Ethereum is the second largest decentralized project after Bitcoin. Ethereum has a larger application and utility than Bitcoin, which is only credited as a store of value. The Ethereum network allows devs to deploy smart contracts that are useful in various ways, including developing DeFi protocols and Decentralized applications. Ethereum is more scalable, making it a more selective choice for investors than Bitcoin. Its smart contract layer allows the network to advance with continuous changes as technology evolves.
What is Bitcoin Spark?
Bitcoin Spark is a new blockchain-powered DeFi project that looks to solve the challenges that Bitcoin and Ethereum face as the two largest DeFi projects by market capitalization. The project promises higher transactions per second, lower transaction speeds (to eventually a gasless network), passive income for network participants, and more decentralization in the validation process, to mention but a few. These solutions to Ethereum and Bitcoin limitations have raised concerns among crypto-savvy investors since DeFi became popular worldwide.
The project is currently in development and has an ongoing ICO phase three. During this stage, investors can grab BTCS tokens at a considerably cheap price of $2 per token. The price is relatively cheap compared to the project’s applications and can potentially solve more challenges than Ethereum. Here is a comparison between Ethereum and Bitcoin Spark.
Bitcoin Spark vs. Ethereum
While Ethereum is still a large ecosystem supporting dApp development, smart contract deployment and non-fungible tokens, it still faces a lot of limitations that will make Bitcoin Spark outperform the project over time. Although Bitcoin Spark is a Bitcoin fork, the project aims to introduce a smart contract layer that will facilitate the deployment of smart contracts in EVM-compatible languages. Ethereum supports Solidity as the main programming language. However Bitcoin Spark’s smart contract layer will incorporate more languages to make the network available to more developers.
Ethereum uses a proof of stake consensus mechanism to validate transactions and approve the addition of new blocks to the network. However, this system is highly centralized, and most earnings are distributed to larger staking pools. Although retailers can join mining pools for income generation, they cannot access their funds, thus bringing a sense of control and centralization. Bitcoin Spark, on the other hand, promotes decentralization during network validation processes.
The platform uses a blend between proof of work and proof of stake consensus to form the proof of process consensus. Through this process, the platform greatly reduces the processing power required during mining and thus allows mining to take place on simple electronic gadgets like mobile phones and tablets.
The upgrade eliminates the need for BTCS (equivalent to 32 ETH, as is the case of validation in Ethereum’s proof of stake) for network participants to start approving transactions and adding new blocks to the network. Bitcoin Spark also has an income-generating plan that will involve renting processing power as well as advertisement. Users who purchase either of the two products must pay in BTCS tokens, which will then be shared with the team behind the project and the network participants.
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