Understanding The Bitcoin Spark Network

• The Bitcoin Spark (BTCS) network is seen by many as the next Bitcoin killer, competing with Ethereum, Solana, and Cardano.
• With its unique features and promises, it has already attracted the attention of investors.

Although the launch of the first cryptocurrency, Bitcoin, was highly criticized at the time, it soon gained value and attention and became a spark to light the torch, enlightening the future of the crypto space. There were several networks launched later, among which Ethereum is considered the most important, which changed the usual course of cryptocurrency. The concept of smart contracts and decentralized finance (DeFi) opened up several use cases and thus resulted in attracting more value, developers, and users. 

However, there are still several limitations to the traditional ones, with scalability and security being the primary issues. The networks were not designed to have so much traffic and now that they do, the consequences are visible in terms of higher gas fees and slow throughput. Similarly, other networks, to provide scalability, compromise the security of the network. 

Lately, the environmental concerns arising from the mining of coins are also being discussed on world stages. The need for high computational power and resources to mint coins hurts nature. The expensive equipment has also concentrated mining power on just some individuals or groups, operating like mining pools, and thus poses a possible threat to ending decentralization. 

The Bitcoin Spark Network (BTCS)

The coming-of-age network of Bitcoin Spark (BTCS) aims to end the dominance of Bitcoin and Ethereum through its unique features and cutting-edge innovations. It is based on the Proof of Process (PoP) consensus mechanism, which can be said to combine the best of both, the traditional Proof of Work (PoW) and recent Proof of Stake (PoS) mechanisms. 

Here, the users are rewarded for renting out their computational power to other users so that they too can take part in the mining process. This ensures that the power is not limited to just some groups, as is the case with Bitcoin and that decentralization is maintained. The algorithm considers both the power lent and the coins staked, to reward miners. 

The BTCS network works through the cyclic operation of its four different layers. The execution layer is responsible for selecting validators, which in turn will create blocks. It is subdivided into two other layers based on programming language and both can interact with the next layer. The consensus layer ensures that all the nodes agree on the current status of the blockchain and accept that the proposed block is valid. 

Following this are a mining layer and a rewards layer. The rewards layers read all the computational power summaries and based on mining layer data, reward the miners that took part in the execution layer. To ensure security, this layer can not read the encrypted data that is stored and transferred over the BTCS network. 

The use of Bitcoin is limited to just a transaction network and a store of value. The BTCS network is designed to allow the functioning of smart contracts as well, which can be deployed using two programming language styles. The high style allows developers to use the Solidity and Vyper languages, the EVM-compatible ones, whereas the low style allows the use of Rust as well, opening the gate for a larger audience and developers. 

Conclusion

Although several networks are called Ethereum Killers, like Cardano and Solana, BTCS is gaining attention as the Bitcoin Killer. Bitcoin has ruled the crypto space for more than a decade now and it will be quite a challenge to end its dominance and throne a new king. However, the crypto space is popular for its volatility and innovation and nothing is impossible here. It will be quite a match to witness in the coming years in the crypto space.