XRP and Solana are both unique blockchain projects that seek to solve the problems affecting existing projects like Bitcoin and Solana. XRP is Ripple’s native token that facilitates faster and cheaper transactions overseas.
Solana, on the other hand, was touted as Ethereum’s major competitor, as the platform allows the building of decentralized applications (dApps) and faster transaction speeds through the use of smart contracts without compromising decentralization. Both projects have seen tremendous growth after their launch due to their unique capabilities. Now meet Bitcoin Spark, the rising star that combines XRP’s efficiency with Solana’s scalability.
What is Solana?
Solana is a blockchain platform designed to host smart contracts and decentralized applications (dApps). The platform boasts of faster transaction speeds and lower transaction costs compared to rival blockchains such as Ethereum. One of the project’s major innovations apart from speed is the Proof-of-History (PoH) consensus mechanism, which is designed to keep time between computers on a network without the need for them to communicate and come to an agreement about it.
Will XRP reach mass adoption?
XRP has been performing well ever since it won the lawsuit against the Securities and Exchange Commission (SEC). Analysts point to the possibility of a bull run, similar to what was seen in 2017, where XRP’s price rallied over 1000%. The coin seems to be making a repeat trend, indicating that there is increased adoption by investors.
Unveiling Bitcoin Spark
Bitcoin Spark is a Bitcoin alternative cryptocurrency that seeks to solidify its place in the crypto industry. The project is a result of a Bitcoin fork and shares the same tokenomics as its parent network. However, it takes longer before the maximum token supply of Bitcoin Spark is attained through mining rewards.
Bitcoin Spark’s native token is BTCS and has a maximum supply of 21 million tokens. Out of this, 4 million has been set aside for the ongoing initial coin offering (ICO) and 16.45 million for mining rewards which will be mined for more than 120 years. The project is in phase 3 of its initial coin offering (ICO) where BTCS is selling at $2.00 with a 12% bonus on every purchase.
Bitcoin Spark uses an all-new blockchain technology known as the Proof of Process mechanism to mine BTCS. This is a mix of the Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanisms reinforced with special mathematical algorithms that standardizes the distribution of block verification rewards for miners and validators.
In the PoP system, miners are required to stake and provide processing power to the network. This ensures rewards are distributed more fairly, with miners with larger mining capabilities getting more rewards depending on the amount of stake and “work done.”
The PoP system has a lower barrier of entry compared to Bitcoin’s PoW, which is expensive and energy intensive. Thanks to the PoP system, anyone can mine BTCS. Moreover, the Bitcoin Spark team is developing a mining application that can work on various operating systems, including Windows, Mac OS, Linux, Android, and IOS. This way, anyone with a smart electric device can become a validator.
The Bitcoin Spark network encourages validators to join as it is lightweight, and low-power devices can run it. The lower barrier of entry allows for more validators on the network which in turn increases security while avoiding congestion like what happens on other networks like Bitcoin and Ethereum. The project has gone through successful comprehensive audits and the detailed reports can be publicly found online.
During the launch of the mainnet, BTCS will be the only asset bridgeable to the Bitcoin Spark network at first. The bridge will contain liquidity pools on platforms including Polygon, Ethereum, and the BNB Smart Chain. The bridging system will allow better access to the Bitcoin Spark network through BTCS withdrawals on exchanges and on-chain liquidity on popular networks.
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