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As technology advances and develops, the cryptocurrency ecosystem is seeing a remarkable shift from old-generation platforms to modernized blockchain networks with improved technology and adaptive consensus mechanisms. Bitcoin Spark is initiating a new beginning that solves the weaknesses and limitations found on the Ethereum and Bitcoin networks. The solutions provide a massive utility that has attracted whales and institutions to its ongoing ICO event.
Limitations of Bitcoin and Ethereum
Bitcoin and Ethereum are considered generation blockchains since their respective networks feature older technology that contains glitches and expensive limitations hindering the growth of developers. For instance, Bitcoin's network is highly outdated, and the transaction speeds on the network could be better. The platform also experiences limited scalability due to a lack of smart contracts. The network also charges high transaction costs that sometimes exceed the transacted amount.
On the other hand, Ethereum luckily underwent a major hard fork upgrade that converted it from a proof of work network to a proof of stake. However, the network still charges high transaction costs and the network's growth. Ethereum's smart contracts are also characterized by loopholes that have led to the vulnerability of decentralized applications to malicious hackers.
Bitcoin Spark Overcomes Bitcoin and Ethereum Shortcomings
Although Bitcoin Spark is a Bitcoin hard fork, some applications provide alternative solutions to Ethereum's limitations. Bitcoin and Ethereum charge high transaction costs, keeping away participants.
Bitcoin Spark will be a gas network, but the transaction costs will be lower than those experienced on the Bitcoin and Ethereum networks. The gas token of the Bitcoin Spark network will be BTCS tokens. All transaction charges will be sent to the mining pools and distributed to miners by the Bitcoin Spark smart contract layer.
Bitcoin Spark's mainnet will launch soon, introducing a unique smart contract layer that will diversify the development of the network. The platform's smart contracts will deploy decentralized applications in EVM-compatible languages like Vyper or Solidity.
The Contract Wolf audited Bitcoin Spark smart contract will have four independent but interjecting layers programmable in low- and high-level languages. The smart contract will also have an underlying parallel layer to deploy contracts in Rust alongside a special feature that settles transactions on the Spark mainnet.
The four layers include the rewards layer, the mining layer, the consensus layer, and the execution layer. Mining BTCS tokens will take place in the mining layer of the network and allow network participants to donate idle processing power to the platform. Although serving different purposes, the layers will reach a common network finality to power a growing ecosystem supporting numerous utilities.
Unlike Bitcoin and Ethereum, Bitcoin Spark encourages network validators to join the ecosystem. Instead of wasting energy like in proof-of-work blockchains, Bitcoin Spark will trap idle energy during mining due to the network's lightweight nature.
The lightweight component of the mining process allows the mining activity to take place on devices that run on low power, like Laptops, PCs, mobile phones, and tablets. This also opens up BTCS mining to the general public. To get started, users need an updated smart device that can install the Bitcoin Spark mining application and connect the device to a stable internet connection.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Dan Burgin
Alex Dovbnya
Vladislav Sopov