Startups seek venture capitalists (VCs) funding to grow and develop their products. While VC investments can be risky, successful ones substantially reward young projects for a share of ownership. The value of Solana suffered setbacks due to the involvement and subsequent actions of FTX and Alameda. This emerging blockchain, Bitcoin Spark, is not reliant on major venture capitalists. 

Who Are Venture Capitalists (VCs)?

A venture capitalist (VC) is an investor who gives money to promising startups in return for an ownership fraction. They often support startups and smaller firms seeking accelerated growth but need access to the stock market. Notable VCs include Jim Breyer, who invested early in Facebook, and Peter Fenton, an investor in Twitter.

What Happened to FTX and Alameda?

FTX and Alameda are tied to Sam Bankman-Fried, a prominent figure in the crypto industry. The collapse of FTX occurred in November 2022. Later, allegations emerged pointing at extensive fraudulent activities by Sam Bankman-Fried and his Alameda quantitative research firm. These allegations raised concerns about the integrity of Solana and its association with individuals like Bankman-Fried.

FTX Effect on Solana Price

The most severe drop in Solana price coincided with the FTX collapse. Investigations unveiled a troubling possibility that Bankman-Fried’s substantial support for the Solana blockchain might have been fueled by ill-gotten gains obtained through FTX’s illicit misappropriation of customer funds. This revelation has cast a shadow over the credibility of both FTX and its investments in Solana, creating a ripple effect that shook the confidence of holders and market participants.

Bitcoin Spark (BTCS)

Bitcoin Spark strives for equality and enhanced network capabilities by introducing a new approach, Proof-Of-Process (PoP). PoP deploys cutting-edge features seeking improved transactions per second (TPS) through reduced block times and increased transaction capacities. PoP promotes greater decentralization by deploying a larger number of nodes and lowering entry barriers for mining. 

Bitcoin Spark application deploys standout features, allowing users to contribute processing power to the network and receive mining rewards. Staking on the network is similar to how PoS blockchains operate. However, the rewards are not tied to the amount staked per se, but users must also contribute processing power to the BTCS network. This power is utilized by clients who rent network power for demanding tasks. The rewards combine the user’s stake and the work performed for network clients. Higher stakes and more work result in higher rewards, but the relationship is not linear. It is worth noting that rewards prioritize work over stake to generate revenue.

BTCS plans to integrate a smart contract layer to expand its functionalities beyond the original Bitcoin. This multi-layer system aims to enhance security, increase network participation, and create opportunities for developers to build applications on the Bitcoin Spark platform. The distribution of mining rewards is designed to be fair and efficient.

The BTCS ecosystem appreciates that security remains paramount, and all processing occurs within an isolated environment, preventing interference with other device functions. This approach also strengthens network security by widening the scope of devices and mining nodes, making the network more resistant to attacks. In addition, the platform has successfully passed the audit, depicting secure infrastructure.

BTCS’s exciting ICO has rolled into phase two at $1.75 after a successful phase one. Phase two holders stand to gain 657% after launch at $10. The bonuses during this phase are capped at 15%, presenting an opportunity to acquire more BTCS tokens.

Get more info on Bitcoin Spark here:

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.

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Filed under: Bitcoin - @ August 11, 2023 6:48 pm