XRP has received recognition due to its real-world applicability. Institutional investors are betting on XRP even more after Ripple’s lawsuit win, and crypto watchers suggest this can greatly benefit Bitcoin Spark (BTCS).
What is Ripple?
Ripple is a company that seeks to facilitate fast, secure, and cost-effective international transactions. The company’s flagship product, RippleNet, is a decentralized network of financial institutions and banks that utilize XRP, Ripple’s native cryptocurrency, to facilitate these transactions.
XRP lawsuit
On December 20, 2020, the U.S. Securities and Exchange Commission (SEC) accused Ripple of breaching securities regulations through its initial coin offering (ICO) and subsequent XRP token sales on various exchanges. However, the pivotal moment arrived on July 13, 2023, when a federal judge issued a ruling in response to Ripple’s motion for summary judgment. This verdict declared that Ripple’s XRP offerings did not qualify as investment contracts, marking a significant legal victory for the company and the XRP community. The positive outcome of the lawsuit has drawn increased attention from institutional investors, who now see greater clarity and reduced regulatory uncertainty as a chance to venture into the cryptocurrency space.
What is Bitcoin Spark?
Bitcoin Spark is a new cryo project that seeks to create a fast, secure, and scalable ecosystem that caters to diverse applications and enables its participants to remain profitable constantly.
The Bitcoin fork increases the individual block transaction capacity, reduces the block time, and drastically increases the number of nodes to ensure it achieves reduced fees and significantly improved transactions per second.
A smart contract layer will be seamlessly integrated into the Bitcoin Spark network. This layered design will have separate contract execution systems reaching singular network finality. This will allow for smart contract development in Solidity, Vyper, Rust, and all high-level languages compilable to EVM bytecode. Bitcoin Spark is therefore set to attract a broader range of developers and projects to its platform, fostering a robust ecosystem of decentralized applications (Dapps).
The Bitcoin Spark network uses a novel consensus mechanism known as the Proof-of-Process (PoP), which rewards miners for confirming blocks and contributing the processing power of their mining devices to the network. The processing power is then rented out to Bitcoin Spark’s clients, who use it as remote computing power. This ensures that the electricity used for mining BTCS has a valid use. Bitcoin Spark ensures a fairer distribution of rewards by combining the PoP with an algorithm that restricts linear rewards based on raw processing power. It also provides an application that can be installed on all Windows, Android Linux iOS and Mac OS devices, allowing users to mine by permitting access to the processing unit. The Bitcoin Spark application will be safe, working in an isolated environment separate from the operating system functions. It will also be lightweight, limiting itself to the resources it can use on the device and regularly adjusting the processing to account for overheating, battery and simultaneous usage requirements
Those using the network for remote computing will pay with BTCS, which is distributed to miners as mining rewards, supplementing the BTCS rewards minting. The ability for unlimited devices to provide processing power to Bitcoin Spark suggests infinite revenue-generation potential.
Bitcoin Spark will also overlay secondary services within its network to boost revenue and subsequently reward its network participants further. For example, there will be small slots for advertising on the Bitcoin Spark application and website. Miners and network participants will receive 50% of the revenue generated in addition to extra incentives for policing the advertisements.
The Bitcoin Spark Initial Coin Offering (ICO) has already received significant investments from crypto whales. The project’s team conducting KYC audits has significantly boosted confidence among investors. The ICO is moving to Phase 3 on August 21 which signals a 240% increase in investments for Phase 1 investors as BTCS will be selling at $2.00. Nonetheless, Phase 3 investors get to enjoy a 12% bonus.
Conclusion
The real world applicability of BTCS, being used for getting remote processing power, advertisements, and access to dApps, is likely to see increased institutional investments.
For more information on Bitcoin Spark:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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