Bitcoin (BTC) is the first and largest cryptocurrency in the world by market cap.However, as a first-generation crypto, Bitcoin has shortcomings in its scalability and mining process.Nonetheless, a new Bitcoin fork known as Bitcoin Spark has emerged, offering a chance akin to acquiring BTC early but without network-associated limitations.
What is a Bitcoin fork? A Bitcoin fork refers to the creation of a new cryptocurrency through the modification of the Bitcoin protocol.There are two main types of forks: soft forks and hard forks.
A soft fork involves backward-compatible rule changes, meaning nodes that have not upgraded can still recognize and validate the new blocks.A hard fork, however, involves non-compatible rule changes, leading to a permanent divergence in the blockchain.
What is Bitcoin mining? Bitcoin mining is the process by which new BTC coins are created and added to the circulating supply while also serving as the mechanism for verifying and recording transactions on the blockchain.Bitcoin mining operates on the Proof-of-Work (PoW) consensus algorithm, where miners compete to solve complex mathematical puzzles.The first one to solve the puzzle gets to add a new block of transactions to the blockchain and receives a reward in the form of bitcoins.
The difficulty of Bitcoin mining has increased over time, leading to miners requiring more computational power, with specialized hardware known as Application-Specific Integrated Circuits (ASICs) dominating the process.Therefore, while PoW ensures the security and integrity of the Bitcoin network, concerns have been raised about the environmental impact of the electricity usage associated with its mining operations.The process has also become a hub for the rich, limiting the decentralized vision of Satoshi Nakamoto.This is seen when two miners, Foundry USA and Antpool, combined can control more than 51% of the Bitcoin hashrate.
Bitcoin Spark: Pioneering the next generation of Bitcoin Bitcoin Spark is Bitcoin hard fork that aims to solve its predecessor’s scalability challenges while introducing new features that usher in a new era of digital transactions.
To attain higher transactions per second (TPS), the Bitcoin Spark network will have reduced block times and increased transaction capabilities per block.Combining these improvements with a substantially increased number of nodes with lower initial and running costs results in significantly lower fees.
The Bitcoin Spark mining process is easier, open to anyone, and more energy-efficient.Bitcoin Spark introduces a groundbreaking consensus mechanism known as Proof-of-Process (PoP), which rewards miners for confirming blocks and for renting out the processing power of their mining devices to those using the network as remote computing processing for high CPU or GPU load tasks.This approach puts the ‘proof-of-work’ system to use since electricity consumption has a valid purpose.
The PoP is used with an algorithm that inhibits linear rewards based on stake size and raw processing power to create a fairer system, boost the security of the network, and decrease the cost of participation.The mining will be initially done through the Bitcoin Spark application, which is easy to use and compatible with iOS, Android, Windows, Mac OS, and Linux devices.The Bitcoin Spark repository will then be made public for developers to create their own mining applications, ensuring true decentralization.
Bitcoin Spark has a multi-layered architecture that reaches finality on the main network.This will include a smart contract layer that allows for the use of EVM-compatible languages and Rust.This encourages a broader range of developers, leading to a multitude of smart contract designs and decentralized apps within the Bitcoin Spark network and increasing the utility of BTCS.
The fact that Bitcoin Spark (BTCS) has the same core tokenomics as Bitcoin (BTC) means it could be a second chance at buying BTC early.Analysts like Goalorious believe that Bitcoin Spark is rewriting Bitcoin’s history.And thus, the project’s Initial Coin Offering (ICO) could be a great investment opportunity.The ICO is currently in the first phase, selling BTCS at $1.50 and offering a 20% bonus.
For more information:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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