Bitcoin forks have gained significant traction in the cryptocurrency market. Notably, old-school Bitcoin Cash (BCH) developers are backing the latest entrant, Bitcoin Spark (BTCS).
What is a Bitcoin Fork?
A Bitcoin fork is a blockchain network that shares a common history with the original Bitcoin blockchain up to a specific block, after which the two paths diverge. There are two main types of forks: soft forks and hard forks. In a soft fork, the new rules introduced are backward-compatible, meaning nodes that have not upgraded can still process transactions on the updated blockchain. On the other hand, a hard fork introduces changes that are not backward-compatible, resulting in a complete divergence from the original blockchain. Bitcoin forks have been instrumental in the development of alternative cryptocurrencies, providing investors and enthusiasts with diverse options and solving different problems.
What is Bitcoin Cash?
Bitcoin Cash (BCH) is one of the prominent Bitcoin hard forks. The primary motivation behind the creation of Bitcoin Cash was to address the scalability issues faced by Bitcoin, particularly its limited transaction capacity and high fees. Bitcoin Cash increased the block size limit, allowing more transactions to be processed in each block, improving transaction throughput and reducing transaction fees. This approach made Bitcoin Cash a more viable option for everyday transactions, enhancing its usability as a peer-to-peer electronic cash system. The larger block size, however, led to concerns about centralization and the increased resources required for mining, which sparked debates within the cryptocurrency community. Nevertheless, Bitcoin Cash continues to rank among the leading Bitcoin alternatives, with a community that believes in its vision.
Bitcoin Spark: The modern Bitcoin alternative
Bitcoin Spark (BTCS) is a new digital currency that provides an opportunity for those who missed out on the early Bitcoin (BTC) and Bitcoin Cash (BCH) days. As a Bitcoin hard fork, Bitcoin Spark shares many characteristics as Bitcoin, such as a limited supply of 21 million coins. However, it also introduces several new features that make it more efficient and accessible.
Bitcoin Spark addresses Bitcoin’s low transaction throughput and high fees by decreasing time per block, increasing the number of individual transaction capabilities per block, and increasing the quantity of nodes. Bitcoin Spark also introduces a unique consensus mechanism called Proof-of-Process (PoP), which replaces Bitcoin’s energy-intensive Proof-of-Work (PoW) mining. PoP rewards miners for validating blocks and for renting the processing power of their mining devices through an easy-to-use application. The Bitcoin Spark application is compatible with the five most popular operating systems, including Windows, iOS, and Android. It will also work in a resource-limited virtual environment, ensuring a controlled mining capability. The Bitcoin Spark repository will be publicly available for developers to create their own mining applications.
Aside from the primary revenue source of renting out processing power, Bitcoin Spark will also dedicate small amounts of space on the application and home website to advertising. 50% of the revenue earned from the ads will go to miners and network participants. Anyone holding BTCS can vote to remove an advert. Once a vote to remove an advert has reached consensus and undergone a manual review by a team member, it will be removed. And 15% of the remaining advertising fee will be distributed to the wallets of those who voted for the advertising removal to incentivize community policing of the advertising.
Furthermore, Bitcoin Spark aims to broaden its utility by implementing a smart contract layer that accommodates various programming languages. This integration will foster a more diverse group of developers and smart contracts, promoting innovation and expanding the network’s capabilities.
Fortune favors the bold
Just as early BTC and BCH investors saw exponential growth in their investments, those willing to take calculated risks now have the chance to reap significant rewards with BTCS. Phase 1 of Bitcoin Spark’s Initial Coin offering (ICO) is selling BTCS at $1.50 with a 20% bonus on top.
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