With Avalanche (AVAX) and Optimism (OP) seemingly struggling, on-chain data suggests the Bitcoin fork predicted to 100x, Bitcoin Spark (BTCS), is attracting more investors.
Avalanche
Avalanche (AVAX) has recently found itself in a challenging position after encountering a formidable rejection at the $16 mark. The AVAX price has experienced a significant downward spiral, breaching the critical support level at $10. Moreover, over the past 90 days, Avalanche has witnessed a staggering 66.2% decline in its daily active addresses and a 60.2% decline in daily transaction volume.
Optimism
With news of an impending token unlocks, the Optimism (OP) price recently witnessed a 10% decline. According to TokenUnlocks, a tokenomics data platform, Optimism is set to unlock 24.16 million OP tokens, which account for around 3% of the circulating supply, on September 30. Token unlocks, while a common practice in the crypto world, are often perceived as bearish indicators as they can exert downward pressure on prices due to the sudden influx of new tokens available for sale.
Bitcoin Spark and why it could be 100x?
Several factors are fueling the belief that Bitcoin Spark could potentially be 100x. To begin with, Bitcoin Spark’s blockchain is engineered for speed and affordability thanks to its short block time, substantial individual block transaction capacity, and extensive network nodes. This combination makes BTCS an attractive choice for everyday cryptocurrency transactions, promising a seamless user experience.
Moreover, Bitcoin Spark positions itself as a robust platform supporting a wide array of smart contracts and decentralized applications (DApps). Its multi-layered design, featuring a smart contract layer with distinct execution systems converging on the main network, ensures scalability and accommodates various high-level and low-level programming languages. This flexibility is poised to draw numerous developers and users into the Bitcoin Spark ecosystem, increasing demand for BTCS and, consequently, its price.
Its pioneering Proof-of-Process (PoP) consensus mechanism, which truly sets Bitcoin Spark apart. The PoP rewards users for confirming blocks and contributing their processing power to the network. This mechanism features an algorithm that progressively reduces rewards per additional power, ensuring a fairer rewards system. This, combined with the massive nodes, allows for many validators. The Bitcoin Spark team is even set to launch an application that will enable users with Windows, Mac OS, Linux, iOS, and Android devices to participate in network validation, adding to the accessibility and inclusivity of the network.
The processing power harnessed from validators will be leased out as remote computing power through Bitcoin Spark, with payments required in BTCS. Aside from providing a unique real-world application for Bitcoin Spark, this innovative approach to network validation helps users bring income from otherwise idle processing power.
Furthermore, Bitcoin Spark is set to monetize its application and website through unobtrusive advertisements, with payments also made in BTCS. The ads will be community-policed, ensuring security and decentralization, and participants in the network will earn 50% of the generated revenue, along with extra incentives for policing the ads.
The multiple reward systems create a compelling incentive structure, further fueling the desire for network participation and driving adoption.
In addition to its technological advances, Bitcoin Spark boasts a limited supply of 21 million BTCS tokens, which suggests long-term price appreciation akin to its predecessor, Bitcoin. Bitcoin Spark also has a relatively low market capitalization, which allows its price to surge by unprecedented levels. This is further reinforced by the timing of its launch from its Initial Coin Offering (ICO), aligning with the start of the next crypto bull run.
Bitcoin Spark’s ICO is currently in Phase 6, with BTCS priced at $2.75 and investors getting an 8% bonus, among other benefits.
For more information on Bitcoin Spark:-
Website: https://bitcoinspark.org/
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