Great investments are made early in advance.In the case of cryptocurrencies, projects like Bitcoin and Ethereum have skyrocketed in value since their debut.The success of a particular project heavily depends on the project’s solution to a common challenge on the existing blockchain, or an overlooked opportunity that has not yet been exploited.Bitcoin has been on the forefront of cryptographic projects and has managed to lead the entire crypto industry by providing value to a challenge in the financial scope that no entity looked to solve before.Although Bitcoin is already a success, the network faces serious challenges that Bitcoin Spark, a new blockchain-powered project, aims to solve.nnBitcoin Price Performance since its DebutnnBitcoin’s success has significantly affected the financial niche by providing an antithesis to the modern-day banking systems.The project was launched by an unknown individual or group known by the pseudonym ‘Satoshi Nakamoto’.
The digital asset was initially worth $0.
However, a 5,050 BTC transaction involving a computer scientist pegged the digital asset at $0.0009 each in October 2009.
BTC’s growth was slow and gradual until 2013 when crypto hit mainstream and attracted a lot of enthusiasts.The last bull market saw bitcoin (BTC) price surge to $69,000.Here is why Bitcoin Spark could follow suit.nnBitcoin Spark Will Shadow Bitcoin’s PricennBitcoin Spark is a new blockchain-powered crypto project that aims to solve the challenges faced by the Bitcoin network.The project’s native digital asset is the BTCS token which currently exists on the Ethereum network.Bitcoin Spark is a major Bitcoin hard fork and thus contains similar tokenomics to the first-generation blockchain network.
The project has a maximum supply of 21 million BTCS tokens like its predecessor, Bitcoin.
nnThe Bitcoin Spark team has allocated 16.45 million BTCS to act as mining rewards.The rewards will be allocated to the network’s participants for a minimum of 120 years.The remaining 4.55 million tokens will be the total supply during Bitcoin Spark’s official debut.This supply will be divided into other sections including the Initial Coin Offering (ICO) phase (4,000,000 BTCS), liquidity pools and exchanges (500,000 BTCS) as well as team allocation (50,000 BTCS).nnBitcoin Spark’s ICO phase 1 will commence on the 1st of August.
Investors will collect BTCS tokens at a discounted price of $1.50.The team at Bitcoin Spark will also give a 20% bonus for all purchases made during this stage to award investors for participating in the project in advance.nnBitcoin uses a proof-of-work (PoW) consensus mechanism to validate transactions and incorporate new blockchain blocks on the ledger.This process requires costly competitive scientific computers as well as high amounts of electricity to solve complex mathematical algorithms and the addition of new blocks.In return, miners get rewarded in bitcoin (BTC).
nnOn the other hand, Bitcoin Spark uses a new blockchain innovation called proof-of-process transaction verification.This innovation interlinks the proof of work and the proof of stake models with a rare algorithm that standardizes returns for both miners and validators.Unlike Bitcoin, anyone can mine BTCS tokens at their desired place with a mobile phone or a laptop.The Bitcoin Spark team is working on mining software platforms for Mac OS, iOS, Linux, and android which users will install in their respective devices.nnWhile mining is taking place, the electronic device will not be affected.
Thanks to improved technological advancements, the mining will take place on the device’s CPU or GPU, and the Random Access Memory (RAM) without interacting with any other part of the device or interrupting its normal use cases.With the low entry barrier, it would be difficult for participants (or a participant) to execute a 51% attack on the network making it more decentralized than Bitcoin.nnnnBitcoin Spark’s ICO’s phase 1 will officially begin on 1st August 2023.
During this time, users will purchase BTCS tokens at a discounted price of $1.50 and get a 20% bonus on all orders.nnFor more information:nnWebsite: https://bitcoinspark.org/nnBuy BTCS: https://network.bitcoinspark.org/registernnDisclaimer: This is a sponsored article.The views and opinions presented in this article do not necessarily reflect the views of CoinCodex.The content of this article should not be considered as investment advice.Always do your own research before deciding to buy, sell or transfer any crypto assets.n.
