The world has witnessed the rise of many cryptocurrencies since Bitcoin (BTC). Bitcoin Spark (BTCS) and Litecoin (LTC) stand out as promising contenders in the race for cryptocurrency supremacy. But who will dominate?
What is Litecoin?
Litecoin is a cryptocurrency that was created from a fork in the Bitcoin blockchain in 2011 with the goal of solving some of Bitcoin’s limitations. The Litecoin blockchain has a faster block time than Bitcoin, which means it can handle more transactions per second (TPS) and maintain lower fees. Additionally, Litecoin has a larger coin supply, capped at 84 million LTC.
How to mine LTC?
Just like Bitcoin, Litecoin uses a Proof-of-Work (PoW) consensus mechanism. This means mining LTC involves solving complex mathematical puzzles using computers. Litecoin, however, uses a hashing algorithm known as Scrypt, rather than the SHA-256 used by Bitcoin. The Scrypt algorithm initially favored CPU and GPU miners, making it more accessible to individuals with standard computer hardware. However, the mining landscape has evolved over time, and specialized mining hardware, known as ASICs (Application-Specific Integrated Circuits), have become prevalent for Litecoin mining. Thus, the chances of getting a successful block with a low-powered device like a regular computer are very low. This has led to concerns of decentralization being raised since the ASICs are very expensive. Additionally, the PoW system requires significant energy despite the intervention of Scrypt, and thus, there are still concerns about its environmental impact.
What is Bitcoin Spark?
Bitcoin Spark is a new Bitcoin fork that analysts believe is rewriting the history of Bitcoin (BTC). The crypto has the same core tokenomics as Bitcoin, but with a longer time until the maximum supply of 21 million is reached. It also boasts fast transaction processing and lower gas fees due to increased individual block transaction capabilities, reduced block time, and a massive number of nodes.
Bitcoin Spark goes beyond being a simple P2P (Peer-to-Peer) payment system by integrating a smart contract layer within its network. The multi-layered design maintains the scalability of the network while allowing for a variety of programming languages to be used. Bitcoin Spark therefore encourages diversity in the smart contracts and decentralized applications (Dapps) within its network.
How to mine BTCS?
BTCS mining is different from any other crypto mining process. Bitcoin Spark uses a novel consensus mechanism that rewards miners for validating blocks and providing processing power, known as the Proof-of-Process (PoP). The PoP is combined with an algorithm that decreases rewards per additional power exponentially to ensure a fairer distribution of rewards.
The Bitcoin Spark development team, before releasing the network’s repository for developers to create their own mining software, will provide an application that allows users to mine by permitting access to their device’s processing unit. The application will be compatible with iOS, Android, Windows, Mac OS, and Linux, opening up BTCS mining to virtually anyone with a smart device. The app will function in a virtual environment isolated from the device’s operating system to ensure security. It will also regularly adjust the device resources used to manage overheating, battery, and simultaneous usage needs. This approach greatly reduces the work and power required for mining.
The miners’ processing power will then be safely rented out to Bitcoin Spark’s clients as remote computing power. Those using the network for this service will pay with BTCS, which will be automatically sent to the mining pool. Thus, miners in the Bitcoin Spark network will receive new BTCS coins, transaction fees, and income from renting out their CPU/GPU power.
The Bitcoin Spark Initial Coin Offering (ICO) offers investors a chance to get BTCS before it officially hits the market. Phase 3, which is almost coming to an end, is selling BTCS at $2.00 with a 12% bonus. Notably, investing during this phase grants a 560% profit by launch day.
Conclusion
Bitcoin Spark (BTCS) and Litecoin (LTC) both have their pros and cons. And although the outcome of this battle remains to be seen, their different approaches showcase the diversity and innovation that fuels the crypto industry.
For more information on Bitcoin Spark:
Website: https://bitcoinspark.org/
