Decentralized Finance (DeFi) is one of the fastest-growing financial ecosystems in the world. The ecosystem is powered by the distributed ledger technology called blockchain. DeFi involves the development of virtual currencies that aim to spread decentralization in the financial world, which banking institutions currently centralize. DeFi projects like Bitcoin Spark and XRP are redefining DeFi through improved speed and security compared to decentralized platforms.
Ripple Labs developed XRP as a crypto asset to enhance and improve global transactions for institutions such as banks. Moreover, enterprising fans usually hold XRP for capital gains during bull cycles when the market offers returns or as a store of value and an edge against inflation. Ripple Labs developed XRP in 2011 under the leadership of Chris Larsen and Jed McCaleb. The digital asset has a capped supply of 100 million tokens.
DeFi has seen the birth of a promising Bitcoin hard fork project called Bitcoin Spark, rivaling established projects like XRP. Bitcoin Spark promises a change in DeFi through an improved innovation called proof-of-process, which serves as the platform’s core validation process. The project looks to solve most of the demerits experienced by Web3 netizens on the Bitcoin, Ethereum, and XRP networks.
Bitcoin Spark is currently in its initial stages of ICO phase 4. BTCS, the platform’s utility and gas token, currently retails for $2.25, which is subject to change in the next ICO phase 5. All participants who purchase the project’s BTCS tokens during this phase will get a 10% bonus from the team as a sense of gratitude for early participation. Additionally, investments made from 1st to 11th September (phase 4 duration) will yield 489% capital gains when the project debuts retailing BTCS tokens for $10 each.
Bitcoin Spark offers better solutions for Web3 use cases compared to Ripple Labs’ XRP. Bitcoin Spark’s uniqueness comes from its exclusive gas feature. The project aims to establish a gas-free network where users can transact without paying fees. However, upon launch, the platform will incorporate gas fees, delivered in BTCS tokens but still significantly lower than most decentralized blockchain-powered projects. Cognitos, Vital Block and Contract Wolf have also audited Bitcoin Spark,
The fee functionality on the Bitcoin Spark network gas fees will resemble that of other networks in terms of instant demand and complexity of contracts while simultaneously being dependent on the balance of product revenue. The proof-of-process consensus will distribute all network gas fees to network validators presiding over the network.
Proof-of-process entails a specialized and highly efficient algorithm that controls proof-of-work and proof-of-stake activities in the network. The algorithm manages the standardization of rewards between miners and validators. Miners on the Bitcoin Spark network will receive BTCS tokens for adding new blocks and providing processing power that will use for computational tasks. The platform is also developing software applications to heighten the proof of process network validation process by allowing participants to mine BTCS using their smart devices.
The rewards will be measured from the processing power provided, which serves as the ‘work’ aspect of the network. The network ensures the process is decentralized by exponentially decreasing rewards for more significant stakes. As well as rewards per additional power so that no single entity cannot fully take control of the network.
Validators can access an online calculator that, when prompted with figures, will define their possible returns. This way, these network participants will know their potential income before engaging in mining activities on the network.
Website: https://bitcoinspark.org/
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