Innovation is a crucial component of technological advancement. Crypto enthusiasts highly appreciate improved technology in the blockchain arena. Projects with massive utility and modern tech reforms perform exceptionally well as they form a basis of attraction for both small and large-scale investors. Solana’s boom was exponential immediately after its debut in 2017. The technology behind the project’s development brought massive utility to the crypto arena, allowing the project to pull huge investments from enterprising blockchain lovers and venture capital firms. Here is why this new Bitcoin alternative bears more potential than Solana.
What is Solana?
Solana is a decentralized smart contract blockchain network that facilitates the deployment of smart contracts. The project came to life in 2017 thanks to developers working at Solana Foundation, a non-profit entity based in Switzerland. Solana was among the top-performing assets in the previous bull market as it utilized innovation and technology to support a self-sustaining infrastructure of blockchain games, non-fungible token marketplaces, and minting rare NFTs. However, the token has fallen drastically due to Solana’s association with Sam Bankman’s collapsed FTX. Solana whales are now landing on Bitcoin Spark, the newest Bitcoin alternative.
Bitcoin Spark vs. Solana
Solana’s biggest flex is deploying smart contracts and providing a fast network supporting transaction speeds of up to 65,000 TPS. This is a massive speed compared to Bitcoin’s 7TPS. However, Bitcoin Spark is slowly changing this monopoly. Bitcoin Spark developers are working on making the transaction speed of the imminent Bitcoin Spark network faster than that of Bitcoin and Solana. This will be achieved through creating an improved Bitcoin network with high block capacity and reduced block time.
Bitcoin Spark devs will also incorporate a smart contract layer on the network to compete with Solana and Ethereum. The smart contracts will automate executions alongside supporting other infrastructures such as blockchain gaming, NFTs, and audit, to mention but a few. The network will also use smart contracts to enhance its security while promoting scalability.
Bitcoin Spark’s native digital asset is BTCS tokens, which are currently minted on the Ethereum mainnet. Investors can grab BTCS tokens in the ongoing ICO at an average price of $2.25. All orders will attract a 10% bonus and yield 489% when the project launches at $10 per BTCS token. A total of 4 million BTCS will be distributed during the ICO in ten phases at different prices.
Bitcoin Spark developers have two main goals regarding the network’s utility, which makes the project unique to all other DeFi projects. First, the project intends to distribute mining rewards as BTCS tokens. Secondly, the network plans to save energy by using the proof-of-work, yielding processing power that can be lent out.
Upon mainnet release, the network will incorporate transaction fees that will be used to pay miners. However, the network will become gasless in two years, and all transactions will be free. You may wonder how the network will be free, yet miners and validators must be rewarded. The network will incorporate two sources of external income: advertising and lending out processing power. The revenue generated from these two streams will be used to pay miners and validators, making its underlying network technically ‘free’ for all users.
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