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The virtual currency world has seen a great revolution since the boom of Bitcoin in the 2013 bull cycle. However, the industry’s growth is being heavily impaired by tightening regulations initiated by financial watchdogs worldwide. These commissions have attacked centralized crypto-oriented entities such as exchanges, investment firms, as well as registered organizations building crypto projects. The most significant case is the years-long trial between the US Securities and Exchange Commission and a software solutions company called Ripple Labs.
What is Ripple, and Why Was it Sued?
Ripple is a virtual, distributed ledger technology that emphasizes digital payments. The network has its native cryptocurrency, XRP, which is also the ecosystem’s gas token. Instead of mining, Ripple has a group of bank-owned servers that the network uses to confirm transactions and validate new blocks.
In December 2020, Ripple Labs was entangled amid SEC filings that indicated the organization had been issuing XRP to retail and institutional investors as an unregistered security. Ripple won the case, but the SEC plans to appeal.
Bitcoin Spark Outperforms XRP
Amid regulatory scrutiny, the price of XRP tanked and performed way less than investors had anticipated. The case ended in favor of XRP holders, but the asset’s price has since registered low progress. A new Bitcoin alternative called Bitcoin Spark will outperform Ripple upon launch due to its massive potential to transform the entire DeFi ecosystem.
Bitcoin Spark developers have two main goals: to put Bitcoin’s proof-of-work to use and distribute mining rewards regardless of the mining device used. The project has already undergone multiple smart contracts and KYC audits by different leading auditing firms, namely Contract Wolf, Vital Block, and Cognitos.
The network will be designed to allow miners and staking participants to co-exist in the same network through a new consensus called proof-of-process. Proof-of-process combines Bitcoin consensus proof-of-work and Ethereum consensus proof-of-stake. The process will also have an automated mechanism that mediates reward distribution for miners and staking participants.
Bitcoin Spark’s ‘proof-of-work’ aspect is different from that of Bitcoin because it is more improved, energy efficient, and eco-friendly. Mining BTCS will require less computational power, less expensive equipment, and less electricity, all downsides associated with the Bitcoin network’s mining principles.
The team is developing software solutions for Windows, Mac OS, Linux, and iOS devices to allow more participants to start mining BTCS. The unlimited number of mining devices will make it impossible for malicious network participants to carry out a 51% attack. The risk exists on the Bitcoin network since two firms do more than 50% of the mining process.
Apart from using the applications offered by Bitcoin Spark, a repository will be publicly published to allow developers to create third-party mining applications and wallet solutions to reduce overreliance on the team as well as promote further decentralization. However, the Bitcoin Spark team will closely review every third-party wallet or mining application for security concerns to ensure customer data and funds are safe.
Bitcoin Spark is currently in its ICO phase; the fourth phase is running smoothly. The team distributes 4 million tokens; now, one BTCS is going for $2.25. The Bitcoin Spark team is given a 10% bonus on every purchase. Get your BTCS tokens today and gain access to becoming a part of the platform’s growth.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
