Avalanche (AVAX) is making significant strides in the cryptocurrency world, poised to secure a spot among the top 20 cryptocurrencies. Its impressive performance and growing ecosystem have caught the attention of investors and enthusiasts alike.
Amidst this crypto surge, a new Bitcoin fork, Bitcoin Spark (BTCS), looks primed for a place in the top league. As AVAX and BTCS thrive in greater recognition and adoption, the crypto landscape becomes increasingly competitive and intriguing.
What is Avalanche?
Avalanche (AVAX) is a blockchain platform created as an Ethereum alternative due to Ethereum’s high fees and slow transactions. It strives to provide a highly scalable and efficient blockchain infrastructure for dApps and custom blockchain networks. AVAX has a market cap of around $7 billion. It’s known for being fast and scalable, billing itself as the fastest smart contract platform in the blockchain industry.
AVAX supports three blockchains, including one for smart contracts and decentralized apps. AVAX, the native cryptocurrency of the Avalanche platform, is used for various purposes within the network, including transaction fees, staking, and participating in the platform’s governance.
Users pay lower gas fees in AVAX compared to Ethereum. AVAX has a capped supply of 720 million tokens, with over 270 million in circulation. You can also stake AVAX because it uses a proof-of-stake consensus mechanism.
Bitcoin Spark (BTCS)
BTCS is a blockchain project deploying innovative concepts to simplify and democratize cryptocurrency mining. Bitcoin Spark employs a unique consensus mechanism called Proof of Process (PoP) to make the mining process more accessible to a wider range of users, regardless of their technical expertise or resources. Bitcoin Spark’s mission is to solve speed, scalability, and costs and introduce smart contracts lacking in the Bitcoin ecosystem.
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Bitcoin is running an exciting ICO, currently in phase five at $2.50 per token with a 9% bonus. BTCS holders who onboard during phase five expect to realize an ROI of 436% on a successful launch in November.
The BTCS application serves as a user-friendly gateway for individuals to participate in mining and earn rewards. It runs within a secure virtual environment, ensuring that it doesn’t interfere with other processes on the user’s device. BTCS aims to distribute rewards based on the work done and the user’s stake in the network, promoting decentralization and inclusivity.
How to mine Bitcoin Spark?
Bitcoin Spark aims to make cryptocurrency mining more secure and accessible through innovative features. It simplifies and democratizes mining, allowing “Anyone to mine” and contributes to a more secure and decentralized network.
Bitcoin Spark will provide an application for Android, iOS, Windows, Mac, and Linux, enabling users to lend their device’s processing power to the network. Initially, this is used for hexadecimal hash decoding, similar to traditional proof-of-work, but with a varying reward distribution.
Unlike traditional linear reward systems, where higher processing power directly correlates with higher rewards, Bitcoin Spark’s rewards are non-linear. A significantly higher hash rate won’t proportionally increase rewards to prevent overloading the network with excessive hash power.
Miners can choose the portion of their device resources dedicated to mining. For example, someone using their PC during the day for other tasks might allocate 40%, while a nighttime miner might set it at 95% to maximize earnings. The Bitcoin Spark application creates a secure virtual environment separate from the device’s operating system, enhancing security.
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Miners are compensated for their participation through multiple revenue streams, including transaction fees and income from the product. This diversified income approach ensures profitability, even during fluctuations in energy and asset prices.
Bitcoin Spark promotes network security by encouraging widespread participation. With a more extensive network, the risk of a 51% attack decreases significantly.
