The digital currency ecosystem is the sphere that will transform the traditional finance niche. Since the invention of Bitcoin, several venture capitalists and individual investors have joined the bandwagon. It is an indication of the immense potential embedded in the field.
Nevertheless, the decentralized ecosphere continues to revolutionize with new startups each year. In 2023, blockchain technology has unveiled Bitcoin Spark, a proof-of-process digital platform. Despite being in the initial stages, the platform has managed to gain insights from retail and institutional investors.
What is a Bitcoin Fork?
A Bitcoin fork is also known as a hard fork. A hard fork is a radical rule set on a digital network that causes changes. Hard fork works in a manner of agreement between computers connected simultaneously while confirming a block; unlike soft fork, which allows new users to communicate with told users having old rules, hard forks only confine to the new changes.
When a hard fork agrees to the new and old changes, it will cause a split into two. The fiasco between decentralized autonomous organizations in the voting mechanism caused the Ethereum network to split into Ethereum Classic and Ethereum.
Why Was Bitcoin Cash So Successful?
Bitcoin Cash is a digital network developed in 2017 using Bitcoin’s source code. The digital platform has surged due to exponential market interest and support from financial institutions and individuals. Bitcoin is among the prominent decentralized platforms in the distributed ledger. Nevertheless, it lacks smart contracts.
Bitcoin Cash, also a hard fork, has incorporated smart contracts within its network, facilitating automatic transactions. In addition, the network can conduct 100 transactions compared to Bitcoin’sBitcoin’s seven transactions per second.
Bitcoin Spark Manages to Raise 2M in Less than Two Months.
The new Bitcoin hard fork has made a significant milestone by raising $2 million in five short weeks. Despite being in phase five of the ongoing presale, Bitcoin Spark has managed to gain massive support from institutional and individualist entrepreneurs. The project’s achievement can be attributed to its new proprietary mechanisms that entail developments. Like other prominent cryptocurrencies, Bitcoin Spark has been audited by three comprehensive and trusted auditing firms: Cognitos, Contract Wolf, and Vital Block.
The decentralized platform has met all important Web3 requirements, including transaction speed, scalability, interoperability, and network efficiency. A more extinguishing factor is that Bitcoin Spark has implemented smart contracts containing multiple layers. These layers allow network operation with compatible EVM languages such as Vyper, Solidity, or any other high-level language that aligns with the EVM bytecode. The platform allows the entrance of distinct developers to promote a variety of developer programs and smart contract innovations.
The decentralized network has a similar token supply as Bitcoin, 21 million BTCS tokens. The 21 million tokens have been allocated to the mining reward pool and launch supply. The launch supply tokens have also been distributed to pre-launch liquidity pools and exchanges, team tokens, and initial coin offerings. Bitcoin Spark is a compelling network with visions and goals that lead to the development of blockchain technology. Users can purchase the native token BTCS as cheaply as $2.50 in phase 5 of the presale.
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