In what will be a historic legal victory in the world of cryptocurrency, Ripple won its lawsuit against the U.S. Securities and Exchange Commission (SEC) after the agency sued Ripple in 2020. The SEC claimed that XRP and its founders had violated securities issuance regulations by offering its token, XRP.
In the ruling, the court found that XRP does not fit the criteria of a security under SEC’s law, thereby absolving Ripple of the commission’s charges. The decision ideally changed the regulatory landscape for cryptocurrencies in the United States and had effects not only for Ripple but other digital assets and blockchain-based projects.
What is XRP?
XRP is a cryptocurrency created by Ripple Labs Inc., a technology company that specializes in the real-time gross settlement system, currency exchange, and remittance network.
After Ripple’s victory over the SEC, the price of XRP surged, making a comeback from the underlying bearish effects of the long-going court case. The surety about its legal status created a wave of investor confidence, leading to XRP’s performance in the market. Many institutional investors and exchanges previously wary of potential regulatory issues started to list XRP in their portfolios, thereby increasing its demand.
What is a Bitcoin Fork?
A Bitcoin fork is an update to the underlying rules of the Bitcoin network. Forks can occur in any cryptocurrency, usually when different participants in the network disagree on the rules that should be governing the network.
A fork creates new versions of Bitcoin currency known as Bitcoin alternatives and is a natural result of the structure of the blockchain system, which operates as a decentralized system.
Introducing Bitcoin Spark
The rise of Bitcoin alternatives has profoundly influenced the cryptocurrency realm. These alternatives not only present users with a wider variety of choices but also introduce new features and uses, thereby improving the overall use of digital currencies.
Bitcoin Spark is one such alternative. The project offers users unparalleled speed, security, and scalability. It uses the latest blockchain technology, sophisticated consensus algorithms, and a unique governance model. The tokenomics of Bitcoin Spark are similar to Bitcoin’s, with the only difference being a prolonged time until the maximum supply is attained.
BTCS tokens, the network’s native digital asset, will only be available on the Bitcoin Spark network. However, the project’s developers intend to incorporate network bridging to make the ecosystem interoperable with other networks. After the upgrade has been finalized, Bitcoin Spark will have liquidity pools on major networks, including BNB Smartchain, Ethereum, and Polygon.
Bitcoin Spark uses an all-new blockchain technology called “Proof-of-Process” (PoP), a combination of the Proof-of-Work (PoW) and Proof-of-Stake (PoS) systems to mine crypto. The PoP system ensures a fairer distribution of mining rewards between smaller and larger network participants. Participants who possess greater mining capabilities will earn more. However, the earning mechanism will not be balanced as it is in traditional mining processes that validate the Bitcoin network.
Miners will be able to mine Bitcoin Spark using an application that the team is currently developing. The app will be compatible with various operating systems, including Windows, Mac OS, Linus, Android, and IOS. The app will also manage its processing power consumption and address potential issues like device overheating, multitasking demands, and battery conservation.
Investors can participate in the Bitcoin Spark initiative by buying its native token, BTCS. Imagine being able to buy Bitcoin when it was only $1. BTCS is selling at $1.50 during phase 1 of its ICO, which started on August 1. Users who purchase BTCS in this phase will get a 20% bonus.
These purchases will be worth 800% of the original price at the end of the ICO period when the project will officially launch at $10 for each BTCS.
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