The world has witnessed the rise of many cryptocurrencies since Bitcoin (BTC). Bitcoin Spark (BTCS) and Litecoin (LTC) stand out as promising contenders within the race for cryptocurrency supremacy. However who will dominate?
What’s Litecoin?
Litecoin is a cryptocurrency that was created from a fork within the Bitcoin blockchain in 2011 with the aim of fixing a few of Bitcoin’s limitations. The Litecoin blockchain has a sooner block time than Bitcoin, which implies it could possibly deal with extra transactions per second (TPS) and preserve decrease charges. Moreover, Litecoin has a bigger coin provide, capped at 84 million LTC.
How one can mine LTC?
Identical to Bitcoin, Litecoin makes use of a Proof-of-Work (PoW) consensus mechanism. This implies mining LTC includes fixing complicated mathematical puzzles utilizing computer systems. Litecoin, nonetheless, makes use of a hashing algorithm generally known as Scrypt, relatively than the SHA-256 utilized by Bitcoin. The Scrypt algorithm initially favored CPU and GPU miners, making it extra accessible to people with commonplace pc {hardware}. Nevertheless, the mining panorama has developed over time, and specialised mining {hardware}, generally known as ASICs (Software-Particular Built-in Circuits), have change into prevalent for Litecoin mining. Thus, the possibilities of getting a profitable block with a low-powered system like a daily pc are very low. This has led to considerations of decentralization being raised because the ASICs are very costly. Moreover, the PoW system requires important vitality regardless of the intervention of Scrypt, and thus, there are nonetheless considerations about its environmental impression.
What’s Bitcoin Spark?
Bitcoin Spark is a brand new Bitcoin fork that analysts consider is rewriting the historical past of Bitcoin (BTC). The crypto has the identical core tokenomics as Bitcoin, however with an extended time till the utmost provide of 21 million is reached. It additionally boasts quick transaction processing and decrease gasoline charges as a result of elevated particular person block transaction capabilities, diminished block time, and a large variety of nodes.
Bitcoin Spark goes past being a easy P2P (Peer-to-Peer) fee system by integrating a wise contract layer inside its community. The multi-layered design maintains the scalability of the community whereas permitting for a wide range of programming languages for use. Bitcoin Spark due to this fact encourages variety within the good contracts and decentralized functions (Dapps) within its network.
How to mine BTCS?
BTCS mining is different from any other crypto mining process. Bitcoin Spark uses a novel consensus mechanism that rewards miners for validating blocks and providing processing power, known as the Proof-of-Process (PoP). The PoP is combined with an algorithm that decreases rewards per additional power exponentially to ensure a fairer distribution of rewards.
The Bitcoin Spark development team, before releasing the network’s repository for developers to create their own mining software, will provide an application that allows users to mine by permitting access to their device’s processing unit. The application will be compatible with iOS, Android, Windows, Mac OS, and Linux, opening up BTCS mining to virtually anyone with a smart device. The app will function in a virtual environment isolated from the device’s operating system to ensure security. It will also regularly adjust the device resources used to manage overheating, battery, and simultaneous usage needs. This approach greatly reduces the work and power required for mining.
The miners’ processing power will then be safely rented out to Bitcoin Spark’s clients as remote computing power. Those using the network for this service will pay with BTCS, which will be automatically sent to the mining pool. Thus, miners in the Bitcoin Spark network will receive new BTCS coins, transaction fees, and income from renting out their CPU/GPU power.
The Bitcoin Spark Initial Coin Offering (ICO) offers investors a chance to get BTCS before it officially hits the market. Phase 3, which is almost coming to an end, is selling BTCS at $2.00 with a 12% bonus. Notably, investing during this phase grants a 560% profit by launch day.
Conclusion
Bitcoin Spark (BTCS) and Litecoin (LTC) both have their pros and cons. And although the outcome of this battle remains to be seen, their different approaches showcase the diversity and innovation that fuels the crypto industry.
For more information on Bitcoin Spark:
Website: https://bitcoinspark.org/
