Polygon (MATIC) has gained significant popularity because of its innovative features and solutions. However, a new blockchain known as Bitcoin Spark (BTCS) could be the one to dethrone it.
Polygon (MATIC) news
The unveiling of Polygon 2.0, coupled with the innovative integration of zkEVM within the Polygon ecosystem, marks a watershed moment characterized by remarkable advancements in security and scalability. However, despite the significant upgrades, MATIC’s price has declined and remained under the control of the bears. And while the Network Profit and Loss (NPL) data suggests the MATIC token might have reached a price bottom, a more in-depth evaluation of its on-chain metrics raises concerns about a further decline. Nonetheless, some investors remain undeterred, maintaining an optimistic outlook for Polygon due to the new tokenomics.
Bitcoin Spark: Ushering in a new era of digital transactions
Bitcoin Spark is the latest addition to the Bitcoin family. This Bitcoin hard fork introduces new concepts to the blockchain to foster a new age of cryptocurrency applications while enhancing speed, security, and scalability.
The Bitcoin Spark network employs a multi-layer architecture, incorporating a smart contract layer. These diverse layers, which all achieve ultimate confirmation on the main network, promote scalability while enabling the creation of applications using various programming languages.
This, in turn, establishes Bitcoin Spark as a blockchain platform with diverse applications. The network will also have faster transaction speeds and lower fees than its predecessor as it will increase the individual block transaction capabilities, reduce the time per block, and include a significantly higher quantity of nodes.
Moreover, anyone with a smart device will be able to mine BTCS. This is because the Bitcoin Spark dev team will create an easy-to-use mining application compatible with iOS, Android, Windows, Linux, and Mac OS that will enable users to mine by providing access to their device’s processing unit.
The processing will run within a self-contained environment that doesn’t interact with other components of the device and will adjust itself to the resources it can adapt to the available device resources, inherently constraining its mining capacity.
This new mining concept is possible through Bitcoin Spark’s proprietary consensus mechanism, Proof-of-Process (PoP). The PoP rewards miners for validating blocks & for renting out the processing power of their mining devices to individuals or businesses using the Bitcoin Spark network for remote computing processing.
This ensures that the energy used for block confirmation has a valid purpose, unlike many other resource-heavy networks that essentially ‘waste’ energy verifying transactions. The PoP is combined with an algorithm that inhibits linear rewards based on raw processing power, ensuring a fairer distribution of mining rewards between smaller and larger BTCS miners.
The mining rewards will run on an elastic system based on various factors, including the revenue generated. If more revenue is earned, the minting rewards will be reduced against the revenue, causing the minting endpoint to move further. The clients using the network’s decentralized CPU power will pay using the network’s native token, BTCS. The revenue will then be allocated to the mining pool. The network will also overlay other revenue-generation services like advertisements on its website and application. This guarantees that Bitcoin Spark evolves into a revenue-generating network that can support itself with a fixed supply, allowing network participants to generate consistent profits despite market fluctuations.
The Bitcoin Spark Initial Coin Offering (ICO) has gained recognition within the crypto community, with reviews from analysts like Cilinix Crypto suggesting great potential. Phase 2 ensures a 650% increase in investments by launch day, selling BTCS at $1.75 and offering a 15% bonus.
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