Emerging projects often draw inspiration and insights from established players. Solana’s rise to prominence and back with its innovative approach and scalability provides valuable lessons to Bitcoin Spark (BTCS) on what to pursue or avoid.
Why did Solana crash?
Solana faced a significant setback due to FTX’s bankruptcy, causing its price (SOL) to plummet by 75% in under two months. The bankruptcy of FTX had a ripple effect across the cryptocurrency market, impacting Solana’s value notably. Reports indicated that FTX had invested heavily in Solana, contributing to the sharp drop in SOL’s price and ending the year below $10.
Despite these challenges, SOL has shown recovery since the December 2022 crash. Despite regulatory hurdles, Solana remains an interesting crypto project known for its scalability. It has attracted various applications due to its fast transactions, such as decentralized exchanges, lending platforms, NFT marketplaces, and blockchain games. Recent developments like Helium’s involvement hint at Solana’s long-term potential. However, its price remains substantially lower than its all-time high by 90%.
Why is Solana going down?
FTX involvement reverberated harshly on Solana and is the main reason it went down. Solana, like any other cryptocurrency, also experiences price fluctuations due to several factors. SOL prices can be influenced by a multitude of factors, including market sentiment, regulatory changes, macroeconomic trends, technological issues, and more. Solana has had several issues, including hacking, leading to millions lost. It has faced significant challenges, including a major network outage and a significant hack involving one of its lending protocols. These events have led to a decline in confidence in the blockchain’s reliability and security among a considerable portion of experts. Analysts believe nearly two-thirds of an expert panel have indicated diminished trust in Solana due to these incidents and their impact on the network’s overall stability.
Bitcoin Spark (BTCS)
Bitcoin Spark strives to address challenges faced by Bitcoin through the provision of innovative features and technologies. It operates on a unique consensus mechanism called Proof-of-Process (PoP), which combines staking and proof-of-work protocols. This hybrid approach aims to enhance decentralization, security, and network efficiency. BTCS is deploying an application for users to rent their device power to the network for mining and transaction processing. The app permits users to contribute their processing power and stake to the network to enjoy distributed rewards based on their stake and the amount of work done using the network’s remote computing power. BTCS also emphasizes the revenue-generating aspect of its platform by incorporating advertising space within its application. This allows users to earn rewards from their computational power as well as from participating in the policing of advertisements based on community voting. As such, the project will be self-sustainable.
The project aims to offer a solution to Bitcoin’s scalability, cost, and efficiency challenges while providing new opportunities for users to participate in the network and earn rewards.
With an audit and KYC, investors can comfortably invest in its ICO, currently in phase three at $2.00, and give away a 12% bonus. Holding onto the investment at this stage yields a return of 560% after launch.
Further reading here:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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