and medium of exchange. As the name suggests, DeFi is actively controlled by community members through decentralized decision-making processes such as voting. DeFi’s sustainability is supported by peer-to-peer transactions held together by different software and hardware, connectivity, and security protocols.
DeFi has grown massively since Bitcoin’s mainstream adoption in the 2013 bull market cycle. New projects like Monero and Litecoin emerged to promote the industry’s growth further. However, with its utility and functionalities, this new Bitcoin alternative could render the two networks out of use.Monero is an open-source but opaque blockchain network developed to enhance the anonymity of transactions. The platform capitalizes on the egalitarian consensus to mine its native digital asset, XMR.
Currently, the lion’s share of Bitcoin mining pool activities is centrally controlled by two large mining firms, Antpool and Foundry USA. The project failed to achieve its Bitcoin decentralization goal and has since evolved into a mineable coin that supports peer-to-peer transactions.Bitcoin alternatives are among the major projects spearheading the adoption of cryptocurrencies. These projects look to solve the major shortcomings lingering on the Bitcoin network.
Compared to mining Bitcoin, mining on the Bitcoin Spark network is more decentralized. Miners on the Bitcoin Spark network must solve less complex equations to verify transactions and add new blocks to the network. The platform will also reduce the initial outlay of costs required to mine on the network. This means it will be easier to begin mining on Bitcoin Spark than mining the Bitcoin network.
The native digital asset of Bitcoin Spark is BTCS, which is currently an ERC-20 token powered by Ethereum for ongoing ICO distribution. The Bitcoin Spark team has minted 4.3 million BTCS tokens on the Ethereum mainnet to support the ongoing ICO. The Bitcoin Spark network is expected to launch after the ICO event ends, after which the bridging system will allow BTCS holders to bridge their tokens to the Bitcoin Spark network.