Bitcoin Spark (BTCS) has undoubtedly gained significant traction in the race of Bitcoin forks. As such, let’s delve into the advantages that Bitcoin Spark holds over Litecoin (LTC), shedding light on the innovative features and groundbreaking technology that set it apart.
What is Litecoin?
Litecoin (LTC) is a cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. It shares many characteristics with Bitcoin (BTC) but comes with some unique attributes. LTC, much like BTC, serves solely as a digital peer-to-peer (P2P) currency and a store of wealth. What sets Litecoin apart is its capped supply of 84 million. Both Bitcoin and Litecoin rely on a Proof-of-Work (PoW) consensus mechanism for transaction validation and network security. However, Litecoin deploys a different hashing algorithm aimed at resisting specialized mining hardware, though its effectiveness has been debated as ASICs (Application-Specific Integrated Circuits) have become prevalent in LTC mining. Another distinctive feature is Litecoin’s shorter block generation time, which translates to faster transaction confirmations and lower fees.
What Bitcoin Spark and its advantages over Litecoin
Bitcoin Spark is the latest Bitcoin hard fork, and it introduces several important advantages over its predecessors, including Litecoin. Nonetheless, there’s a capped supply of 21 million BTCS, preserving the scarcity factor that has made Bitcoin (BTC) be compared to gold.
The Bitcoin Spark blockchain assures faster & more cost-efficient transactions with its short block time, high individual transaction capacity per block, and massive number of nodes. Bitcoin Spark also expands its utility beyond simple P2P transactions. It supports smart contracts & decentralized applications (Dapps) through an integrated smart contract layer featuring multiple execution systems with singular network finality. The layered infrastructure ensures scalability and fosters diversity by accommodating a range of high-level & low-level programming languages.
The standout feature of Bitcoin Spark is its unique consensus mechanism, the Proof-of-Process (PoP), which rewards miners for confirming blocks and contributing processing power. This groundbreaking mechanism ensures a more equitable distribution of rewards by exponentially reducing rewards per additional computational power. Thanks to the ample network nodes and the PoP’s nonlinear rewards functionality, even miners with lower-powered devices can profitably mine BTCS. The project’s development team is set to launch a user-friendly application compatible with Windows, iOS, Android, Linux, and Mac OS, which will enable users to mine by permitting access to their device’s processing unit.
In a forward-thinking move, Bitcoin Spark will enable miners to lease their processing power to organizations or individuals in exchange for BTCS, effectively monetizing otherwise dormant computing resources. This simultaneously provides the Bitcoin Spark ecosystem with a unique real-world application.
Moreover, integrating advertising spaces into Bitcoin Spark’s application and website, subject to community oversight, blends the ecosystem with the growing marketing industry. Advertisers will pay in BTCS, and network participants will enjoy a 50% share of the generated revenue, alongside incentives for monitoring and maintaining the credibility of ads. These innovative features position Bitcoin Spark as a promising contender in the cryptocurrency space, offering technological advancements, real-world utility, and a more effective mining process compared to Litecoin.
The investments made in Bitcoin Spark’s Initial Coin Offering (ICO) so far are a testament to the belief held by investors about this project. The ICO is currently in Phase 6, with BTCS priced at $2.75 and investors getting an 8% bonus.
For more information on Bitcoin Spark:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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