CitiBank’s US-based banking institution has commenced cash management and trade finance services for institutions by applying blockchain technology and smart contracts.The banking institution announced that the campaign will involve tokenizing assets on smart contracts, which will be used as guarantees and letters of credit.The institution spearheads the tokenization process with a shipping company called Maersk and a canal authority.The two entities work hand in hand with the bank to expedite the process and ensure the efficiency of all operations laid upfront for the implementation.What is Chainlink? Chainlink is a technology platform that provides on-chain services to off-chain customers.
The platform connects non-blockchain institutions or organizations with blockchain platforms and features such as smart contracts.On the Chainlink network, LINK is the native digital asset that rewards Chainlink’s network participants and operators while at the same time providing a collateral asset for settling smart contracts covenants.What is Avalanche? Avalanche is a blockchain-powered platform developed to provide an alternative network to Ethereum.
The native crypto asset of the Avalanche network is AVAX.Like Ethereum and Chainlink, Avalanche is a smart contracting platform that provides a safe platform to house other blockchain-powered projects alongside decentralized applications.
Is Bitcoin Spark a better alternative than Chainlink and Avalanche? CitiBank’s new tokenization cash management scheme will benefit smart contracting platforms like Avalanche, Chainlink, and [Bitcoin Spark](https://www.cognitos.io/bitcoinspark-kyc).Due to improved technology, more advanced features, a secure smart contract layer, and a unique consensus mechanism, Bitcoin Spark stands out among the rest.The platform is a new entrant in the DeFi space with massive potential to outperform existing platforms that rival Ethereum.Bitcoin Spark is a Bitcoin hard fork with a new consensus mechanism called proof of process.The proof of process consensus mechanism has allowed developers to borrow merits and preferred characteristics on the two of the largest and most used consensus mechanisms: proof of work and proof of stake.The proof of process incorporates mining and staking activities for network participants, including miners and stakers.
A special algorithm will be adopted to control the activities of miners and stakers to prevent an imbalance in earnings between the two network users.Although the network will allow mining and staking activities by network participants, the proof of process consensus mechanism is geared towards the” work” aspect of the network that allows miners to solve mathematical equations while approving transactions and adding new Bitcoin Spark blocks to the network.
The more “work” done, the higher the revenue the network participant will get.Validators and miners will be rewarded by the platform in BTCS, which is Bitcoin Spark’s native and utility token.The platform manages an ongoing presale to distribute BTCS tokens at discounted prices to enterprising investors and crypto lovers.The ongoing BTCS ICO event is in phase 5, allowing investors to join the platform’s development in its initial stages.While Bitcoin Spark aims to integrate its network to power its infrastructure (including the BTCS tokens), the ICO event sells BTCS tokens as ERC-20.BTCS tokens are available on Ethereum until the Bitcoin Spark network finally goes live on the mainnet after the ICO event ends.
Participate in Bitcoin Spark’s future development by purchasing BTCS tokens at only $2.50 before phase 5 ends.Get an additional 9% bonus in BTCS deposited in your account immediately after the purchase is confirmed.Learn more about Bitcoin Spark on: Website: [https://bitcoinspark.org/](https://bitcoinspark.org/) Buy BTCS: [https://network.bitcoinspark.org/register](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 Bitcoinist.Bitcoinist does not guarantee the accuracy or timeliness of information available in such content.Do your research and invest at your own risk..
