Bitboy Crypto’s recent developments have sent ripples across the crypto landscape. However, a new BTC fork known as Bitcoin Spark appears unfazed, continuing to ramp up investments.
What is BitBoy crypto?
BitBoy Crypto is a well-known cryptocurrency brand and YouTube channel that provides the latest crypto news, project reviews, and cryptocurrency trading advice; known for its founder, Ben Armstrong. However, BJ Investment Holdings, the parent company of Hit Network and controller of the BitBoy Crypto brand, removed Ben Armstrong from the company on August 28, claiming that he was suffering from substance abuse and had caused emotional, physical, and financial damage to the employees of Hit network and the Bitboy Crypto community.
On August 29, Armstrong denied the allegations, posting what he claimed was a report of negative drug test results on X and describing the move by Hit Network as an attempted coup. However, late on August 31, BitBoy Crypto’s YouTube posted a video from Ben Armstrong, where he openly addressed the mistakes that resulted in his departure from the company. While he did deny going back to hard drugs such as cocaine, Armstrong did admit to using diet pills and steroids, which caused him to behave erratically. He also confessed to being in an extramarital relationship, contradicting his public persona as a devoted family man.
The price of Bitcoin (BTC) has once again settled into its familiar range, hovering around the $25,824 mark amid the dull market. Analysts suggest two outcomes are likely after such a move: a breakthrough to the upside or a dip to the downside. The prevailing sentiment favors a downward move, with traders and analysts closely monitoring market dynamics for clues on which direction Bitcoin will ultimately take.
Why is Bitcoin Spark still going strong?
Bitcoin Spark is getting increased investments and gaining more traction even with the recent news, which can be attributed to its innovative technology and potential for growth.
Bitcoin Spark has the same core tokenomics as Bitcoin, having a maximum supply of 21 million BTCS. However, the Bitcoin fork offers faster transaction speeds and lower gas fees due to its increased individual block transaction capabilities, reduced block time, and high number of nodes. Bitcoin Spark also transcends being a simple peer-to-peer payment system by integrating a smart contract layer within its network. The layer will include different execution systems that all reach finality on the main network, allowing for the use of multiple programming languages. This positions Bitcoin Spark as a robust platform for diverse smart contracts and DApps.
Additionally, Bitcoin Spark enables anyone with a smart device to mine. The network uses a novel consensus called Proof-of-Process (Pop), which rewards miners for confirming transactions and contributing their processing power. The PoP is combined with an algorithm that exponentially reduces rewards per additional power to ensure no single miner becomes too powerful. Additionally, Bitcoin Spark’s large number of nodes reduces the investment miners require, allowing even low-powered devices to participate in mining.
The Bitcoin Spark application, which will be compatible with Windows, Android, iOS, Linux, and Mac OS, will enable users to mine by permitting access to their device’s processing unit. The app will ensure security by creating a virtual processing environment separate from the device’s operating system. It will also continuously adjust the processing power used by factoring in battery life, overheating, and concurrent usage requirements. This reduces the work and power consumption required to mine.
The miners’ processing power will be routed to the network’s clients as remote computing power, who will pay for the service using BTCS. The revenue generated will be sent to the mining pool, supplementing the elastic minting rewards. If more revenue is generated within the network, BTCS minting rewards are reduced proportionally, and the minting endpoint moves further. Bitcoin Spark claims that no matter what happens, newly minted mining rewards will finish at the earliest in 2144.
The Bitcoin Spark Initial Coin Offering (ICO) has already seen massive purchases from crypto whales and OTC deals from institutional investors. This suggests there is great interest in BTCS within the market. The ICO is currently in Phase 4, with BTCS priced at $2.25 and investors getting a 10% bonus.
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