A smart contract is a consensus or agreement on the distributed ledger networks executed in autonomy after a set of predetermined conditions prevail. These automated agreements greatly influence business executions by making them fast, transparent, and free from costly intermediaries. Having several smart contracts running simultaneously also eliminates manual input, which is known to be slow and erroneous. Vitalik Buterin’s Ethereum network pioneered smart contracts. Currently, they are available on several blockchains. However, Ethereum and Bitcoin Spark smart contracts stand out among the rest.
What are Ethereum smart contracts?
Ethereum has fundamental building blocks that involve the deployment of smart contracts. The term’ smart contract’ was first mentioned in 1994 by a computer scientist named Nick Szabo. Ethereum’s smart contracts’ main advantage is to automate executions of unambiguous lines of code when set conditions become true.
Ethereum smart contracts are useful for scrutiny and auditing. They offer transparency and accountability because they are easily audited and tracked. Moreover, they also provide a sense of anonymity since the network promotes pseudonymity, which means the transactions are tied to an address that does not display identity to the public.
Smart contracts may be deployed for several reasons. For instance, they are quite useful when developing stablecoins, distributing unique digital assets, automated currency exchanges, and blockchain gaming, to mention but a few.
What is BTCS?
BTCS is a decentralized digital currency that currently exists on the Ethereum mainnet. The crypto asset is the utility token of the Bitcoin Spark ecosystem and has a maximum capped supply of 21 million tokens. The project aims to improve decentralization through the proof-of-process consensus in its network operation process.
Currently, the team is distributing 4 million tokens in the ongoing ICO. The ICO is in its twilight stages of phase three, where each BTCS token is going for $2. Additionally, everyone who purchases the tokens before this phase ends will get a 12% bonus from the team for early adoption.
Unlike other networks like Ethereum and Bitcoin, Bitcoin Spark promotes and encourages validators to join the network. Bitcoin and Ethereum have massive entry barriers that keep retailers away. For instance, the minimum stake amount required to become an Ethereum validator is 32 ETH. On the other hand, Bitcoin mining is expensive to start and consumes a lot of electricity.
The lightweight Bitcoin Spark network allows handheld electronic devices to carry out validation operations. This increases the number of validators in the network, leading to increased security. When the number of validators increases, the risk or chances of a 51% attack is reduced.
This is not the case in Bitcoin mining since over 50% of the mining operations are executed by two mining firms Antpool and Foundry USA. If these firms decide to merge and alter the infrastructure of Bitcoin’s blockchain, the network’s security will be compromised. In the case of Bitcoin Spark, unlimited devices will mine BTCS tokens at any given time since the validation operations will be controlled by the Bitcoin Spark application that is currently under development.
This application will be available on Mac OS, iOS, Android, and Windows-powered devices. The mining will take place on the device’s background through the Graphics Processing Unit (GPU) or Central Processing Unit (CPU) and the Random Access Memory (RAM) without messing with the device’s normal operations as prompted by the owner.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark
Buy BTCS: https://network.bitcoinspark.org/register
Source: https://www.analyticsinsight.net/learn-why-ethereum-and-bitcoin-spark-are-the-best-crypto-for-smart-contracts/