With the second-last quarter of 2023 almost coming to an end, crypto investors are looking to gain significant profits before the end of the year. On that note, several analysts suggest Shiba Inu (SHIB) and Bitcoin Spark (BTCS) are the hottest cryptocurrencies of 2023.
What makes a crypto popular?
The popularity of a cryptocurrency is dependent on several factors. First is the potential for high returns on investment. Investors are drawn to cryptocurrencies that have shown impressive price gains, fueling a sense of FOMO (Fear of Missing Out), which entices more participants to join. Technological innovation and real-world utility have become vital contributors to the popularity of cryptocurrencies as the space gains more adoption.
Thus, cryptocurrencies that offer groundbreaking features and practical applications tend to stand out in the crowded market. Strong communities and active social media engagement also play a pivotal role in shaping a crypto’s popularity. Projects with dedicated fan bases often garner widespread attention and support.
What is Shiba Inu?
Shiba Inu (SHIB) is a cryptocurrency building upon its origins as a meme-based token inspired by the popular Shiba Inu dog breed. It has quickly evolved into a serious contender in the cryptocurrency space, boasting an ecosystem with its own layer-2 blockchain (Shibarium), decentralized exchange (ShibaSwap), metaverse (Shibaverse), and blockchain games, such as Shiba Eternity. Shiba Inu has a strong and passionate community known as the Shibarmy, which has played a crucial role in its adoption by remaining highly active on social media and supporting the project’s developments. While it may have started as a joke, Shiba Inu (SHIB) currently ranks among the top 20 cryptocurrencies by market cap.
What is Bitcoin Spark?
Bitcoin Spark (BTCS) is a new crypto project that aims to bring a new generation of cryptocurrency. It has gained significant attention in the crypto community, with a highly active social media presence and notable crypto enthusiasts discussing its potential. The project’s Initial Coin Offering (ICO) has even created a sense of FOMO as BTCS witnessed a 311% increase in price after it entered Phase 4. More investors are joining to get bonuses and potential profits of more than 489%.
Bitcoin Spark is a Bitcoin fork with faster and more cost-efficient transactions due to its increased individual block transaction capabilities, reduced block time, and higher number of nodes. The Bitcoin Spark network also includes a separate but seamlessly integrated smart contract layer that allows the use of multiple programming languages. This unique multi-layer design positions Bitcoin Spark as a scalable platform set to have diverse smart contracts and decentralized applications (Dapps).
The Bitcoin Spark network introduces a novel concept of decentralized CPU/GPU renting. It uses a proprietary consensus mechanism known as Proof-of-Process (PoP), which rewards users for confirming blocks and contributing processing power to the network. The validators’ power is then safely rented out to organizations or individuals that require remote computing power for tasks like running scientific simulations, video rendering, and managing servers. Those using the network for remote computing will pay using BTCS, providing a real-world application for the crypto.
Bitcoin Spark’s development team has ensured that anyone can participate in the network. They’ve combined the PoP with an algorithm that exponentially reduces rewards per additional power to ensure a fairer distribution of rewards. They will also provide an application that allows users to participate in network validation by simply granting access to their device’s processing unit.
The Bitcoin Spark application will be compatible with Windows, Android, iOS, Linux, and Mac OS devices. It will be safe, user-friendly, and lightweight, automatically limiting itself to device resources it is able to use. Network validators receive revenue from renting out their processing in addition to newly minted BTCS and transaction fees.
Additionally, the Bitcoin Spark application and website will include small, unobtrusive slots for advertisements. The ads will be community-policied, ensuring the credibility of the advertisements and the platform itself. Advertisers will be required to pay with BTCS, and 50% of the revenue generated will go to the network participants. By overlaying the network with diverse revenue sets, Bitcoin Spark (BTCS) will not only survive but thrive in a Web3 world of singular use cases and closed revenue systems.
The bottom line
While Bitcoin Spark (BTCS) and Shiba Inu (SHIB) could be the hottest cryptos this year, it’s crucial to do your own research before investing.
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