Bitcoin Spark (BTCS) has gained traction in the crypto space. And interestingly, crypto watchers are referring to this new BTC fork as a “Shiba Inu killer”.
Shibarium network fails
The Shiba Inu development team has been committed to improving the utility of SHIB through various upgrades to the ecosystem. The Shibarium layer-2 scaling solution for Ethereum was the latest and perhaps most awaited development in the ecosystem. However, the Shiabrium launch did not live up to the hype. It encountered several setbacks, which led to a pause in operations to protect funds.
While the crypto community suggested this resulted from a malfunctioning bridge, the project’s developers dismissed these claims, attributing the disruptions to a massive influx of transactions that exceeded the network’s processing capacity. The tumultuous network launch did little for SHIB’s price, actually resulting in a 10% drop.
However, the project’s development team has been working hard to fix scaling operations to accommodate higher traffic on Shibarium. They’ve also been providing regular updates to their community and have chosen to secure insurance coverage of $2 million to cater for potential fund retrieval challenges when Shibarium restarts. Nonetheless, FUD (fear, uncertainty, and doubt) spread and could hurt the project.
Bitcoin Spark (BTCS) represents a promising evolution in the crypto space, driven by a vision to enhance Satoshi Nakamoto’s original concept. Much like Bitcoin (BTC), it has the fundamental principles of decentralization and privacy and boasts a limited supply of 21 million tokens. This similarity is the driving force behind industry experts suggesting BTCS is the new BTC.
The Bitcoin Spark network achieves fast transaction rates and significantly reduced fees through a combination of enhancements, including a vast network of nodes, reduced block time, and increased individual block transaction capabilities. Additionally, Bitcoin Spark goes beyond being a mere P2P transaction system by offering a robust platform for smart contract development. It has a multi-layered architecture that includes separate execution systems reaching singular network finality, ensuring scalability while allowing for multiple programming languages to be used. This versatility is set to foster a diverse ecosystem of developers, smart contracts, and decentralized applications (Dapps), significantly increasing BTCS’s utility.
What sets Bitcoin Spark apart most is its user-friendly mining approach. It employs a groundbreaking mechanism known as Proof-of-Process (PoP), which non-linearly rewards miners for confirming blocks and contributing power to the network. The project’s development team will offer an application that enables users to mine by granting access to their device’s processing unit. The app can be installed on any device, including Android and iOS devices, and will create a virtual environment isolated from operating system functions to ensure security. It will also adjust the processing power used to account for overheating, battery, and simultaneous usage needs.
The miners’ processing power will be rented out to businesses and individuals needing substantial computing resources through the Bitcoin Spark network. Payments for this service will be made in BTCS, and the generated revenue contributes to the mining pool, supplementing the minting rewards. Bitcoin Spark also plans to introduce secondary revenue-generation services, such as advertising on its website and application. Network participants stand to gain significantly from this, with 50% of the ad-generated revenue going to them and additional incentives for ensuring ad quality. Rewarding participants in more ways encourages a more supportive and dedicated community.
The Bitcoin Spark ICO is progressing quickly and smoothly, with notable investments coming from SHIB holders. BTCS is currently selling at $2.25, accompanied by a 10% bonus, in Phase 4 of the ICO.
Can Bitcoin Spark reach $1000?
While it’s impossible to predict the future value of cryptocurrencies accurately, several factors suggest Bitcoin Spark could reach $1000. First, Bitcoin Spark has a low market cap, which allows it to surge by unprecedented levels.
Additionally, Bitcoin Spark’s planned launch coincides with the next expected crypto bull run, which could greatly catalyze the BTCS upswing. Moreover, the project’s novel technology and real-world applicability, coupled with a fixed supply, suggest continued value appreciation in the long term.
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