Bitcoin, the world’s largest cryptocurrency, has dropped further to hold at around $26,000 levels. This is the biggest drop since the FTX crash in November 2022. The downtrend in price could be attributed to the widespread token selling caused by the recent regulatory crackdown on cryptocurrencies. Meanwhile, Bitcoin Spark, a new Bitcoin fork, is getting the attention from Solana holders.
What is Solana?
Solana is a blockchain platform that offers high transaction speeds at lower costs without compromising decentralization. The platform is used to create NFT applications that users can mint and trade digital artwork.
Solana was touted as the Ethereum killer as it offers the same features but enhanced speed and scalability. The project grew immensely after launch as its unique features and expanding ecosystem attracted investors. Now comes Bitcoin Spark, a new cryptocurrency that seeks to solidify its place in the crypto industry as a leading Bitcoin alternative.
Bitcoin Spark Gets Attention from Solana Holders
Bitcoin Spark is a cryptocurrency created to improve the overall experience of blockchain technology. The project results from a Bitcoin fork offering unparalleled speed, decentralization, and blockchain scalability. Bitcoin Spark operates using Bitcoin tokenomics, only that it takes longer before its maximum token supply is mined (120 years).
Bitcoin Spark is mined using the proof-of-process (PoP) system, a combination of the proof-of-work (PoW) and proof-of-stake (PoS) blockchain verification methods. Bitcoin Spark’s native token is BTCS and is currently available for purchase on the Ethereum mainnet. The founders have already successfully undergone a team identity validation (KYC) audit which was performed by a leading DeFi audit platform called Cognitos.
Under the PoP system, users are required to stake tokens as well as provide processing power to the network before they can participate as validators. The PoP system is designed to ensure rewards are distributed more evenly, with miners with larger mining capacities earning more but not in a way that creates an imbalance. Rewards are calculated based on the amount of stake and work done on the network giving small scale miners a chance to mine as well.
The PoP model provides easier access to mining compared to the PoW system that Bitcoin uses. Moreover, the team is creating a mobile app that will allow users to mine crypto on their handheld devices such as mobile phones, tablets and laptops. The app will manage its own processing power to deal with issues involving battery consumption, overheating, and device multitasking while connected to the internet. With the Bitcoin Spark mining app, anyone with a smartphone can start mining BTCS.
Bitcoin Spark has a maximum token supply of $21 million BTCS. Out of this, $16.45 million will be distributed as mining rewards over a minimum of 120 years. Another half a million will be distributed to exchanges and liquidity pools before the launch. $4 million BTCS tokens have been allocated to the ongoing ICO.
Bitcoin Spark is already causing waves in the crypto industry. The project developers aim to make it the leading Bitcoin alternative to rival similar projects including Bitcoin. Bitcoin Spark is in stage one of its roadmap, the initial coin offering (ICO). The ICO is in phase 3, and devs are selling BTCS tokens at $2.00 each with an additional 12% bonus on every purchase. The project is set to launch on November 30, 2023.
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Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.
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