The search for the next big opportunity is never-ending in the fast-paced world of cryptocurrency. On that note, analysts suggest Bitcoin Spark (BTCS), a little-known altcoin, is set to provide superior gains over Litecoin (LTC).
What is Litecoin?
Litecoin (LTC) is a Bitcoin hard fork that was created in 2011 by Charlie Lee, a former Google engineer. Litecoin shares many similarities with its predecessor but also incorporates some distinctive features. Like BTC, LTC’s purpose is to serve as a digital peer-to-peer currency, offering a reliable and efficient means of transferring value globally. However, the LTC supply is capped at 84 million. The Litecoin blockchain employs a Proof-of-Work (PoW) consensus mechanism to validate transactions and secure the network. However, it uses a different hashing algorithm that was intended to make it more resistant to specialized mining hardware but has been unsuccessful. Additionally, Litecoin’s block generation time is shorter than Bitcoin’s, allowing for faster transaction confirmation and low fees.
Is Litecoin dead?
While Litecoin is significantly below its all-time high, it can’t be considered dead yet. It still ranks among the top 15 cryptocurrencies by market cap, with an active user base, a functioning network, and ongoing development efforts. However, Litecoin does face some challenges. First, it relies on the Proof-of-Work (PoW) consensus mechanism, which consumes significant energy and lacks the environmental sustainability increasingly sought after in the industry. Additionally, Litecoin’s primary use case as a peer-to-peer payment system has become somewhat overshadowed by more innovative blockchains that offer a wider range of functionalities. The limited utility has made it more challenging for LTC to stand out in the competitive cryptocurrency market. Litecoin’s high market capitalization also limits its price growth potential when compared to altcoins with smaller market caps.
Bitcoin Spark is the latest Bitcoin hard fork. It has a fixed supply of 21 million BTCS, retaining the scarcity factor that has made Bitcoin (BTC) a highly sought-after asset fervently compared to gold. However, the Bitcoin Spark network offers faster and more cost-efficient transactions due to its short block time, high individual block transaction capacity, and massive number of nodes.
Bitcoin Spark expands its utility by supporting smart contracts and decentralized applications (Dapps). It will have a seamlessly integrated smart contract layer with multiple execution systems that all reach finality on the main network. The layered design ensures scalability and encourages diversity by allowing developers to use a variety of popular high-level and low-level programming languages.
What sets Bitcoin Spark apart most is its proprietary consensus mechanism, the Proof-of-Process (PoP). The PoP rewards miners for confirming blocks and contributing their processing power to the network. However, this groundbreaking mechanism exponentially reduces rewards per additional power, ensuring a fairer distribution system. The nonlinear rewards functionality, combined with the Bitcoin Spark’s vast nodes, allows even miners with lower-powered devices to mine BTCS profitably. In fact, the project’s development team will launch an application compatible with Windows, Android, iOS, Linux, and Mac OS, which will enable users to mine BTCS by simply permitting access to their device’s processing unit.
The miners’ contributed power will be leased to organizations or individuals seeking remote computing power, with payments made in BTCS. This provides a unique real-world application for the crypto while helping miners bring income from otherwise dormant processing power.
Furthermore, Bitcoin Spark will leave small spaces for advertising on its application and website. The ads will be community-policied to ensure security and credibility. Advertisers will be required to pay with BTCS, integrating the Bitcoin Spark ecosystem with the booming marketing industry. Notably, network participants will receive 50% of the revenue generated plus incentives for policing the ads.
The Bitcoin Spark Initial Coin Offering (ICO) has received massive investments and positive reviews from crypto experts. The project’s team has also made significant steps to assure the security of investors’ assets, including conducting multiple KYC audits. The ICO is currently in Phase 6, with BTCS priced at $2.75 and investors getting an 8% bonus.
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