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The search for the next big opportunity never ends in the fast-paced world of cryptocurrency. On that note, analysts suggest that Bitcoin Spark (BTCS), a little-known altcoin, is poised to offer superior gains over Litecoin (LTC).
What is Litecoin?
Litecoin (LTC) is a Bitcoin hard fork created in 2011 by former Google engineer Charlie Lee. Litecoin has many similarities with its predecessor but also includes some unique features. Like BTC, LTC is intended to serve as a digital peer-to-peer currency, providing a reliable and efficient means of transferring value globally. However, 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 failed. Additionally, Litecoin’s block generation time is shorter than Bitcoin’s, allowing for faster transaction confirmations and lower fees.
Is Litecoin Dead?
Although Litecoin is well below its all-time high, it cannot be considered dead yet. With an active user base, functioning network, and ongoing development efforts, it still ranks among the top 15 cryptocurrencies by market cap. However, Litecoin faces some challenges. First, it relies on the Proof-of-Work (PoW) consensus mechanism, which consumes significant energy and lacks the environmental sustainability increasingly demanded in the industry. Additionally, Litecoin’s primary use case as a peer-to-peer payment system has been somewhat eclipsed by more innovative blockchains that offer a wider range of functionalities. Limited utility has made it more challenging for LTC to stand out in the competitive cryptocurrency market. Litecoin’s high market capitalization compared to smaller market cap altcoins also limits its price growth potential.
bitcoin spark
Bitcoin Spark is the latest Bitcoin hard fork. It has a fixed supply of 21 million BTCS, maintaining the scarcity factor that has made Bitcoin (BTC) a highly sought-after asset compared to gold. However, the Bitcoin Spark network offers faster and more cost-effective transactions due to its shorter block time, higher individual block transaction capacity, and larger number of nodes.
Bitcoin Spark extends its utility by supporting smart contracts and decentralized applications (Dapps). It will have a seamlessly integrated smart contract layer with multiple execution systems that ultimately reach 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 is its proprietary consensus mechanism, Proof-of-Process (POP). POP rewards miners for confirming blocks and contributing their processing power to the network. However, this unprecedented mechanism sharply reduces the rewards per additional electricity, ensuring a better distribution system. The nonlinear reward functionality, combined with Bitcoin Spark’s massive nodes, allows even miners with low-powered equipment to mine BTCS profitably. In fact, the development team of the project will launch an application compatible with Windows, Android, iOS, Linux and Mac OS, which will enable users to mine BTCS by allowing access to the processing unit of their device.
The electricity contributed by miners will be leased to organizations or individuals seeking remote computing power, with payment in BTCS. This provides a unique real-world application for crypto while helping miners bring in income from idle processing power.
Furthermore, Bitcoin Spark will leave little space for advertising on its application and website. Ads will be community-restricted to ensure safety and reliability. Advertisers will be paid with BTCS, integrating the Bitcoin Spark ecosystem with the rapidly growing marketing industry. Specifically, network participants will receive incentives for 50% of the revenue generated and control over advertisements.
The Bitcoin Spark Initial Coin Offering (ICO) has received massive investment and positive reviews from crypto experts. The project team has also taken important steps to ensure the security of investors’ assets, including conducting multiple KYC audits. The ICO is currently in Phase 6, with the price of BTCS at $2.75 and investors getting an 8% bonus.
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