Market observers have noted sensational synchrony as Bitcoin Spark’s launch timing attracts Ethereum (ETH) whales who have been seemingly holding their ETH in recent times.
What is crypto?
Cryptocurrency is a digital form of currency that relies on cryptographic techniques to secure transactions. Unlike traditional fiat currencies, cryptocurrencies are not controlled by any central authority. Instead, they operate on a technology called blockchain, a distributed ledger that records all transactions across a network of computers. The first-ever cryptocurrency, Bitcoin (BTC), was created in 2009 by an anonymous individual or group known as Satoshi Nakamoto. Since then, thousands of other cryptocurrencies have emerged, each with its own unique features and use cases.
The Ethereum (ETH) price is up almost 20% from its October 12 low of $1,523. This impressive rebound has reignited the interest of investors in the cryptocurrency market. Data from Santiment highlights a consistent trend of diminishing ETH supply on exchanges, indicating a growing inclination among holders to retain their assets. Analysts speculate that the mounting buying pressure may propel the ETH to a further 5% uptick, potentially breaking through the resistance at the psychological threshold of $1,900. However, they also suggest a daily candlestick closure below $1,748 could invalidate the bullish outlook.
What is Bitcoin Spark?
Bitcoin Spark is a cutting-edge blockchain project that draws its inspiration from Satoshi Nakamoto’s original vision, aiming to tackle the limitations of earlier blockchain platforms while ushering in a new era of digital transactions.
The Bitcoin Spark blockchain boasts faster transaction processing and lower transaction costs, achieved through a combination of short block times, high individual block transaction capabilities, and extensive nodes. Furthermore, the blockchain is designed with multiple but seamlessly integrated layers, enhancing its scalability. The layers include a dedicated smart contract layer with multiple execution systems that achieve singular network finality, supporting popular programming languages, such as Vyper, Rust, and Ethereum’s Solidity. This robust architecture positions Bitcoin Spark as a versatile platform capable of supporting smart contracts and decentralized applications (DApps) with diverse use cases.
What truly sets Bitcoin Spark apart is the Proof-of-Process (PoP), a groundbreaking consensus mechanism that ingeniously combines elements of Proof-of-Stake (PoS) and Proof-of-Work (PoW) systems. Users are required to stake BTCS tokens and provide processing power to the network to confirm blocks and earn rewards. However, the PoP exponentially reduces rewards as more stake and processing power are added. This unique design, combined with the extensive network of nodes, ensures a fairer and more inclusive system, promoting decentralization. Going further, the Bitcoin Spark team, which has already conducted multiple KYC audits, will launch the network’s native application, compatible with various operating systems, including Windows, iOS, and Android. The app will function as a wallet and validation software, facilitating secure, user-friendly, and seamless participation.
In a forward-thinking move, Bitcoin Spark intends to utilize the contributed computing power to provide remote computing resources to institutions and individuals, who then pay for the service in BTCS. Validators will receive newly minted BTCS, transaction fees, and 97% of the revenue generated from what would have otherwise been unused processing power. Additionally, the blockchain will offer advertising space on its application and explorer, with a strong emphasis on community oversight to uphold decentralization. Advertisers will make payments in BTCS, and 50% of the revenue, alongside additional incentives for monitoring the ads, will be distributed to network participants.
Bitcoin Spark’s launch
Bitcoin Spark is currently in the penultimate stage of its Initial Coin Offering (ICO), with BTCS selling at $3.25 and investors getting a 5% bonus along with the opportunity to secure additional tokens without extra costs. With the official launch of Bitcoin Spark slated for November 30 at $10, those who participate in this current phase are poised to potentially realize an astounding 300% return on their investment. Earlier investors stand to reap more than an 800% return for their foresight. Compounding the excitement is the anticipation of the Bitcoin halving in 2024, an event often associated with an impending bull market. Crypto experts, including Ethereum (ETH) whales, have identified Bitcoin Spark’s real-world utility, cutting-edge technology, capped supply of 21 million, relatively low market capitalization, and strategic launch timing as indicators of a potentially unprecedented price surge.
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