Bitcoin stormed the blockchain technology, bringing a lot of hype to media platforms. The Bitcoin bull run happened in 2013 when the virtual currency surged 6000%. The Cryptocurrency has the potential for massive development. However, its shortcomings, such as the lack of smart contracts, have made blockchain users opt for scalable layer-2 solutions for high-speed transactions.
Distributed ledger natives need not worry as Bitcoin’s alternative has arrived. Bitcoin Spark is a new project that seeks to combat these disadvantages with more advanced and improved systems and algorithms.
How does Bitcoin work?
Bitcoin was created by programmers or individuals with the pseudonym Satoshi Nakamoto in January 2009. The digital asset had its first outburst in 2013, surging 6000%. Therefore, this incited various institutional and retail holders to join the distributed ledger niche with the inspiration of massive capital gains during the price hike. Bitcoin utilizes blockchain technology with a consensus mechanism known as proof-of-work to perform peer-to-peer transactions.
Bitcoin Spark Sets New Pace in Blockchain Technology
Bitcoin Spark has a new technology that will promote the advancement of decentralization in the distributed ledger. Vital Block and Cognitos have audited the platform to encourage holders’ trust and transparency. The project also utilizes a new distinctive mechanism peculiar to other virtual platforms. The network verification mechanism is referred to as proof-of-process.
The reason for calling PoP a unique validation mechanism is that combining PoW (proof-of-work) and PoS (proof-of-stake) makes validators and miners gain rewards as they confirm new blocks. Block validation increases security in a blockchain project.
The platform’s confirmation is easy and takes less power. Validators in the ecosystem can access a reward calculator within Bitcoin Spark’s application to verify profitability before participating in the consensus process. Moreover, the project has a special algorithm that ensures equal reward distribution.
Bitcoin has had an immense attraction and still is one of the most essential digital platforms in blockchain technology. Nevertheless, the network fails in certain sections, such as having a low transaction speed of 7TPs, thus making participants have high transaction costs while participating in the ecosystem.
Additionally, Bitcoin has centralization characteristics in mining due to limitations such as high expense in electric power and the equipment utilized in validating blocks such as nodes being costly. Moreover, there are security concerns as wealthy mining firms can team up to carry out 51% of attacks by changing new blocks.
Bitcoin Spark has a plan to eliminate problems embedded in Bitcoin’s ecosystem. Participants can now participate in mining activities as the platform renders processing power. Processing power enables community members to solve computational tasks and earn BTCS. These members need an electrical device that can access the internet, which can accumulate up to 50 Mbps.
Bitcoin Spark is currently in the third presale phase, where each BTCS token sells for $2. Holders who pick up the token during this stage will get a 12% bonus as a token of appreciation from the Bitcoin Spark team.
Satoshi Nakamoto developed Bitcoin to promote decentralization in fintech. Therefore, the project has had immense traction, outshining the banking systems. However, its limitations have made the digital asset fail to develop to greater heights. The new Bitcoin form will accumulate various changes as it develops due to its mechanism (PoP). The platform will make several adherents want to join the cryptocurrency environment.
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