Blockchain technology is transparent. Any on-chain transactions are easily detectable and available for viewing through on-chain analysis. However, only addresses are viewed on-chain, and any personal information is concealed by blockchain except those that large crypto institutions or individual whales have publicly claimed. Recently, data collected by blockchain explorers revealed that Bitcoin holders are purchasing more from short-term holders, whom they had sold to recently. This clearly indicates an imminent bull cycle that goes hand in hand with Bitcoin Spark’s official mainnet release.
Will Bitcoin go up?
Bitcoin’s underlying mechanisms have been designed to overcome inflation and, at the same time, offer an antithesis to fractional reserve banking perpetuated by modern banking institutions and governments. Bitcoin has a maximum of 21 million assets, making it a deflationary token, unlike fiat, which central banks have a right to print. Bitcoin is greatly undervalued, and experts predict that the crypto assets are seemingly spearheading an imminent bull market that may summon Bitcoin’s price to all-time highs. Projects like Bitcoin Spark will get massive boosts at the onset of the bull market as investors flood into investing in high-performance networks and upcoming promising ICO tokens like BTCS.
Bitcoin Spark’s future follows Bitcoin’s footsteps
Despite being a Bitcoin alternative, Bitcoin Spark looks to emulate Bitcoin’s success through a high utility provision for blockchain users and Web3 participants. The platform provides a cryptographic medium to oppose centralized finance systems like Bitcoin and has improved features that make it an outstanding hard fork of the Bitcoin network.
The network looks to become the go-to platform for DeFi users seeking a fast, cheap, scalable, and interoperable network for conducting transactions and building Web3 applications.
Bitcoin Spark has a smart contract that has already been audited, approved, and verified by Contract Wolf, Vital Block, and Cognitos. These three firms are among the leading auditing firms that promote transparency and accountability for DeFi platforms, especially crypto start-ups like Bitcoin Spark.
Bitcoin Spark’s main attractive feature is its proof of process consensus mechanism that has been wired to promote decentralization for blockchain participants. The proof of process consensus mechanism borrows exclusive features from Bitcoin’s proof of work consensus and proof of stake, which is commonly utilized by smart contracting platforms.
As a Bitcoin upgrade, Bitcoin Spark devs will incorporate a smart contract layer on the Bitcoin Spark network to make it more scalable and desirable for Web3 developers. The layer will exist in four forms: the Execution Layer, the Consensus Layer, the mining layer, and the rewards layer.
Each form will play a major role in the smart contract functionalities on the network. The Execution layer will have two parallel players running in languages compatible with the EVM bytecode and Rust language on-chain agreements. The Consensus Layer will reinforce the utilities of the Execution Layer to verify the legitimacy of transactions and confirm new Bitcoin Spark blocks.
The Mining Layer will provide a platform for BTCS miners to provide processing power that will be lent out to Bitcoin Spark clients for complex virtual executions such as film rendering. The rewards layer will be a useful tool that network participants will find handy when calculating BTCS rewards through validator inputs. After the calculated and verified reward, data will be sent to the execution layer to allocate BTCS tokens.
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