According to market watchers, Bitcoin forks are joining elite rankings, with Bitcoin Cash (BCH), Bitcoin SV (BSV), and Bitcoin Spark (BTCS) leading. Let’s explore.
What is a Bitcoin fork?
A Bitcoin fork refers to a fundamental change in the protocol of the original Bitcoin blockchain, leading to the emergence of a new, distinct version of the cryptocurrency. Bitcoin forks can be categorized into two types: soft forks and hard forks. Soft forks are backward-compatible changes that still allow nodes with older software to validate new transactions, while hard forks are incompatible changes that require all nodes to upgrade to the new version to continue participating in the network.
What is BCH?
Bitcoin Cash (BCH) is a cryptocurrency that resulted from a hard fork of the original Bitcoin (BTC) blockchain in August 2017. The primary motivation behind the creation of BCH was to address scalability issues and improve transaction processing speed. BCH increased the block size limit to 32MB, enabling more transactions to be processed in each block, thus lowering transaction fees and making it more suitable for everyday transactions.
What is BSV?
Bitcoin Satoshi Vision (BSV) emerged from a contentious hard fork of the Bitcoin Cash (BCH) network in November 2018. BSV proponents claim that it adheres more closely to the original vision of Bitcoin’s creator, Satoshi Nakamoto. Just like its predecessors, Bitcoin SV uses a Proof-of-Work (PoW) consensus mechanism to verify transactions, a maximum supply of 21 million tokens, and the mining is halved at the same rate. The primary difference is that its block size is drastically larger.
What is BTCS?
Bitcoin Spark (BTCS) is the latest Bitcoin hard fork. While it retains Bitcoin’s tokenomics by having a limited supply of 21 million coins, it has many significant features that set it apart. The Bitcoin Spark blockchain has higher transaction capabilities per block, a lower block time, and a significantly larger number of nodes, resulting in faster transaction processing and lower gas fees.
Additionally, Bitcoin Spark extends being a simple peer-to-peer payment system by supporting the development of decentralized applications (dApps). It will have a seamlessly integrated mart contract layer with multiple execution systems, all reaching finality on the main network. This unique design ensures scalability and enables support for high-level and low-level programming languages.
Going further, Bitcoin Spark introduces a new mining concept through its proprietary Proof-of-Process (PoP) consensus mechanism. The PoP requires miners to contribute the processing power of their mining devices to the network in order for them to confirm blocks and earn rewards. However, this innovative mechanism exponentially diminishes rewards per additional power, promoting a fairer distribution. The nonlinearity of the rewards, coupled with the network’s extensive nodes, reduces the investment required by miners, ensuring even those with low-powered devices can profitably mine BTCS. In fact, the Bitcoin Spark team is set to launch a user-friendly and lightweight mining application compatible with various operating systems, including iOS, Android, and Windows.
Notably, the power contributed by miners will be rented out to individuals and institutions seeking remote computing resources, with payments required in BTCS. 3% of this revenue will go to the team for development, and the remaining portion will go to miners in addition to newly minted BTCS and transaction fees from confirming blocks.
Moreover, the Bitcoin Spark app and blockchain explorer will have small spaces for advertisements, paid for in BTCS, and monitored by the community to ensure security. Network participants will receive 50% of the revenue generated, plus extra incentives for those involved in ad policing.
Bitcoin Spark is currently in Phase 8 of 10 in its Initial Coin Offering (ICO), with BTCS priced at $3.25 and investors getting a 6% bonus, among other benefits. The project has passed a number of third-party audits, attesting to its security and sustainability.
The future of BTCS
BTCS is anticipated to launch at $10 on November 30th, signifying an impressive 320% jump from its current price. Analysts have been quick to spotlight the potential for Bitcoin Spark, with some even speculating a remarkable 100X surge. These predictions are grounded in a number of factors, including the project’s strategic timing for launch, its comparatively low market capitalization, innovative technology, practical, real-world applications, community-oriented approach, and limited supply of 21 million. This makes BTCS a notable contender to watch as it embarks on its journey.
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