Newer innovations are the stepping stones that the Web3 space is all about. Every new project that is being introduced to the ecosystem has a feature that solves one of the initial existing problems of the crypto assets and the blockchain networks. All of this combined, the crypto asset space has seen a wider aspect of development, thanks to the evergrowing advancements of technology and the easier ways of entering the space. Educated and well aware.
To keep you on the same track, in this article, we will be decoding the newest token that is making a loud entrance in the market, Bitcoin Spark, and compare it with one of the larger tokens that have been a huge inspiration for BTCS, which is Ethereum.
What is Bitcoin Spark?
Bitcoin Spark represents a groundbreaking blockchain aiming to usher in a new era for the crypto space. It addresses the limitations of conventional blockchain systems and introduces cutting-edge technology. At its core lies BTCS, the native crypto, which serves various purposes, such as powering smart contracts, enabling payments for decentralized CPU/GPU power, and granting access to advertising services.
Bitcoin Spark boasts rapid and cost-efficient transaction processing thanks to its low block time, increased individual block transaction capacity, and vast network of nodes. Its multi-layered architecture positions it as a scalable platform for a diverse array of smart contracts and decentralized applications (DApps).
Unique features of Bitcoin Spark:
- The main feature that sets BTCS apart from all the other existing projects is its integration of both the consensus mechanism of Bitcoin and Ethereum, that is, Proof of Work and Proof of Stake, into a new consensus that runs BTCS, Proof of Process.
- Bitcoin Spark’s developers have made it in such a way that the crypto is minable by anyone. Mining is an inclusive activity for the BTCS ecosystem. It is not limited to only tech experts or individuals with high-end hardware.
- As it is still an early project, the investors will be early adopters of the token. This gives them a chance to see the growth of an ecosystem from the very first steps and be a part of the community that builds the project and its future.
How to mine Bitcoin Spark?
Bitcoin Spark introduces an innovative consensus mechanism called Proof-of-Process (PoP), which combines elements of both Proof-of-Work (PoW) and Proof-of-Stake (PoS). In this innovative system, miners and validators are required to contribute both a stake and processing power to the network for transaction validation and reward acquisition.
The processing power provided is offered as decentralized CPU/GPU rental.
Users of this network service will make payments using BTCS tokens, which will be transferred to the mining pool. Miner rewards will then be determined by a combination of their individual stake and the computing work performed through the network for remote processing.
What sets Bitcoin Spark apart is its unique algorithm within the PoP mechanism, which gradually reduces rewards as additional power and stake are added, promoting a more equitable distribution of rewards.
Furthermore, the network’s extensive node infrastructure accommodates a large number of miners and validators, including those with less powerful devices.
Before making the network’s repository available for developers to create their own mining software, Bitcoin Spark’s team plans to offer an application that simplifies mining by granting access to users’ device processing units.
This app will be compatible with Windows, Mac OS, Linux, iOS, and Android, ensuring security by creating a virtual processing environment separate from the device’s operating system functions.
Users can adjust the resources allocated for mining, and the app can optimize resource usage to conserve battery life, prevent overheating, and accommodate concurrent device usage.
Bitcoin Spark’s approach to network validation promotes true decentralization, making it accessible to virtually anyone with a smart device while keeping power consumption relatively low and serving real-world applications. Early investors have the opportunity to acquire BTCS tokens through its Initial Coin Offering (ICO).
Ethereum vs. Bitcoin Spark: Comparative Analysis
|Coin Name||Ethereum||Bitcoin Spark|
|Founder||Vitalik Buterin and Gavin Wood||Steven Kurtz|
|Blockchain Protocol||Ethereum Blockchain||–|
|Max Supply*||NA||21,000,000 BTCS|
|Consensus Method||Proof of Stake||Proof of Process|
Source: *CoinMarketCap as of September 20, 2023
Read More: Bitcoin vs Ethereum
What is Ethereum?
Unique features of Ethereum:
- Ethereum allows developers to create and deploy smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller written directly into code. These contracts automatically execute when certain predefined conditions are met.
- Ether is the native crypto of the Ethereum platform. It is used to pay for transaction fees and computational services on the network.
- Like Bitcoin, Ethereum operates on a decentralized network of computers (nodes). This means there is no central authority or single point of control, making it resistant to censorship and tampering.
- Ethereum’s programming language is Turing-complete, which means it can handle a wide range of computational tasks, making it more versatile than Bitcoin’s scripting language.
- Transactions and smart contract executions on the Ethereum network require a resource called “gas,” which is paid for in Ether. Gas fees ensure that computational resources are used fairly and prevent network abuse.
- The EVM or Ethereum Virtual Machine is the runtime environment for executing smart contracts on the Ethereum network. It allows code from different developers to run securely and deterministically.
How to mine Ethereum?
Ethereum can no longer be mined following its historic Ethereum Merge event that helped the blockchain move from a previously energy-consuming Proof of Work (PoW) to a more environment-conscious Proof of Stake (PoS) consensus mechanism. The PoW method required the miners to solve mathematical equations as a method of verifying transactions to add those to the blockchain. As a result, the miners received new ETH tokens as rewards and transaction fees.
Nevertheless, this PoW system requires a significant amount of energy and computing sources, the reasons that led to the concerns about the scalability and centralization of the network, along with the environmental impact that this can have. Hence, Ethereum moved to a Proof-of-Stake (PoS) consensus mechanism.
In a PoS scenario, validators are chosen to make new blocks and validate the transactions based on the amount of ETH they hold and are willing to stake as collateral. In order to become a validator for Ethereum, you need to stake a minimum of 32 ETH. Since mining and validating transactions are different, the rewards also differ. As a reward for your honest validation efforts, validators are rewarded with additional ETH.
Even though Ethereum’s move to PoS has resulted in a few remedies to the usage of energy and has also catered to the scalability issues that had been previously related to crypto mining, community members are still posing questions about a potential centralization. This is due to the fact that individuals who have huge numbers of ETH have higher chances to get selected as a validator.
Why is Bitcoin Spark bigger than Ethereum?
Bitcoin Spark is currently hosting an ICO in its fifth phase, offering 4 million BTCS tokens as ERC-20 tokens, each priced at $2.50. Additionally, all orders and purchases qualify for a 9% bonus credited to the buyer’s account upon order completion.
Learn More: Ethereum vs Solana vs Polygon
Even though there are similarities between both the crypto assets, Bitcoin Spark vs Ethereum concludes that both of them are running their own course. As BTCS is still in its initial phases, it is yet to be seen how the token will perform once it is available for the crypto communities; on the other hand, Ethereum developers are preparing to let go of their Goerli testnet and launch a replacement testnet, Holesky; which is said to be the biggest public testnet launch that ETH has ever made.
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