Smart contracts have become a paradigm shift in the financial world. These technological reforms have reshaped the finance sector by automating the execution of commands in the blockchain networks. Smart contracts are closely associated with several advantages, including promoting transparency, automation, cheap executions, and fast data transfer. Smart contracts are found on Ethereum, Cardano, and Bitcoin Spark networks.
Ethereum and Cardano Smart contracts
Ethereum was the first smart contracting platform to launch. The blockchain was developed to accommodate smart contracts that execute arbitrary computations, allowing developers to create decentralized applications (dApps). The network was initially a proof-of-work blockchain like Bitcoin allowing miners to mine ETH by solving complex mathematical algorithms to approve transactions and add new blocks to the network. At the same time, each node ran a smart contract as part of the network verification process.
However, in 2022, Ethereum transformed from proof-of-work to proof-of-stake, which replaced mining with staking. The transition was dubbed ‘The Merge’, which made the Beacon Chain the main engine for all data in the Ethereum network. Cardano is also a smart contract platform. The project was developed by an Ethereum co-founder named Charles Hoskinson, who intended to create a better alternative to Ethereum.
What is BTCS?
BTCS is the native utility and gas token of a new Bitcoin fork called Bitcoin Spark. The project is among the most grossing crypto platforms with advanced features and technologies designed to solve challenges affecting Bitcoin, Cardano, and Ethereum networks. The platform has similar tokenomics to Bitcoin, with a maximum token supply of 21 million.
However, the project differs from Bitcoin in that it will take longer until its maximum token supply is attained. Bitcoin Spark developers have allocated most of the maximum token supply to the mining pools, equivalent to 16.45 million tokens (78.33% of the full token amount). It will take more than 120 years before this mining supply is depleted.
The Bitcoin Spark ecosystem will also have smart contract layers to enhance scalability and automation. Developers will have a chance to use both high-level and low-level programming languages compatible with the Ethereum Virtual Machine bytecode. Such languages include Solidity and Vyper.
The network will incorporate a side-by-side layer for devs to deploy smart contracts in Rust with all settlements reached on the Bitcoin Spark mainnet. The numerous programming languages and the deployment of smart contracts in Rust will promote the development of a wide variety of decentralized innovations.
In DeFi, investors’ security should be the number one goal. Bitcoin Spark has adhered to this notion by undergoing detailed, comprehensive audits from three reputable auditing firms: Contract Wolf, Cognitos, and Vital Block. These firms have investigated the network’s smart contract as well as the KYC or identity verification audits for the founders. The reports on the audits are on the project’s whitepaper.
Bitcoin Spark is still a seedling in the garden. However, the project’s potential growth is clear. The project has an ongoing presale vending BTCS tokens at a discounted price of $2. The ongoing ICO is in phase three, ending soon as more purchases flow in. Buy BTCS now before the next ICO phase begins.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
