Polkadot is a developing DeFi project known widely for its efficiency, versatility, and interoperability. The network is closely associated with scalability and high performance compared to Ethereum and Bitcoin. The project was founded by an Ethereum co-founder, Dr. Gavin Wood, a well-known cryptographic figure. His contributions to the project have propelled Polkadot’s performance in all previous market cycles since the project launched in 2020. The project has been successful. However, a new crypto project called Bitcoin Spark has more hidden potential than Polkadot.
What is Polkadot?
Polkadot is a DeFi project developed to allow different blockchain networks to communicate and execute transactions without needing a third party. The platform’s native digital currency is DOT. The network is mainly focused on interoperability and scalability. Its underlying blockchain is called the relay chain, which is the governance layer of the network. The network uses the proof-of-stake consensus mechanism to run the blockchain and capitalizes on a protocol called Blind Assessment for Blockchain Extension (BABE). Although Polkadot has been on the market for a while, a new Bitcoin fork has more potential than the latter network.
Bitcoin Spark Outshines Polkadot
Bitcoin Spark is a new Bitcoin fork that uses cutting-edge technology to solve significant crypto ecosphere challenges. The project is introducing exclusive features that no other blockchain-powered project has. The network uses a new validation method called proof-of-process, which combines proof-of-work found in old-generation blockchains like Bitcoin and proof-of-stake found in more recent blockchain generations like Ethereum.
This new consensus has both miners and validators running the network at the same time. Miners and validators will get rewards in BTCS tokens, the native digital asset of the ecosystem, for approving new blocks and generating processing power for the network. Their rewards will be calculated by a mathematical algorithm mediating between proof-of-work and proof-of-stake consensus skewed towards the generation of processing power. The devs will develop a virtual reward calculator to help potential network participants calculate their potential income before they even begin the mining process.
The Bitcoin Spark network has four layers: the Execution layer, the Consensus layer, the Mining layer, and the Rewards layer. These layers have different functions but run as secluded services on the Bitcoin Spark application. The maximum supply of BTCS tokens is 21 million, of which 16.45 million BTCS tokens have been allocated to the mining rewards pool.
The supply of BTCS is capped at 21 million, like Bitcoin. However, in the Bitcoin Spark network, it will take longer before the mining supply is depleted. Devs predict that once mining starts, it will take 120 years for the maximum supply to be attained.
To enhance transparency, the Bitcoin Spark project has undergone comprehensive audits from three leading DeFi auditing firms: Vital Block, Cognitos, and Contract Wolf. All three firms have conducted a smart contract audit, and each detailed report is publicly available on the project’s whitepaper.
Vital Block and Cognitos also did a KYC audit for the team behind the project. The project is currency selling 4 million tokens in its ongoing ICO, which is currently in the third stage. Each purchase made during this stage is eligible for a 12% bonus, yielding 560% when the project goes live at an average price of $10 per token.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
