the challenges both Bitcoin and Bitcoin Cash face, this emerging cryptocurrency offers a promising solution for users seeking faster and more affordable transactions. As the crypto landscape continues to evolve, the developments surrounding Bitcoin Spark (BTCS) are certainly worth watching, as they have the potential to redefine how we perceive and utilize cryptocurrencies.
To get more information on Bitcoin Spark (BTCS):
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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