Recent events in the crypto space have highlighted the volatility of market sentiment. Amidst the FUD storm that surrounded Huobi and Justin Sun, the Bitcoin Spark Initial Coin Offering (ICO) gained substantially.
Huobi Token
The Huobi Token, which was already struggling, saw further losses between August 5th and 6th, as the Huobi crypto exchange witnessed massive outflows amid concerns of potential insolvency and the spread of rumors that Chinese regulatory authorities had arrested the exchange’s executives. It was also alleged that Justin Sun deposited $200 million in USDT into the Huobi exchange amidst the insolvency rumors to shore up exchange liquidity. Justin Sun responded to the rumors regarding the exchange’s insolvency, urging his Twitter followers to ignore the FUD and keep building. The Huobi exchange also cleared the insolvency and leadership arrest rumors.
Follow CryptoMode on Twitter, Youtube and TikTok for news updates! Who is Justin Sun?
Justin Sun is a prominent entrepreneur and cryptocurrency figure, best known as the founder of Tron, a blockchain platform aimed at decentralizing the Internet. He has made significant contributions to the cryptocurrency space, although occasional controversies have marred his reputation. Despite the challenges, Sun remains an influential advocate for the potential of blockchain technology.
Bitcoin Spark: An ICO with promising potential
Bitcoin Spark is the latest Bitcoin fork. It retains some similarities with BTC, which includes a capped supply of 21 million, but it has many new features that enhance efficiency while promoting accessibility. The Bitcoin Spark network will have lower transaction times and costs due to increased individual block transaction capacity, reduced time per block, and a higher number of nodes.
Bitcoin Spark introduces an easier and more energy-efficient variation of mining through its proprietary Proof-of-Process (PoP) consensus mechanism. PoP non-linearly rewards miners for confirming transactions and for providing processing power to the network. This is made possible by the Bitcoin Spark application, which can be installed on any Windows, Android, iOS, Linux, and Mac OS device. The application enables users to mine by permitting access to their device’s processing unit. The software works in a secure virtual environment, isolated from the other parts of the device, and will automatically limit the resources used to account for overheating battery, and simultaneous usage requirements. This greatly reduces the work and power consumption required for block validation, opening up BTCS mining to anyone with a smart device.
The processing power provided by miners is rented out as remote computational power by Bitcoin Spark. This ensures the energy used for mining has a valid use. Those using the network for processing power will pay with BTCS, which will be allocated to the mining pool. This will increase the immediate mining rewards and extend the BTCS minting. Bitcoin Spark will also overlay secondary services, such as advertisements, to increase revenue.
Bitcoin Spark’s ICO started on 1st August, and it has already found favor among several crypto enthusiasts. According to them, Bitcoin Spark (BTCS) offers an opportunity comparable to getting BTC at $1. The ICO is in phase 2, with Phase 1 investors already having a 143% increase in investments. BTCS is currently selling at $1.75, with investors getting a 15% bonus and a 657% increase in investments by the end of the ICO.
For more information on Bitcoin Spark and its ICO:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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