Bitcoin Spark (BTCS) has been receiving significant attention in the crypto sphere. Market observers suggest that with the current state of Binance, BTCS could be the next big thing, potentially challenging the dominance of Binance Coin (BNB).
Is Binance in trouble?
On June 5, 2023, the US Securities and Exchange Commission (SEC) sued Binance and its founder, Changpeng Zhao, alleging they worked to attract US clients to their unregulated international exchange, investor funds. and violated securities laws.
The 13 charges came after the CFTC disclosed a similar complaint against Binance and Zhao in March. This litigation has had several negative impacts on the Binance ecosystem. On August 31, the exchange stated its intention to gradually discontinue support for its stablecoin BUSD by February 2024.
Additionally, Binance has seen the departure of 10 executives from various departments, with four top executives reportedly leaving on the same day following Binance’s response to the United States Department of Justice investigation. While the exchange’s Zhao took to Got a little more skeptical.
bnb price outlook
The Binance Coin (BNB) price chart shows a notable resistance level at $220, with analysts suggesting a potential rise to $250 if this level is reclaimed. However, analysts claim that a bearish outlook remains as long as BNB remains below $250, with a possible retest of $184. They point to the SEC lawsuit against Binance as the catalyst for this bearish move.
What is Bitcoin Spark and why it could be the next big thing?
Bitcoin Spark is a new crypto project that is said to be rewriting the history of Bitcoin. It shares similarities with the original cryptocurrency, including a limited supply of 21 million, but has made significant improvements to boost speed, security, scalability, and usability.
The Bitcoin Spark blockchain assures faster and cheaper transactions due to its increased individual block transaction capacity, shorter block time, and larger number of nodes. It also provides a more scalable platform for smart contracts and decentralized applications (dApps) by integrating a smart contract layer with different execution systems that reach finality on the main network. This enables developers to use both high-level and low-level programming languages, promoting diversity.
Bitcoin Spark significantly expands its real-world applications by introducing decentralized CPU and GPU rental. The network uses an unprecedented consensus mechanism called Proof-of-Process (PoP), which non-linearly rewards users for confirming blocks and contributing their processing power. Bitcoin Spark is incredibly lightweight, allowing even low-powered devices to run the network.
The project team will provide an application that enables users with Windows, Android, iOS, Linux, and Mac OS devices to participate in network verification by allowing access to their device’s processing unit. The app will ensure security by working in an isolated virtual environment that does not interfere with the operating system functions of the device. The application will also be able to adjust the processing power used to prevent overheating, save battery, and meet concurrent device usage requirements.
The collective power of validators will be ‘rented’ to organizations or individuals in the form of remote computing power. Those in need of computational resources will pay using BTCS, and the revenue will be sent to the network’s validators.
Bitcoin Spark will also include advertising services, with small slots for ads on its application and website. Ads will be monitored by the community to ensure they follow the terms and conditions. Advertisers will pay using BTCS, and 50% of the revenue will be given to network participants and the rest to the team for development.
Bitcoin Spark’s connection to Bitcoin, innovative technology, and real-world applicability suggest it could try to become the next big thing in crypto. Some investors are taking advantage of the project’s initial coin offering (ICO) to purchase BTCS at the current low market capitalization. BTCS will launch at $10 but is currently selling at $2.25 with 10% up in Phase 4 of the ICO.
The turmoil surrounding Binance has created an opportunity for promising contenders like Bitcoin Spark (BTCS) to step in and claim a larger stake in the crypto market.
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