The crypto ecology has seen rapid growth in the decentralized virtual world. While some projects like Terra Luna are dead, others like Bitcoin and Bitcoin Spark continue to show immense potential, especially with the imminent bull market. Bitcoin and Bitcoin Spark have similar tokenomics and utilities, ranking them among the best projects to invest in. However, Bitcoin Spark has massive utilities that make it a worthy investment compared to Bitcoin and the already dead Terra Luna Classic.
What is Terra Luna Classic?
Terra Luna Classic is the native digital asset of the initial Terra blockchain and was launched in 2018. At the time of the token’s debut, the token was dubbed LUNA. With the collapse of the algorithmic stablecoin TerraUSD (UST), the ecosystem’s community voted in favor of developing a new blockchain. The token was developed by Terra Labs, an organization headed by Do Kwon at the time of the UST debacle.
Bitcoin Spark is the next big thing
Bitcoin Spark is quickly gaining traction among crypto-savvy investors. The project showcases a unique feature the blockchain world has yet to see. Bitcoin Spark’s native token is BTCS which has similar tokenomics to Bitcoin. The max supply of BTCS tokens is 21 million. Out of these, only 4.55 million tokens will be released for circulation when the project officially launches in November. The remaining 16.45 million tokens will be allocated to reward pools for the network participants.
Bitcoin Spark’s Initial Coin Offering (ICO) is set to commence on 1st August 2023. Phase 1 of the ICO will run from 1st August to 11th August 2023, where each BTCS token will sell for a significantly discounted price of $1.50. Additionally, the team will issue a 20% bonus on all orders executed during this phase to investors as a token of appreciation for investing in the project early.
Bitcoin uses a proof-of-work consensus model to verify and approve transactions on the network. The process is also vital in sustaining the ecosystem as it adds new blocks to the existing chains and demonstrates the data incepted on the new blocks. This process is called mining. Bitcoin mining is highly profitable. However, the process requires sophisticated computers, which need high volumes of electricity to solve complex mathematical problems. In return, miners are awarded BTC, the native digital currency of the Bitcoin network.
On the other hand, Bitcoin Spark brings decentralization to mining. The network has far less complex mathematical challenges, requiring low electricity and mining computers with less computing power. On this note, the Bitcoin Spark team is working on a new software mining application compatible with Mac, Windows, Linux, and Android devices. This application will remove most entry barriers associated with mining, allowing users and participants to mine remotely and in the comfort of their homes.
Bitcoin Spark also has a network validator who will stake BTCS in exchange for rights to help miners manage the network. Having miners and validators running the same network is a relatively new concept in the crypto realm. This is only possible through the proof-of-process consensus mechanism that combines the two transaction verification methods alongside a technological algorithm that standardizes returns for the network participants.
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