Bitcoin Spark vs Dogecoin: Is BTCS set out to Outshine DOGE?

Introduction:

The rapidly evolving crypto landscape serves as a stage where major projects showcase their distinctive attributes, inviting investors and analysts to make comparisons. The latest focus point in this ongoing narrative is the comparison between the new fork of Bitcoin and the stature that the first memecoin has made for itself – Bitcoin Spark (BTCS) and Dogecoin (DOGE).

Memecoins surged into the crypto scene, riding a massive wave of popularity. These decentralized digital currencies gained traction thanks to the buzz in social media circles and the efforts of blockchain enthusiasts who helped raise awareness. A classic example of that is Dogecoin, which was created to address scalability and interoperability challenges faced by Bitcoin.

This decentralized platform started as a humorous take on virtual digital currency, leading notable figures like Elon Musk, the CEO of Tesla, to tweet about the project. Meanwhile, there comes a fresh contender who is set to make a significant impact in the crypto world. Bitcoin Spark is a newcomer in the blockchain ecosystem, promising a range of innovative methods for generating revenue.

With both contenders displaying unique characteristics and garnering significant attention, it is time we delve deeper into knowing them better and the strengths and weaknesses that they possess.

What is Bitcoin Spark (BTCS)?

Much like its namesake, Bitcoin Spark is a fresh entrant in the vast landscape of digital currency. It shines as a beacon of potential, set to energize the crypto market with its innovative technology, robust blockchain infrastructure, and the promise of substantial returns. By merging the strengths of Proof of Stake and Proof of Work , BTCS achieves the dual benefit of better decentralization and security while providing more inclusive user participation. This strategy effectively eases the centralization issues that commonly come with traditional PoW-based crypto, where mining control can become available only within a select few.

Another major update is the BTCS’ smart contracts layer. This expands the platform’s capabilities, unlocking the vast potential of decentralized applications and pioneering new use cases for blockchain technology. Smart contracts have emerged as the cornerstone of innovation, transforming the execution of transactions and agreements in the digital realm. 

For investors, this represents a second chance to be part of the crypto potential surge from its inception. This time around, you benefit from hindsight, witnessing Bitcoin’s growth and possessing the foresight of what crypto can achieve. Bitcoin Spark stands as the opportunity you may have longed for to realize those early Bitcoin investment aspirations.

Bitcoin Spark’s Unique Approach:

What stands unique from the very first look at BTCS is how the Bitcoin Spark ecosystem has adopted a new consensus mechanism of Proof of Process. This is a groundbreaking approach that breaks away from conventional methods to achieve a more equal distribution of rewards.

The crypto asset, Bitcoin Spark, serves a practical purpose by targeting the existing challenges experienced by many cryptos, namely, scalability and transaction fees. Furthermore, it introduces an innovative approach to transaction validation and block generation, with the exact details of this method kept confidential but designed to ensure fairness and inclusivity. Everyone, irrespective of the fact of them being technically sound or having advanced hardware, will be able to take part in the mining process.

Follow: Bitcoin Halving Countdown Live

What is Dogecoin (DOGE)?

DOGE, one of the original memecoins, drew its inspiration from a Shiba Inu dog meme to mock the speculative nature of the crypto industry. It was brought to life in 2013 by software engineers Billy Markus and Jackson Palmer. Interestingly, what started as a lighthearted joke quickly gained momentum, propelling DOGE into the top 10 crypto by market capitalization.

As stated on the Dogecoin website, Dogecoin operates as an open-source, peer-to-peer digital currency that utilizes a Proof of Work (PoW) consensus mechanism on its blockchain network. Similar to Bitcoin, miners dedicate their computational resources to solving a mathematical problem (albeit an easier one) to validate transactions and earn Dogecoin rewards.

What makes DOGE Unique?

Even though it is a meme coin, DOGE has its set of features that help to make the token stand out in the crypto crowd. A few of them are as listed below:

• The DOGE blockchain has a quick block time of one minute, which helps in facilitating speedy and efficient transactions.
• As communities are an integral part of any crypto asset, DOGE has a passionate, loyal community known as the “Dogearmy.” These community members actively support and promote the coin on social media.
• Dogecoin has an infinite supply of tokens, and fixed amounts of tokens are added to the market every year.
• The development of the DOGE ecosystem is worked on by the Dogecoin Foundation, a US-based non-profit organization established in 2014.

Additional Read: Dogecoin vs Shiba Inu

Why is Bitcoin Spark outshining Dogecoin?

As the global adoption of crypto continues to grow, investors are now seeking out digital assets with more practical applications. Users, too, are demanding improved speed, security, and scalability from these assets. Dogecoin (DOGE), a first-generation crypto and meme coin, falls short in many of these aspects.

Enter Bitcoin Spark, poised to usher in a new era of crypto by combining these desired attributes.

The maximum supply of Bitcoin Spark is 21 million BTCS tokens. The network distinguishes itself with rapid transaction processing and low fees, achieved through enhanced individual block transaction capabilities, low block time, and a substantial number of nodes. Bitcoin Spark also encourages the development of a wide array of smart contracts and decentralized applications (Dapps) on its network. It features a seamlessly integrated smart contract layer with distinct execution systems that provide singular finality on the main network, allowing developers to use both high-level and low-level programming languages.

Furthermore, Bitcoin Spark employs a novel consensus mechanism known as Proof-of-Process (PoP), combined with its extensive node network, which addresses concerns associated with Dogecoin’s Proof-of-Work (PoW). PoP rewards miners non-linearly for block confirmation and renting out the processing power of their mining devices to the network. This means that a 2x higher hash rate does not result in 2x rewards. With a greater number of nodes, the entry barrier for miners is reduced, making it accessible to more individuals and negating the centralization risks.

The Bitcoin Spark application permits users on Windows, Linux, Mac OS, iOS, and Android devices to mine BTCS, providing secure and isolated access to their device’s processing unit.

Notably, Bitcoin Spark will offer its processing power to vetted individuals and organizations in need of remote computational resources, with payments made in BTCS, adding a practical real-world use case to the crypto. The revenue generated will be distributed among miners, creating an additional income stream.

The Bitcoin Spark application and website will feature advertising spaces subject to community governance to promote decentralization and credibility. Advertisers will use BTCS for payments, leveraging the advertising industry’s growth to generate revenue for the network and its participants while expanding Bitcoin Spark’s real-world applications.

Beyond its technological capabilities, Bitcoin Spark’s low market capitalization positions it for substantial price rallies. Unlike Dogecoin, which faces limitations due to its large market cap and high token supply, BTCS has experienced a huge price increase since the start of its Initial Coin Offering (ICO). The ICO is currently in Phase 4, offering BTCS at $2.25 with a 10% bonus.

Conclusion

Being a fork from one of the infamous crypto assets to exist to date, Bitcoin, BTCS has been garnering quite an interest. Dogecoin, however, has backing from one of the most influential people, Elon Musk. Though they possess unique features, the choice of them being a part of your portfolio needs to come after a thorough research of your own. While Dogecoin has already made a name for itself and stands within the top 10 crypto assets as per market cap, Bitcoin Spark is just walking its initial stage with the potential to disrupt the crypto industry. The ongoing battle of Bitcoin spark vs Dogecoin is yet to be unfolded. Keep an eye out for the price predictions of the tokens by CoinDCX.