Blockchain technology has given rise to a new class of assets called cryptocurrencies. These crypto projects offer enterprising crypto fans a valuable and profitable investment opportunity. At the same time, some projects are looking to solve significant challenges facing the DeFi field. For instance, Bitcoin offers an antithesis of the systems offered by current monetary institutions, including fractional reserve banking. However, Bitcoin faces major challenges like increased transaction costs and reduced transaction speeds. These challenges limit the growth and adoption of Bitcoin. However, this new Bitcoin hard fork solves them all.
Bitcoin Challenges that limit the network’s growth
Bitcoin is the largest decentralized crypto project in terms of market capitalization. The project pioneered the development of all other altcoins as the DeFi ecosystem started gaining popularity. Although the project is widely praised for its remarkable milestone in developing DeFi, the network faces numerous challenges that some altcoins like Bitcoin Spark look to solve. Bitcoin has a limited throughput of seven transactions per second. The network also has limited scalability capacity due to the need for smart contract deployment. Bitcoin mining is also highly centralized, with top earners being mining firms with the most sophisticated mining equipment and large volumes of electricity.
Bitcoin Spark’s mining is better than Bitcoin mining
Although Bitcoin is the top dog in crypto, a new Bitcoin fork is displaying a lot of potential to solve the challenges experienced by Bitcoin. The first field, Bitcoin Spark, aims to correct mining. Bitcoin mining is highly concentrated and centralized in a way that only a minute number of validators make the most income. More than 50% of the mining is controlled by two mining firms, Foundry USA and Antpool. When these firms decide to team up, they could maliciously attack the network and compromise its security.
To solve this possible risk, Bitcoin Spark employs a proof of process consensus mechanism that joins proof of work and proof of stake consensus mechanisms, giving room for miners and validators to man the network. This also means the network allows staking participants and miners to get validation rights and work concurrently to secure the network. However, mining takes place differently than the Bitcoin network process.
When mining BTCS, the platform’s native digital asset, miners are required to solve simpler mathematical equations compared to the equations Bitcoin miners solve. The process is relatively easy on the Bitcoin Spark network, requiring less computational power from the mining device the network participant uses. For this reason, handheld devices such as mobile phones and laptops can support the mining process.
The team is building software solutions on various electronic devices powered by different operating systems, including Mac OS, Android, Windows and Linux. These devices will significantly increase the number of miners and validators, improving the network’s security significantly.
Initially, validators will earn their income from the mining rewards liquidity pool with 16.45 million BTCS tokens supplemented by gas fees paid in BTCS tokens by community members transacting on the network. After one to two years, Bitcoin Spark developers look to make the network gasless by incorporating and establishing two sources of revenue.
Bitcoin Spark is currently on presale, and all BTCS tokens are available for $2 until the phase ends. Alongside every purchase, participants will also get a 12% bonus from the team developing the project. This will be a token of appreciation for early adopters who believe in the project’s long-term success.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register