Dogecoin (DOGE) has had its share of the crypto limelight. However, a new Bitcoin alternative known as Bitcoin Spark (BTCS) is gaining momentum at an astonishing pace that analysts believe DOGE cannot match.
What is a Bitcoin Alternative?
A Bitcoin alternative, as the name suggests, is any digital currency other than Bitcoin (BTC). These alternatives, often referred to as altcoins, are designed with various features, improvements, or unique use cases in mind. While Bitcoin remains the pioneer and most well-known cryptocurrency, altcoins have led to a diverse ecosystem that is rapidly gaining worldwide adoption.
What is Dogecoin?
Dogecoin (DOGE) is the first-ever meme cryptocurrency, created in December 2013. Dogecoin has become one of the most popular cryptocurrencies due to its lighthearted nature, low fees, large community, and endorsements from high-profile figures like Elon Musk.
Why is Bitcoin Spark gaining momentum faster than Dogecoin?
With the growing adoption of cryptocurrencies, investors and users are increasingly seeking practical applications, speed, security, and scalability. As a meme coin and first-generation cryptocurrency, Dogecoin lacks many of these essential qualities. Bitcoin Spark, on the other hand, aims to usher in a new generation of cryptocurrencies by combining these desirable aspects.
One of the key factors driving Bitcoin Spark’s rapid ascent is its supply dynamics. It boasts a maximum supply of 21 million BTCS, which is one of the major reasons why Bitcoin (BTC) has gained popularity among many savvy investors. Bitcoin Spark also benefits from a low market capitalization, which allows its price to rally significantly. This stands in contrast to Dogecoin, which faces limitations due to its large token supply and market capitalization. The BTCS price has had a 364% increase since the Bitcoin Spark Initial Coin Offering (ICO) started. The ICO is currently in Phase 5, with BTCS trading at $2.50. However, investors expect a consistent price increase until BTCS launches at $10.
Bitcoin Spark has also tackled the issues of transaction speed and costs effectively thanks to its enhanced individual block transaction capabilities, low block time, and massive number of nodes.
Additionally, the Bitcoin Spark network has a seamlessly integrated smart contract layer that accommodates multiple high-level and low-level programming languages. This layered design ensures scalability of the network while fostering the development of diverse smart contracts and decentralized applications (Dapps) serving many use cases.
One of the most notable features of Bitcoin Spark is its novel concept of decentralized CPU and GPU rental. The network uses a groundbreaking consensus mechanism known as the Proof-of-Process (PoP). The PoP rewards users for validating blocks and contributing their processing power to the network. However, Bitcoin Spark uses the PoP with a unique algorithm that exponentially reduces the rewards per additional power to ensure a fairer distribution.
This, combined with the vast network nodes, allows for many validators, promoting decentralization and bolstering security. The Bitcoin Spark development team will provide an application that enables Mac OS, Linux, Windows, iOS, and Android users to participate in validation by granting secure access to their device’s processing unit. The contributed processing power will then be rented out to vetted individuals or organizations, who will pay for the service using BTCS. The revenue generated is then distributed among validators, providing an additional income stream for participants and fostering network growth.
Furthermore, Bitcoin Spark plans to integrate advertisements on its application and website, with advertisers using BTCS as payment. These community-policed advertisements not only support the network financially but also provide businesses with a credible platform for promotion, adding another real-world application to the Bitcoin Spark ecosystem.
These factors combined make Bitcoin Spark (BTCS) an attractive Bitcoin alternative, hence its momentum being on a trajectory that surpasses even Dogecoin (DOGE).
For more on Bitcoin Spark:
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CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
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