The Winklevoss twins, Cameron and Tyler, owners of Gemini Exchange, are reportedly to withdraw $282 million from the cryptocurrency lender Genesis. The twins stated that the funds withdrawn from the platform were catalyzed by the ongoing cryptocurrency winter market that commenced in 2022. The winter market has made several platforms, such as FTX, Celsius, and Voyager, file for bankruptcy. Investors and entrepreneurs have witnessed the rise of a new blockchain platform called Bitcoin Spark and are all joining the bandwagon as the new network promises transparency and security.
What is Bitcoin Spark?
Bitcoin Spark is a new decentralized platform that seeks to improve the development of the cryptocurrency ecosystem through its proof-of-process consensus mechanism. The process enables validators to receive rewards as they confirm new blocks and create new tokens. The platform’s unique marketing mechanism distinguishes it from other crypto projects that don’t define future progress.
About Gemini Crypto Exchange
Gemini is a cryptocurrency exchange that enables blockchain participants to buy and sell digital currencies. After acquiring a huge amount from Meta’s CEO, Mark Zuckerberg, the Winklevoss twins established the virtual currency exchange in 2014. After Genesis declared bankruptcy in early 2023, Gemini withdrew funds from the lending platform to safeguard EARN users’ assets.
Bitcoin Spark Gains More Investors
In the current modern technology, more innovations are witnessed every single time. The cryptocurrency ecosystem is considered the most impactful niche in the blockchain ecosystem. The niche presents a new entrant, Bitcoin Spark, which has captured the attention of several digital currency enthusiasts.
The platform leverages blockchain technology to promote transparency, efficiency, and security. Contract Wolf and Cognitos have conducted an audit on the platform to maintain trust, transparency, and accountability with its participants. The audit concerns the blockchain network’s KYC and smart contract functionality. The project has a team of members competent in developing the distributed ledger technology.
The newly introduced decentralized platform has a one-of-a-kind consensus mechanism called proof-of-process. Proof-of-process incorporates proof-of-stake and proof-of-work in conducting network operations through miners and stakers. This process facilitates the allocation of rewards to the participants of the network. Validators are awarded with the newly minted BTCS tokens that are currently available as ERC-20 tokens. The tokens will, however, be bridged to the Bitcoin Spark network upon Spark’s mainnet release through the Bitcoin Spark proprietary bridging system.
These individuals also participate in confirming new blocks, hence improving the security in the niche. The proof-of-process is divided into four layers: the Execution layer that selects validators, the Consensus layer that creates an agreement among validators and verification of the block, and the Mining layer that runs separately from other layers. Besides, the rewards layer takes charge of rewarding validators who confirm blocks. In addition, the proprietary PoP has a reward calculator that enhances validators to confirm the profits being generated before partaking in confirming new blocks.
The platform also has remote call procedures that enable communication with blockchain technology. The remote call procedures enhance data transfer and assets to other blockchain technologies. Therefore, Bitcoin Spark’s official remote call procedure providers can continuously give two data streams.
It is an essential mechanism as it allows only a single wallet to be used. Thus, Bitcoin Spark’s official application is the unique wallet of the network. The network is in phase six of its presale level. At this phase, each BTCS is purchased at $2.75. Participants can get an 8% bonus for the purchase of the tokens at this stage.
More about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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Source: https://www.thecoinrepublic.com/2023/10/04/winklevoss-twins-pulled-millions-prior-to-collapse-now-investors-prefer-btcs/