Bitcoin Spark is undeniably gaining traction in the crypto market. The project’s growing community is excited after its ICO broke the $1 million mark.
What is an ICO?
An Initial Coin Offering (ICO) is a fundraising method used in the blockchain and cryptocurrency space. It operates on a similar premise to an Initial Public Offering (IPO) in traditional finance but with distinct differences. In an ICO, participants purchase tokens representing future access to a platform, product, or service the project aims to develop. These tokens are typically sold in exchange for other cryptocurrencies or even fiat. Users acquire the tokens with the expectation that their value will increase once the project becomes successful.
What is Bitcoin Spark?
Bitcoin Spark is a new Bitcoin hard fork. It has the best characteristics of BTC, such as a limited supply of 21 million, but with significant improvements that position it for greater adoption.
The Bitcoin Spark network will have a reduced block time, a substantially larger number of nodes, and increased individual transaction capabilities per block to ensure faster and cheaper transactions than Bitcoin. This makes it a more compelling choice for small and day-to-day crypto transactions.
Additionally, developers can use Bitcoin Spark to build smart contracts and decentralized applications (Dapps). The network will have a seamlessly integrated smart contract layer that allows multiple programming languages, ensuring scalability and diversity.
Perhaps the most striking feature of Bitcoin Spark is its consensus mechanism, the Proof-of-Process (PoP)—this innovative mechanism rewards miners for confirming blocks and contributing their mining devices’ power to the network. However, the PoP is combined with an algorithm that exponentially decreases rewards per additional power to ensure a fairer distribution. This, combined with the network’s vast number of nodes, enables even those with low-powered devices to mine. The Bitcoin Spark team will provide an application that allows Windows, Mac OS, Linux, iOS, and Android users to mine. They will do so by installing the application and permitting access to the processing unit. The app will create a virtual environment that doesn’t interact or interfere with any other device. It will also automatically adjust itself to the resources it can use on the device to prevent overheating, conserve battery life, and accommodate simultaneous usage requirements.
The miners’ contributed power will be “rented out” to individuals or institutions that require significant computational resources. Those using the network for remote computing will be required to pay with BTCS, which will be sent to the mining pool. The BTCS minting rewards will be elastic, factoring in the revenue generated within the network. If more revenue is generated, the BTCS minting rewards are reduced proportionally, moving the BTCS minting endpoint further. This suggests that BTCS miners will retain consistent profits even in the long term.
Bitcoin Spark further includes small unobtrusive spaces for community-policied ads on its website and application. The ads will be paid for using BTCS, combining crypto with the booming marketing industry.
The Bitcoin Spark ICO
The Bitcoin Spark ICO started on August 1st, with the price of BTCS at $1.50 and holders getting a 20% bonus. The ICO has progressed greatly, with Phase 5 expected to start on September 12th. This will lead to a 364% increase in the BTCS price, which will sell at $2.50. The bonus will be reduced to 9%. Nonetheless, BTCS will launch at $10, suggesting a 436% increase in asset for Phase 5 holders. The ICO also provides other amazing ways to earn more BTCS, including Bitcoin Spark’s claw machine mini-game, which offers incredible prizes of up to $5,000 in BTCS.
Many, including crypto whales and institutional players, have participated in Bitcoin Spark’s Initial Coin Offering. Analysts who’ve reviewed it suggest great potential for significant returns.
Bitcoin Spark’s ICO surpassing the $1 million mark solidifies its position in the Bitcoin alternative market.
Are ICOs worth It?
Ultimately, whether an ICO is worth it depends on individual goals and risk tolerance. However, ICOs have a history of providing significant returns, as cryptocurrencies like Ethereum (ETH) and Binance Coin (BNB) started with ICOs.
For more on Bitcoin Spark and its ICO:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or crypto projects mentioned in this piece; nor can this article be regarded as investment advice.
