The Blockchain ecosystem is set to take over the technological niche. This ecosystem has had immense growth during the last decade. Being the pioneer, Bitcoin led to an immense traction rate as a number of venture capitalists invested in the ecosystem. However, due to the lack of smart contracts and improved interoperability to facilitate communication with other networks, Ethereum was developed.
The decentralized network established an immense development rate, allowing programmers to develop layer two scaling solutions. Bitcoin Spark is the new digital currency leading to increased participation in the cryptocurrency ecosystem.
What is Ethereum?
Ethereum is a layer-one scaling solution developed by Vitalik Buterin and compatriots. The Blockchain network currently uses a proof-of-stake consensus mechanism. It recently transitioned from proof-of-stake due to the high consumption power and environmental effects of PoW.
This changeover is called the purge, merge, and the surge. The native currency of the network is ETH. ETH acts as a governance token for the platform. Participants who purchase ETH can become DAOs as they can participate in the voting mechanism, leading to network changes.
Ethereum price prediction
Ethereum has been among the most widely utilized digital currency. This is because of the ability to allow developers to create applications on top of the mainnet. Digital analysts suggest that Ethereum will surge due to potential institutional investors’ interest, cash flow-based mechanism, and layer two scaling solution availability. Amid the winter run that commenced in January 2023, Ethereum has had an upsurge.
Bitcoin Spark set to eclipse Ethereum’s dominance
Amid the cryptocurrency bear market, Ethereum has slightly surged due to being a mainnet for various decentralized applications. The decentralized network also has massive crypto whales who have invested money into the project. However, it’s a new dawn for the digital currency ecosystem as Bitcoin Spark sparks a glimpse into eclipsing Ethereum’s dominance.
Regarded as the new decentralized network, Bitcoin Spark utilizes Blockchain technology to improve scalability, transparency, and interoperability. Already, the platform has been audited by Vital Block and Contract Wolf, amongst the most credible auditing platforms in the ledger technology.
New digital currency projects should consider the need for a bridging system that connects one network with other decentralized networks. Therefore, Bitcoin Spark has a bridging system where BTCS is the only initially bridgeable asset in the community. The platform is set to build its liquidity pools in other networks, such as BNB Smartchain and Ethereum.
Participants can, therefore, transfer and transact their BTCS into and from Bitcoin Spark’s platform. The bridging mechanism will enable the initial coin offering to commence on the Ethereum network and facilitate greater access to Bitcoin Spark through the native currency withdrawals on on-chain liquidity and primarily utilized exchanges. There will also be a burning mechanism that will burn the bridgeable BTCS to maintain a balance within the ecosphere.
Moreover, the platform also has an improved interoperable consensus mechanism that supports servers to communicate and exchange data in the distributed ledger. These remote call procedures enable the network participants to provide only two data streams continuously. The feature requires a distinct wallet; henceforth, Bitcoin Spark’s official application is the only wallet on the platform.
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Published at Wed, 13 Sep 2023 16:00:51 +0200