While Shiba Inu (SHIB) has been making significant developments within its ecosystem, analysts suggest that Bitcoin Spark (BTCS) has greater potential for growth because of its ability to provide faster transactions, lower fees, and more rewards.
Shiba Inu (SHIB) is a decentralized cryptocurrency created in August 2020. It is named after the Shiba Inu dog breed, the same breed depicted in Dogecoin (DOGE). While SHIB was originally built as a joke, it has become one of the most popular cryptocurrencies, ranking among the top 20 by market cap.
Shiba Inu operates on the Ethereum blockchain, utilizing its infrastructure for transactions and development. However, the project is actively working on transitioning to its own layer-2 (L2) blockchain, Shibarium. The L2 is design to solve Ethereum’s scalability issues and offer an alternative platform for building decentralized applications (dApps). It will also include a burning mechanism to reduce the overall supply of SHIB, potentially increasing its value. The Shibarium blockchain is about to launch soon, and analysts suggest it could trigger a spike in SHIB’s price.
Bitcoin Spark built on the Ethereum blockchain. Moreover, It seeks to advance crypto by introducing new features that improve Satoshi Nakamoto’s vision. Bitcoin Spark shares some similarities with Bitcoin, such as a limited supply of 21 million, and it is, for this reason, industry watchers are likening BTCS to the opportunity of buying BTC at a dollar.
The Bitcoin Spark network has lower fees and a significantly improved transaction rate due to its many nodes. It reduced block time and increased individual block transaction capabilities. Bitcoin Spark also allows for smart contract development through a multi-layered system that reaches finality on the main network. This architecture will enable smart contract deployment in Rust and the EVM-compatible Solidity and Vyper or any other high-level language compilable to EVM bytecode. This will lead to a more diverse ecosystem of applications as it will attract a broader range of developers and smart contract styles.
The network uses a groundbreaking consensus mechanism known as Proof-of-Process (PoP). Which rewards miners for validating blocks and providing the processing power of their mining devices to the network. The project’s development team has ensured the work and power required for mining is relatively low by creating an easy-to-use mining software that can be installed on any device. Users can mine by providing secured and isolated access to their device’s processing unit.
Miners will rent out the processing power they provide to businesses or individuals requiring significant computational power through the Bitcoin Spark network. Those using remote computing power must pay with BTCS. The minting rewards for BTCS reduce in line with the revenue generated. If more revenue is generated within the Bitcoin Spark network, the minting endpoint moves further away.
Bitcoin Spark will also overlay secondary revenue-generation services on its network. This will include allocating small spaces on its website and application for advertisements. Miners will receive 50% of this revenue and extra incentives for policing the ads.
Several analysts, including Crypto Labs, have spelt out Bitcoin Spark’s potential. The project’s initial coin offering (ICO) recently moved to Phase 2 and now sells BTCS at $1.75 from $1.50. The bonus offers have been reducing from 20% to 15%, but investors still get a whopping 657% increase in investment on launch day.
For more information on Bitcoin Spark:
Website: https://bitcoinspark.org/
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