The future of Bitcoin forks holds significant intrigue and potential. That said, let’s explore Bitcoin Spark (BTCS) and Bitcoin Cash (BCH), two noteworthy forks that have made their mark on the blockchain landscape.
What is a Bitcoin fork?
A Bitcoin fork represents an event where the underlying code of the original Bitcoin (BTC) blockchain is altered, leading to the creation of a new and distinct cryptocurrency. Bitcoin forks can be categorized as either hard forks or soft forks. Hard forks result in a permanent divergence from the original blockchain, creating an entirely new blockchain with its unique set of rules, while soft forks introduce changes that are backward-compatible, meaning older nodes can still operate within the upgraded network.
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a Bitcoin hard fork that was created in August 2017. This contentious fork was primarily driven by differences in the Bitcoin community regarding the scalability and transaction speed of the Bitcoin network. Bitcoin Cash addressed these issues by increasing the block size limit, allowing for more transactions to be processed in each block making transactions faster and cheaper. Bitcoin Cash has since developed its own ecosystem with its unique set of miners, developers, and supporters. However, the larger block size has led to debates about potential centralization due to the increased resources required for mining through its Proof-of-Work (PoW) system.
What is Bitcoin Spark?
Bitcoin Spark is the latest Bitcoin hard fork. It is designed to solve the limitations of its predecessors and usher in a new generation of digital transactions. Nonetheless, Bitcoin Spark has the same tokenomics as Bitcoin (BTC), having a limited supply of 21 million BTCS coins.
The Bitcoin Spark blockchain has a shorter block time, higher transaction capabilities per block, and a significantly larger number of nodes. These changes result in faster transaction processing and lower transaction costs, making BTCS a more viable option for micro and recurrent crypto payments.
Additionally, Bitcoin Spark significantly extends its utility by supporting smart contracts and decentralized applications (DApps). The blockchain is built with multiple layers, including a smart contract layer with different execution systems that reach singular network finality. This unique structure ensures scalability and enables the network to support a wide range of programming languages, including Solidity, Vyper, and Rust.
Perhaps the most striking feature of Bitcoin Spark is that it uses its own consensus mechanism, the Proof-of-Process (PoP). This groundbreaking mechanism requires miners to provide processing power to the network in order to confirm blocks and earn rewards. However, it exponentially decreases the rewards per additional power, creating a fairer distribution system. The PoP’s non-linear functionality, combined with the vast nodes, will enable Bitcoin Spark to accommodate miners with low-powered devices, forging a path toward true decentralization. The Bitcoin Spark team is even set to launch a user-friendly, secure, and lightweight mining application compatible with Windows, macOS, Linux, iOS, and Android devices.
Notably, the power contributed by miners will be safely and efficiently rented to individuals and institutions seeking remote computing resources. The network’s clients will pay in BTCS, which will be distributed to the miners in addition to the newly minted BTCS and transaction fees.
Going further, the Bitcoin Spark application and website will have small spaces for advertisements, which will be community-policied to ensure security while upholding decentralization. Advertisers will pay in BTCS, and network participants will receive 50% of the revenue generated, plus incentives for ad policing.
BTCS price prediction
Analysts suggest BTCS is rewriting the history of BTC, with many predicting a 100X or more in the not-too-distant future. The crypto is expected to officially launch at $10 on 30th November but is currently selling at $3, accompanied by a 7% bonus in Phase 7 of its Initial Coin Offering (ICO). Notably, Bitcoin Spark’s low market capitalization and launch timing being close to a crypto bull run has historically led to unprecedented price rallies. Additionally, Bitcoin Spark’s innovative features, solving the limitations of other Bitcoin forks and introducing unique real-world applications, are bound to attract many users, which bodes well for its price. Furthermore, the limited supply of 21 million BTCS suggests a long-term value increase, as clearly displayed by BTC.
For more information on Bitcoin Spark:
Website: https://bitcoinspark.org/
