Memecoins have a stable foundation in the virtual world after the inauguration of Dogecoin. Dogecoin became the first meme coin to hit the market. The cryptocurrency was pioneered by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer in 2013 as a joke, copying Bitcoin’s lines of code. Elon Musk has expressed his love for meme coins on several occasions by promoting Dogecoin in 2022 on his now-acquired X platform. However, the project’s future will likely change with the development of another Bitcoin alternative called Bitcoin Spark.
Dogecoin Limitations
Dogecoin is a close associate of Bitcoin. It is typically regarded as the first Bitcoin alternative to use the same lines of code as Bitcoin. Like Bitcoin, the network uses the proof-of-work consensus mechanism to validate transactions and verify new blocks. While mining DOGE, miners use complex mining equipment such as sophisticated computers to solve complicated mathematical equations and, in return, earn DOGE. The consensus has a high affinity for energy and has deep environmental concerns through increased carbon footprint. Bitcoin Spark plans to change this through a new validation method called proof-of-process.
Bitcoin Spark has more potential than Dogecoin
Dogecoin is a meme coin that lacks utility and functionalities that benefit the virtual world. Besides being used for transactions and as a store of value, the cryptocurrency has no other use cases. Bitcoin Spark is a new alternative that brings massive changes that Dogecoin cannot compete with. The project (Bitcoin Spark) will be the first project to integrate the proof-of-process consensus mechanism.
The proof-of-process consensus mechanism is an all-new validation method that benefits from the merits of proof-of-work and proof-of-stake. The two verification methods are then combined with a special algorithm that tracks the activities of network participants and rewards them accordingly.
Bitcoin Spark will also integrate two in-house income-generating streams that will involve lending out processing power and advertising on Bitcoin Spark’s incoming platforms. Proof-of-process miners will verify transactions, add new blocks to the network, and generate the processing power to be lent out for virtual executions such as video rendering. After mining, the network validators will be compensated in BTCS tokens, the ecosystem’s native digital asset.
Bitcoin Spark will also introduce an advertisement feature to monetize its massive community members. The platform’s devs are developing applications supported by different operating systems to allow miners to use handheld electronic devices to mine BTCS tokens. The team will seclude free spaces on the applications and the website to create advertisement slots that brands and companies will pay in BTCS to air their products and services to Bitcoin Spark community members.
Bitcoin Spark will also be the first Bitcoin alternative to house smart contract layers for third-party developers. The smart contracts permit the deployment of decentralized applications in EVM-compatible languages such as Solidity and Vyper. The layers will also accommodate developers using other high and low-end programming languages compatible with the EVM bytecode. Smart contracts will make the project more scalable in promoting more comprehensive development of technical systems.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
