Bitcoin Spark (BTCS) has gained significant traction in the crypto space, with many suggesting it could be the best crypto for 2023. A key crypto influencer recently claimed attention should be turned from Cardano (ADA) to Bitcoin Spark.
Is Cardano a good investment?
Cardano (ADA) ranks among the top 10 cryptocurrencies by market capitalization, indicating its well-established presence and robust liquidity. What truly sets Cardano apart is its unwavering commitment to scientific research and peer-reviewed development. This has made it an alluring choice for smart contracts and decentralized applications (DApps), and its ecosystem is rapidly expanding, including a diverse array of DeFi products, NFT marketplaces, gaming applications, healthcare solutions, and more. Additionally, the fact that Cardano’s founder, Charles Hoskinson, boasts a remarkable track record in the cryptocurrency realm, having co-founded Ethereum, further bolsters its appeal. However, it is crucial to note that ADA is currently embroiled in the SEC cases against Coinbase and Binance, where it was listed as a security. The token has already seen delistings from several crypto trading platforms, and analysts suggest unfavorable rulings could have a significant negative impact on Cardano’s trajectory.
What is Bitcoin Spark, and why it could be a good alternative to Cardano
Bitcoin Spark is a groundbreaking blockchain that, while mirroring some aspects of Cardano, introduces innovations that distinguish it as a frontrunner in the next generation of cryptocurrencies. One of its key advantages lies in the ability to facilitate lightning-fast transactions at minimal fees, achieved through a high individual block transaction capacity, low block time, and vast network nodes.
Like Cardano, Bitcoin Spark boasts a multi-layered infrastructure. However, Bitcoin Spark’s distinct smart contract layer will include multiple execution systems that all reach finality on the main network, ensuring both scalability and diversity in smart contracts and decentralized applications (DApps) by allowing for a variety of popular high-level and low-level programming languages. This contrasts Cardano, which predominantly uses Haskell, a high-level language.
Moreover, Bitcoin Spark employs a unique consensus mechanism known as Proof-of-Process (PoP), an amalgamation of the Proof-of-Stake(PoS) used in Cardno and Proof-of-Work (PoW). PoP rewards validators nonlinearly for creating blocks and contributing processing power to the network. With a multitude of nodes and nonlinear rewards, Bitcoin Spark ensures decentralization by allowing for a large number of validators. Bitcoin Spark’s development team is developing a user-friendly application compatible with various operating systems, including Windows, iOS, and Android. This app will allow users to securely participate in network validation by granting isolated access to their device’s processing unit.
The PoP mechanism not only bolsters the security of the blockchain but also introduces the concept of decentralized CPU and GPU renting. The validators’ contributed power will be rented out to Bitcoin Spark’s clients, who use it for remote computing. The clients will be required to pay for the service using BTCS, providing a unique real-world application. 97% of the revenue generated from the decentralized CPU/GPU rental plus newly minted BTCS and transaction fees will go to network validators, providing income streams beyond traditional PoW or PoS systems.
Bitcoin Spark’s economic model further includes community-policed ads on its application and website, with 50% of the generated revenue directed towards rewarding network participants. This innovative revenue-sharing approach, coupled with the capacity for unlimited processing power supply, positions Bitcoin Spark as a potentially self-sustaining network that empowers its participants to remain profitable regardless of market conditions.
Additionally, Bitcoin Spark’s capped maximum supply of 21 million BTCS tokens is lower than Cardano’s 45 million ADA, enhancing its scarcity and potential for higher value appreciation in the long term.
The Bitcoin Spark team has allocated 19.05% of the total supply to an Initial Coin Offering (ICO) to boost community involvement by allowing early believers to get in on the ground floor. BTCS will launch at $10 but is currently available at $2.75, accompanied by an 8% bonus, among other benefits, in Phase 6 of the ICO.
For more on Bitcoin Spark:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register