The Rise of Blockchain Ecosystem and the Emergence of Bitcoin Spark
Introduction
The Blockchain ecosystem has experienced significant growth in the past decade. Bitcoin, being the pioneer, attracted venture capitalists and investors. However, the lack of smart contracts and interoperability led to the development of Ethereum.
What is Ethereum?
Ethereum is a layer-one scaling solution developed by Vitalik Buterin and his team. It uses a proof-of-stake consensus mechanism and recently transitioned from proof-of-work due to its high energy consumption. The native currency of the network is ETH, which acts as a governance token.
Ethereum Price Prediction
Ethereum has gained popularity due to its ability to allow developers to create applications on top of its mainnet. Analysts predict that Ethereum will continue to surge due to institutional investors’ interest, the availability of layer two scaling solutions, and its cash flow-based mechanism.
Bitcoin Spark Set to Eclipse Ethereum’s Dominance
Despite Ethereum’s dominance as a mainnet for decentralized applications, Bitcoin Spark is emerging as a potential competitor. Bitcoin Spark utilizes Blockchain technology to improve scalability, transparency, and interoperability. It has already been audited by reputable platforms like Vital Block and Contract Wolf.
The Bridging System and Liquidity Pools
Bitcoin Spark has a bridging system that connects different decentralized networks. The platform aims to build liquidity pools in networks like BNB Smartchain and Ethereum. Participants can transfer and transact their BTCS (Bitcoin Spark’s native currency) through the bridging mechanism. Additionally, there will be a burning mechanism to maintain balance within the ecosystem.
Improved Interoperable Consensus Mechanism
Bitcoin Spark has an improved interoperable consensus mechanism that enables servers to communicate and exchange data in the distributed ledger. This feature requires a distinct wallet, and Bitcoin Spark’s official application serves as the only wallet on the platform.
