The Rise of Bitcoin Spark – A Serious Threat to Ethereum

Ethereum previously unassailable position as the platform of choice for developers to build a wide range of applications and projects has been suddenly challenged by the arrival of a new initiative, Bitcoin Spark. This unexpected development can potentially disrupt, or at least challenge, Ethereum’s long-standing dominance.

Although this new concept is inspired by Bitcoin, the largest digital currency in footings of market capitalization and valuation, one of its main objectives is to overcome certain inefficiencies and capabilities of the network. The main idea behind projects like Bitcoin was to make it easier for interested participants to carry out peer-to-peer transactions and invest in the asset to protect their money from inflation through crypto, currency-friendly and intuitive exchanges. These applications guide interested parties who want to know where to buy Bitcoin to facilitate their cryptocurrency adventure and offer all kinds of easy-to-use functions to make their navigation more intuitive.

However, Bitcoin Spark takes all these benefits to a new level, as its main focus is security, scalability, and ease of use for the average uneducated blockchain user. Bitcoin Spark combines the best attributes of Ethereum and Bitcoin, leading many to believe it can overshadow significant crypto developments. However, it is too early to make assumptions and statements, as the project is not yet fully developed.

Here’s what we’ve gathered about this new app, its potential to overtake Ethereum in popularity, and whether it draws inspiration from Satoshi Nakamoto’s Bitcoin whitepaper. But first of all, it is essential to untangle Ethereum and its abilities for further comparisons.

Ethereum application uncovered

Ethereum is a blockchain platform that enables creators to figure out devolved applications (dApps) using smart contracts. These applications can range from decentralized business (DeFi) platforms, decentralized exchanges (DEX), gaming, identity verification systems, supply chain management solutions, etc.

After Ethereum moved from the energy-intensive proof-of-work (PoW) consensus mechanism to the ecological proof-of-stake (PoS) model, ETH holders could actively participate in staking their assets. The practice involves locking a specific amount of Ethereum for a certain period, during which it is virtually impossible to access or use the locked tokens. Let’s say an interested party wants to explore this method of earning rewards but doesn’t have enough ETH to get started or the necessary hardware. In this case, they can participate in betting pools and enjoy similar benefits. As a validator on Ethereum, you become responsible for verifying transactions, storing data, and ultimately strengthening the network.

The PoW system is far from a new concept and is used by many other applications, with Bitcoin being the notable exception and sticking to the PoS model. Since both have advantages and disadvantages, combining the two mechanisms provides a reliable solution to extract the best from both records and alleviate some inabilities. Bitcoin Spark achieved this by combining the two highly controversial methods into a proof-of-process (PoP) validation technique.

Notable Ethereum Features

• Ethereum allows developers to create and deploy self-executing smart contracts, where the agreement terms are hardcoded directly into the code. These contracts are automatically activated as soon as predefined conditions are met.
• Ether, Ethereum’s native cryptocurrency, facilitates transaction fees and computing services within the network.
• Like Bitcoin, Ethereum runs on a decentralized network of computers (nodes), which promotes resistance to censorship and manipulation.
• Distinguished by a Turing complete programming language, Ethereum proves to be more versatile than the Bitcoin programming language and handles a wide range of computing tasks.
• Transactions and execution of intelligent agreements on Ethereum need “gas,” a resource paid for in Ether. Gas rates ensure fair use of computing resources and prevent network abuse.
• The Ethereum Virtual Machine (EVM) serves as the execution environment for executing smart contracts, ensuring secure and deterministic code execution by multiple developers.

About Bitcoin Spark

Bitcoin Spark emerges as a blockchain poised to usher in a new digital-action era. With a high transaction capacity of individual blocks, a low block time, and an extensive network of nodes, blockchain excels in transaction performance and profitability. Additionally, Bitcoin Spark provides a robust infrastructure for smart contracts and decentralized applications (DApps), comprising a dedicated, intelligent contract layer with separate execution systems that converge on the main net. This architectural design ensures scalability and adapts to various programming languages, thus promoting inclusivity.

Bitcoin Spark’s use of the proof-of-process (PoP) consensus mechanism sets it apart. This unique mechanism uniquely and non-linearly rewards users who validate blocks and contribute their processing power to the network, thus adding an innovative dimension to its operational framework.

Notable Features of Bitcoin Spark

• BTCS stands out for uniquely integrating the consensus mechanisms of Bitcoin and Ethereum, namely Proof of Work and Proof of Stake, into a new consensus system known as Proof of Process. This distinctive approach sets BTCS apart from other existing projects.
• The developers of Bitcoin Spark have ensured that BTCS mining is an inclusive and accessible activity for everyone. Unlike being reserved for techies or those with high-end hardware, mining in the BTCS ecosystem is open to everyone.
• Given its early stage of development, BTCS investors are becoming early adopters of the token. This allows them to witness the ecosystem’s growth, actively participate in the community and shape the project and its future.

Why is Bitcoin Spark getting so much attention?

Bitcoin Spark successfully leverages the potential of Ethereum and Bitcoin by utilizing their technologies and focusing more on aspects such as scalability, usability, and security. According to recent announcements, BTCS tokens, the native currency of Bitcoin Spark, are expected to launch in late November. This new project represents a cryptocurrency that removes some of the barriers imposed by Bitcoin due to its limitations, intending to become a more efficient solution for daily use through lower transaction fees and higher transaction performance.

The recent project will allow the development of intelligent contracts that consist of multiple layers, using both low- and high-level languages. Unlike Ethereum, where innovative contract development is primarily possible through the Solidity programming language, the Bitcoin Spark setup allows using Vyper or other complex languages supported by the Ethereum virtual machine in bytecode.

Another feature expected to change as the project matures is the transfer of assets between multiple blockchains. BTCS is the only asset that can be joined, but this aspect is subject to change as developers continue to work on the Bitcoin Spark infrastructure.

The ecosystem is intended to allow users to join liquidity pools, such as Ethereum, BNB or Polygon. As a result, asset owners can move their holdings from one platform to another as they wish.

Bitcoin Spark’s resemblance to Bitcoin

Bitcoin Spark imitates Bitcoin in several aspects, taking inspiration from this leading cryptocurrency. Like Bitcoin, it has a maximum supply of 21 million coins that can be quarried, after which no other tokens will emerge. Of the total BTCS, around 21% or 4.55 million is expected to be spent on launching supplies, while the rest will go to mining pools. However, it will take much longer for BTCS to reach this limit as it is in its infancy, and Bitcoin has a first-mover advantage. This fact leaves room for more significant potential to earn rewards by mining.

One aspect where Bitcoin Spark stands out is its promise to drive inclusivity and allow more aspiring users to join the BTCS mining process. The unique algorithm enabled by the PoP model will make mining and staking on the network more accessible.

Wrapping it up

In short, the newly launched project has excellent potential to become a better option for daily transactions if it effectively reduces fees and improves transaction capacity. All eyes are on Bitcoin Spark and the impact of its emergence and rise on other cryptocurrencies and the popularity of existing blockchain networks. Over time, this could lead to a broader range of applications and use cases for blockchain technology. Currently, Ethereum is the undisputed leader in decentralized application development, but it will be exciting to see how the two projects compete.