While Bitcoin and Ethereum are still the largest cryptocurrencies in the DeFi arena, other upcoming projects like Bitcoin Spark are also making their mark. These new projects solve the challenges and limitations hindering Bitcoin and Ethereum growth and adoption. For instance, the two networks are faced with high transaction costs and low speeds. Projects like Bitcoin Spark have a promising revelation for Ethereum.
What is the Ethereum network?
The Ethereum ecosystem has been among the fastest-growing infrastructure in the DeFi space. Ethereum is a DeFi platform with a peer-to-peer network that allows developers to create decentralized applications by deploying smart contracts. The ecosystem is home to NFTs, which have also revolutionized the art industry through digital collectibles. Ethereum still has room to grow. However, its growth will not be as exponential as upcoming projects like Bitcoin Spark.
Bitcoin Spark vs. the Ethereum network
Ethereum is the second-largest digital asset in terms of market capitalization. However, the network is significantly associated with high gas fees and slow transactions. Bitcoin Spark is offering solutions to these challenges by revolutionizing technology in its consensus system.
Bitcoin Spark is a new platform that capitalizes on proof-of-work and proof-of-stake consensus mechanisms through a principle called proof-of-process. The two consensus mechanisms, PoW and PoS, are amalgamated with a specialized algorithm that oversees the allocation of validation rewards for miners and stacking validators co-existing in the network.
Several leading DeFi auditing platforms have audited Bitcoin Spark. The network’s smart contract has been scrutinized by Cognitos, Vital Block, and Contract Wolf, with no findings reported. Additionally, the Bitcoin Spark founders have undergone a comprehensive KYC verification by Cognitos and Vital Block to promote the project’s transparency and accountability. All these reports can be found online and are in the project’s whitepaper.
Bitcoin Spark is currently on presale, and investors are grabbing the platform’s native token, BTCS, at a relatively low price of $2 per token. The project is in its third ICO phase. It promises to become the best Bitcoin alternative the industry has ever seen, with improved features that reward community members and network participants.
Although Bitcoin Spark is a Bitcoin hard fork, developers are working on a smart contract layer that will make the network more scalable than that of Bitcoin. The smart contract layer will allow high-level and low-level programming languages to allow diverse developers to work on the network.
Additionally, smart contract deployment will be possible in the EVM programming languages, including Solidify and Vyper, as well as any other high-level language that works on the Ethereum bytecode. This is an upgrade from Ethereum, whose leading developers work in Solidify. Bitcoin Spark’s move to allow a variety of programming languages will promote innovation, improvement, and the development of advanced technical subjects.
The project is estimated to go live on mainnet on November 30th, and each token will be pegged at $10. After the launch, Bitcoin Spark aims to finalize renouncing network controls and begin the promotion of mining app ad slots. The network will also integrate BRCS-20 on its mainnet to improve operations and become less reliant on the Ethereum mainnet.