Bitcoin Spark (BTCS) is getting significant attention in the crypto space. Market observers suggest with Binance’s current situation, BTCS might be the next big thing, potentially challenging the dominance of Binance Coin (BNB).
Is Binance in Trouble?
On June 5, 2023, the U.S. Securities and Exchange Commission (SEC) sued Binance and its founder, Changpeng Zhao, alleging that they worked to attract U.S. customers to its unregulated international exchange, commingled investor funds with their own and violated securities laws.
The 13 charges came after the CFTC unveiled a similar complaint against Binance and Zhao in March. This litigation has had several negative effects on the Binance ecosystem. On August 31, the exchange stated its intention to gradually cease support for BUSD, its stablecoin, by February 2024.
Additionally, Binance has seen the departure of 10 executives from various departments, with four top executives reportedly leaving the same day after Binance’s response to the United States Department of Justice investigation. While the exchange’s Zhao took to X (former Twitter) to address the growing speculations around the departure of the executives, and some of them insisted it’s routine, the crypto community has become a bit more skeptical about exchanges since the FTX collapse.
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 as long as BNB remains below $250, a bearish outlook persists, with a possible retest of $184. They point to the SEC lawsuit against Binance as a catalyst for this bearish move.
What is Bitcoin Spark, and Why Could it Be the Next Big Thing?
Bitcoin Spark is a new crypto project that has been said to be rewriting Bitcoin’s history. It shares similarities with the original cryptocurrency, including having a capped supply of 21 million, but has made significant improvements to boost speed, security, scalability, and utility.
The Bitcoin Spark blockchain assures faster and cheaper transactions owing to its enhanced individual block transaction capacity, low block time, and large number of nodes. It also offers 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 build using both high-level and low-level programming languages, promoting diversity.
Bitcoin Spark significantly extends its real-world applications by introducing decentralized CPU and GPU rental. The network uses a groundbreaking consensus mechanism known as 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’s team will provide an application that enables users with Windows, Android, iOS, Linux, and Mac OS devices to participate in network validation by permitting access to their device’s processing unit. The app will ensure safety by working in an isolated virtual environment that doesn’t interfere with the device’s operating system functions. The application will also be able to adjust the processing power used to prevent overheating, conserve battery, and cater for concurrent device usage requirements.
The validators’ collective power will then be ‘rented out’ to organizations or individuals as remote computing power. Those needing the computational resources will pay using BTCS, and the revenue will be channeled to the network’s validators.
Bitcoin Spark will also include advertising services, with small slots for ads on its application and website. The ads will be policed by the community to ensure adherence to terms and conditions. Advertisers will pay using BTCS, and 50% of the revenue will go to network participants and the remaining to the team for development.
Bitcoin Spark’s relation 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 buy BTCS at its current low market capitalization. BTCS will launch at $10 but is currently selling at $2.25 with a 10% in Phase 4 of the ICO.
The turmoil surrounding Binance has created an opening for promising contenders like Bitcoin Spark (BTCS) to step in and claim a larger share of the crypto market.
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