Binance Coin (BNB) is the native token of the Binance ecosystem, which has grown significantly in size over the years. The price of BNB, however, has been on a downward trend for the past year, dropping more than 60% from its all-time high of $686 in May 2021. The recent downward movement indicates that bearish forces may be gaining dominance in the near-term market outlook. BNB price will likely continue down as users move to Bitcoin alternatives like Bitcoin Spark.
Binance vs Regulators
Factors such as regulatory clampdown on Binance’s stablecoin, BUSD, and legal troubles with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are contributing to this downturn. As Binance grapples with these issues, investors will likely redirect their capital towards promising initiatives and alternatives like Bitcoin Spark.
Introducing Bitcoin Spark
Bitcoin Spark is a new cryptocurrency that boasts superior blockchain benefits, including speed, safety, and scalability. The tokenomics of Bitcoin Spark are similar to Bitcoin, with the primary difference being a longer duration until it hits its maximum token supply. Also, anyone can mine Bitcoin Spark.
Unlike Bitcoin, which employs the Proof-of-Work (PoW) system alone, Bitcoin Spark uses an all-new blockchain technology called “Proof-Of-Process” (PoP),” a fusion of PoW and Proof-of-Stake (PoS) mechanisms. This design eliminates some of the barriers encountered in PoW, such as high mining equipment costs, substantial energy consumption, and the need for more processing power to compete with large mining facilities.
Additionally, Bitcoin Spark’s mining reward process varies from the PoW system as rewards are determined based on a combination of the miner’s individual stake and the computational tasks executed (Proof-of-Process). This reward structure is skewed to favor ‘work done’ rather than the size of the stake. Consequently, the more work and stake you have, the more rewards you earn, but not linearly.
Participating in the Bitcoin Spark project
Users can join the Bitcoin Spark initiative by purchasing its native token, BTCS. During the first phase of its initial coin offering (ICO), which kicks off on August 1, BTCS will be available for purchase at $1.50. Those who buy BTCS during this stage will receive a 20% bonus. All purchases made during this stage will be worth 800% at the end of the ICO period when the project officially launches at $10 for each BTCS.
Moreover, individuals can participate as miners in the project. The team is in the process of creating a mining app compatible with various operating systems, including Windows, Mac OS, Linux, iOS, and Android. The application will be designed to manage its processing power consumption, thus addressing potential issues such as device overheating, battery conservation, and multitasking demands.
Bitcoin Spark will also reward investors and market participants through an inbuilt income-generating flow. The project has established two streams of recurring income. First, the project will lend out a percentage of the system’s processing power. This power is valuable to institutions and individuals who carry out complex virtual tasks, including video rendering. The institutions will be required to pay in BTCs.
Moreover, Bitcoin Spark will introduce web3 advertisements on the platform’s mobile application and website. Advertisers will be required to pay for the broadcasting slots in BTCS, and the community members will actively manage the ads.
For more information:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
Disclaimer: The statements, views and opinions expressed in this press release are solely those of the content provider and do not necessarily represent those of CoinChapter. CoinChapter will not be responsible in any way for the content of the same. Do your research and invest at your own risk.
