Bitcoin and Ethereum have massively influenced cryptocurrency development and Web3 establishment. The two digital assets still play a pivotal role in developing decentralized finance by providing different utilities. While Bitcoin focuses on delivering a digital platform that forms an antithesis to traditional monetary policies, Ethereum is more focused on the growth and scalability of decentralized ecosystems. These two projects work hand in hand to promote DeFi and boost decentralization through their underlying blockchain networks. However, their dominance is being challenged by a new and unique crypto project called Bitcoin Spark.
What is Bitcoin?
Bitcoin is a decentralized peer-to-peer network that allows users to send and receive payment without needing a third party. The network debuted in 2009 under the leadership of Satoshi Nakamoto, a pseudonym representing the anonymous group or individual behind the establishment of the network. The network initially gained traction among tech-savvy investors fascinated with the technology behind the crypto asset and its potential to surge as an accepted digital asset. Fast forward to today, and the crypto asset has gained traction among people from all walks of life.
What is Ethereum?
Ethereum was the first altcoin to be developed. Unlike Bitcoin, whose founder(s) chose to remain anonymous, Ethereum founders are known and highly credited for their development. The face of Ethereum belongs to Vitalik Buterin, a young computer scientist who co-founded the network. Ethereum was initially a proof-of-work network. However, the network upgraded its underlying network to drop the old-generation proof-of-work consensus and embrace the adaptive proof-of-stake consensus. Additionally, Ethereum initiated the creation of smart contracts, which have made deployment of dApps easier for third-party developers.
Why is Bitcoin Spark challenging Bitcoin and Ethereum?
Bitcoin Spark is the future of DeFi, solving the limitations associated with two of the largest networks in the decentralized arena. Bitcoin Spark is a Bitcoin upgrade with an incoming underlying network that offers a suitable alternative platform for Ethereum and Bitcoin users.
The platform has an ongoing ICO event in phase 6. Investors and enterprising blockchain lovers have a life-changing opportunity to buy and hold BTCS tokens at a massively discounted and affordable price. Each BTCS token retails at $2.75; every purchase attracts an 8% bonus.
One of the unique features of Bitcoin Spark is its attractive revenue generation method, which the Bitcoin Spark team plans to integrate soon after the network’s mainnet release. Initially, the Bitcoin Spark network will be a gas network, charging transaction fees to network participants and using the revenue to pay miners and staking validators. However, this gas system is expected to fade away in two years, ushering in two income streams that will yield BTCS tokens for the network to cater to the validator rewards. On the flip side, the network will become gasless.
The two income streams will involve advertisement and lending out processing power to clients working on off-chain virtual complex computational tasks such as video rendering. These clients will be obliged to pay for the processing power in BTCS tokens. The ad system will allow the Bitcoin Spark ecosystem to monetize its community members by displaying ads on virtual platforms like the website.
Bitcoin Spark is an example of a valid path to decentralization since the advertisement campaign will be in direct control of the community members. Bitcoin Spark members who hold BTCS tokens will have the right to vote against an ad that does not follow the ecosystem’s advertisement guidelines. None of the Web3 ecosystems offer such utility.
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