Solana is among the most prominent smart contracting platforms rivaling Ethereum today. However, the platform recently got entangled in the FTX debacle, causing institutional investors and whales to flee to other alternative projects. FTX exchange and its Sister company, Alameda Research, invested in other DeFi projects, including Solana, before their bankruptcy proceedings. When the two companies collapsed, Solana took a massive blow despite the number of developers reaching an all-time high. As a result, Solana whales and institutional investors are looking at this new Bitcoin alternative to offload their capital in exchange for massive returns.
What is FTX?
FTX was among the largest centralized crypto entities and the second-largest crypto exchange after Binance in trading volume before its collapse in 2022. The exchange offered a digital platform for selling and buying digital assets, including cryptocurrencies, trading spot market orders, and trade speculations on the futures market. However, The platform collapsed after its founder and CEO, Sam Bankman Fried, fell out with Binance’s CEO, Changpeng Zhao, who started selling FTT tokens. The announcement was made via a post on X (formerly known as Twitter), which delivered a killing blow to FTX as customers rushed in to withdraw their funds.
Bitcoin Spark is the best investment vehicle for Solana holders
Investing in new DeFi projects is often profitable, greatly rewarding investors for early adoption and participation. The DeFi space has witnessed an upcoming Bitcoin alternative project with improved features and next-generation technology. The platform has a clear roadmap with imminent success, from its ongoing ICO to its ultimate goal of becoming the best Bitcoin alternative among the existing 100+ projects.
Bitcoin Spark’s ongoing ICO event offers enterprising blockchain enthusiasts and crypto lovers a chance to grab BTCS tokens at affordable prices. The ongoing phase five of the ICO is seeing the distribution of BTCS tokens for only $2.50. The Bitcoin Spark team is also awarding investors who participate by buying BTCS tokens a 9% bonus before the ongoing ICO phase 5 comes to an end.
What makes Bitcoin Spark unique is its ability to sustain two of the largest crypto network validation processes: proof-of-work and proof-of-stake. Bitcoin Spark uses a new consensus mechanism called proof-of-process, which entails manning the network with an alloy of PoW and PoS, which work hand in hand with smart algorithms that standardize rewards for miners and validators to ensure equality of fairness in the earning mechanism.
The important aspect of the proof of process consensus mechanism is the “work” aspect, which creates new Bitcoin Spark blocks as well as yields processing power for the platform’s clientele. Mining BTCS tokens is simpler and consumes less energy than mining on the Bitcoin network. The Bitcoin Spark team is developing software applications to facilitate the mining process for network participants on the Bitcoin Spark network.
The application will be available for devices powered by different operating systems, including Linux, Windows, Android, and iOS. The app will provide a user-friendly platform adjourned with real-time mining progress to ensure users are well-updated with their on-chain mining activities.
Learn more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register