Creating wealth in cryptocurrencies has been the ideal goal of every investor. Ethereum has been a great contributor to the industry’s development. However, the project is powered by an old-generation blockchain associated with high gas fees and limited scalability. The new revolution is headed by an upcoming BTC hard fork called Bitcoin Spark.
Is Ethereum a good investment?
Ethereum pioneered smart contracts and the deployment of decentralized applications that have played a pivotal role in scaling the entire DeFi ecosystem. The project’s revolutionary approach lies in its adaptable blockchain and a slightly upgraded consensus mechanism. Ethereum’s establishment opened cryptography and blockchain technology to more industries through smart contracts. Additionally, smart contracts have allowed the elimination of third parties in virtual transactions, making them faster and cheaper.
Bitcoin Spark vs Ethereum
Bitcoin Spark and Ethereum compare and contrast in several aspects. They house ecosystems powered by independent blockchains and have individual utility tokens. Bitcoin Spark’s utility token is called BTCS and is powered by the Ethereum mainnet to support the ongoing ICO event. After the ICO comes to an end, the KYC-approved developers will officially release Bitcoin Spark mainnet, allowing ICO participants to mint their tokens on the respective blockchain. Bitcoin Spark’s BTCS is available for sale in the running ICO phase ten at $3.75 per token.
Bitcoin Spark is unveiling an advanced smart contract layer that challenges that of Ethereum. The smart contract is divided into four layers, each performing specific functions to complement the ultimate goal of the smart contract layer, which is to make the network more scalable.
Ethereum smart contract technology allows the deployment of smart contracts, predominantly using Solidity. On the other hand, Bitcoin Spark serves as a gateway for innovation and technological advancement by allowing programmers and developers to use multiple programming languages, including Vyper and Solidity, alongside other high and low-level languages.
Ethereum uses proof of stake to run the network’s activities. On the other hand, Bitcoin Spark is launching a new, more secure, adaptable, and more convenient consensus mechanism called proof of process (PoP). The proof of process consensus mechanism is a hybrid consensus that combines Ethereum’s adaptive proof of stake and Bitcoin’s upgraded mining consensus, commonly referred to as proof of work.
The mining concept will dominate most of the network’s validation activities, allowing miners to capitalize on decentralized mining to earn more BTCS. Unlike Bitcoin, Bitcoin Spark has delegated most of its digital assets to the existing mining pools that will be used as reward sources for network validators. The miners will be rewarded in BTCS directly from the mining pools, a process that will take place in the rewards layer of the Bitcoin Spark smart contract.
Unlike Ethereum, which has been charging users massive transaction speeds, Bitcoin Spark aims to become a gasless network that Ethereum users will find more conducive for Web3 activities. The mining pools will be replenished by BTCS being earned through revenue-generating sources. Ethereum lacks income-generating streams and relies on miners for network validation.
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