The recent news surrounding the Gemini crypto exchange has sent a ripple of positive effects in the crypto space, with the Initial Coin Offering (ICO) of the trending Bitcoin fork, Bitcoin Spark(BTCS), gaining immensely.
Gemini crypto exchange
Gemini has taken a significant step towards resolving a challenging situation involving its Earn program. This initiative, facilitated by the cryptocurrency lending entity Genesis and its parent company Digital Currency Group (DCG), encountered turbulence when Genesis faced withdrawal restrictions and eventually filed for bankruptcy protection. However, recent reports indicate a positive turn of events, with over 230,000 retail creditors who participated in Gemini’s Earn program potentially set to receive substantial compensation through a proposed remuneration agreement.
What is an ICO?
An ICO, or Initial Coin Offering, is a fundraising method within the cryptocurrency space. It involves the issuance of new digital tokens or coins by a blockchain project to raise capital from investors. Investors buy these tokens with the expectation that their value will increase as the project develops. ICOs have gained significant popularity in the crypto market, with notable projects like Ethereum (ETH), Cardano (ADA), and Ark (ARK) starting off this way.
The Bitcoin Spark (BTCS) ICO
The Bitcoin Spark ICO has gained traction in the crypto space because of the unique valuation of the project. Unlike traditional forks, which merely replicate existing blockchain networks, Bitcoin Spark represents a forward-looking blockchain solution designed to transcend the limitations of its predecessor and pave the way for a new era of cryptocurrency. Despite its innovative features, Bitcoin Spark retains the fundamental principles that have made BTC attractive to investors, including a maximum supply of 21 million.
Bitcoin Spark has enhanced transaction handling capabilities through a combination of reduced block time, increased transaction capacity per block, and a substantial increase in the number of network nodes. These improvements also result in lower transaction fees, making Bitcoin Spark a more compelling choice for everyday cryptocurrency transactions.
In a significant departure from its predecessor, Bitcoin Spark will have a smart contract layer seamlessly integrated into its blockchain. The layer will have multiple execution systems that all achieve finality on the main network and will allow for various high-level and low-level programming languages. With this versatility, Bitcoin Spark positions itself as a robust platform capable of hosting a wide range of smart contracts and decentralized applications (DApps).
Notably, the network employs a proprietary consensus mechanism known as Proof-of-Process (PoP), which rewards miners nonlinearly for confirming blocks and contributing the processing power of their mining devices. This approach, combined with the network’s vast nodes, democratizes mining, allowing even miners with lower-powered devices to earn substantial rewards. The project’s development team is set to release an application that enables mining on Windows, Mac OS, iOS, and Android devices.
The contributed processing power will be leased to individuals and organizations seeking remote computational resources, who will pay for the service using BTCS. The BTCS minting rewards will operate on an elastic algorithmic system, factoring in the revenue earned within Bitcoin Spark. If more revenue is generated, the BTCS minting is reduced proportionally, consequently moving the minting endpoint further.
By allowing unlimited devices to provide processing power and supplementary services within the network, such as advertising, Bitcoin Spark miners are set to be constantly profitable, even during an economic downturn.
The Bitcoin Spark ICO is currently in Phase 5, with BTCS selling at $2.50. This is a 364% increase from its initial price, and investors expect a continued increase until a launch price of $10. Phase 5 investors get a complimentary 9% bonus and can get extra BTCS through the project’s claw machine mini-game. Also, as part of their celebration for surpassing the $1.4M fundraising mark within five weeks, users will be able to enjoy a whopping +125% bonus on all new purchases. The ICO has received acclamation from many analysts, with a number recommending it for those who missed out on early Bitcoin (BTC).
For more information on Bitcoin Spark and its ICO: