Innovation is an important component of technological progress. Crypto enthusiasts highly appreciate the improved technology in the blockchain sector. Projects with large-scale utility and modern technological improvements perform exceptionally well as they form the basis of attraction for both small and large investors. Solana’s popularity grew rapidly soon after its launch in 2017. The technology behind the development of the project brought massive utility to the crypto sector, allowing the project to attract huge investments from entrepreneurial blockchain lovers and venture capital firms. This is why this new Bitcoin alternative has more potential than Solana.
What is Solana?
Solana is a decentralized smart contract blockchain network that facilitates the deployment of smart contracts. The project came into existence in 2017 thanks to developers working at the Solana Foundation, a Switzerland-based non-profit organization. Solana was one of the top performing assets in the last bull market as it used innovation and technology to support blockchain games, non-fungible token marketplaces, and self-sustaining infrastructure for minting rare NFTs. However, Solana’s association with Sam Bankman’s collapsed FTX has led to a massive decline in the token. Solana whales are now descending on the latest Bitcoin option Bitcoin Spark.
Bitcoin Spark vs Solana
Solana’s largest flex is deploying smart contracts and providing a fast network supporting transaction speeds of up to 65,000 TPS. This is a huge speed compared to Bitcoin’s 7TPS. However, Bitcoin Spark is slowly changing this monopoly. Bitcoin Spark developers are working on making the transaction speed of the adjacent Bitcoin Spark network faster than that of Bitcoin and Solana. This will be achieved by creating a better Bitcoin network with higher block capacity and shorter block times.
Bitcoin Spark developers will also include a smart contract layer on the network to compete with Solana and Ethereum. Smart contracts will automate blockchain execution as well as support other infrastructure like gaming, NFTs, and audits, to mention but a few. The network will also use smart contracts to increase its security while promoting scalability.
The native digital asset of Bitcoin Spark is the BTCS token, which is currently minted on the Ethereum mainnet. Investors can acquire BTCS tokens in the current ICO at an average price of $2.25. When the project launches at $10 per BTCS token there will be a 10% bonus on all orders and a yield of 489%. A total of 4 million BTCS will be distributed in ten tranches at different prices during the ICO.
Bitcoin Spark developers have two main goals regarding the usability of the network, which makes the project unique among all other DeFi projects. Firstly, the project intends to distribute mining rewards in the form of BTCS tokens. Secondly, the network plans to save energy by using proof-of-work, allowing processing power to be loaned out.
When the mainnet is released, the network will include transaction fees that will be used to pay miners. However, the network will be gasless in two years, and all transactions will be free. You may wonder how the network will be free, yet miners and validators must be rewarded. The network will include two sources of external income: advertising and loan processing power. The revenue generated from these two streams will be used to pay miners and validators, making its underlying network technically ‘free’ for all users.
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