The Web3 arena hosts an intense competition that spearheads innovation and technology advancement. Web3 projects that host advanced technology typically remain competitive against projects with little or outdated utility. Other projects with old-generation technology risk being overthrown and outperformed by upcoming projects with better technology applications and more efficient networks and consensus mechanisms. Bitcoin Spark, a new DeFi protocol, offers a unique platform to foster the growth and development of digital economies powered by blockchain technology. The newcomers offer a potential threat to Ethereum and Bitcoin networks, making it rise among the best crypto projects to invest in in 2023.
Bitcoin Transaction speeds
Bitcoin is among the slowest networks in the entire industry. It also ranks among the most expensive blockchain networks for virtual users. The network reports a record-high transaction speed of 7 transactions per second. The network’s old version of the proof of work consensus mechanism involves a complicated process of solving complex and complicated mathematical equations to oversee network transaction validity and approve the addition of new blocks on the existing chain of Bitcoin blocks. These limitations make Bitcoin a less desirable network for decentralized virtual operations.
Ethereum as a Bitcoin alternative
For a while, Ethereum has offered a better network than what Bitcoin offers its community members. For the past decade, Ethereum has stood at the heart of Web3 innovation by pioneering smart contracts, allowing devs to foster the development of decentralized applications. However, Ethereum smart contracts have been fazed with vulnerability issues that have caused developed protocols to suffer from malicious attacks. Some protocols have lost millions of dollars in digital assets due to the vulnerable Ethereum smart contracts.
Is Bitcoin Spark a better investment than Bitcoin and Ethereum?
Great investment opportunities are spotted early in advance. While Bitcoin and Ethereum offer above-average returns from an annualized point of view, their potential income differs from this new BTC hard fork called Bitcoin Spark. With a new consensus mechanism, a more secure network, a viable digital ecosystem, and a capped max token supply, Bitcoin Spark is the next revolution of digital assets.
A successful Web3 project is seen from its initial development stages. Bitcoin Spark stands out yet is still in its ICO phase 7. The project has a detailed road map indicating a strategic outlay that involves an innovative disruption marketing method to get to the top of the ranks as the best Bitcoin alternative network. Marketing professionals and specialists head the new and unique marketing strategy through effective marketing methods such as storytelling techniques and strategic positioning.
Unlike Bitcoin Cash, Bitcoin Spark has a smart contract layer powered by different Web3 programming languages like Solidity and Vyper. The smart contract will allow automated executions on the ecosystem to power various decentralized infrastructures efficiently and with an initial reduced cost outlay.
Bitcoin Spark’s proof-of-process is the most unique and advanced consensus mechanism in Web3. The mining process will take place on Bitcoin Spark’s Vital Block audited smart contract mining layer. Since Bitcoin Spark is a lightweight network, miners will participate in the network verification process using their local handheld devices.
The miners will also have direct control over the mining activities by allocating a percentage of the mining device’s resources. This means that when a participant is using a device more, they may set the mining performance of the device to 40% to avoid interference with the device’s normal functions. However, during the night, when the device is of less use, the participant can set the mining performance to 95% to maximize the idleness of the device.
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