Cardano Accused of Leading “Cult Mentality”, What Does It Mean For Bitcoin Spark?

Cardano’s alleged accusations within its community raise questions about the project’s dynamics and influence within the crypto world. Such claims could prompt some crypto enthusiasts to explore alternative projects for a more trustworthy and transparent blockchain ecosystem like Bitcoin Spark. 

What is Cardano?

Cardano is a blockchain platform for secure and scalable infrastructure, fronting the development of smart contracts and dApps. It was founded by Charles Hoskinson, one of the co-founders of Ethereum, and is known for its research-driven approach to blockchain technology. Cardano is designed to address blockchain network challenges, including scalability, sustainability, and interoperability, through a proof-of-stake energy-efficient mechanism called Ouroboros. The Cardano platform comprises multiple layers for executing smart contracts. Cardano has gained attention for its focus on academic research and formal verification methods to ensure the security and reliability of its code. 

Is Cardano Inflating Reported TVL?

Cardano has seen a significant drop in value, with a monthly ADA price decline of 12.6%. ADA has nearly halved in value from its yearly peak in mid-April at $0.45. However, despite the price drop, ADA has witnessed a substantial increase in on-chain transaction volume, growing by 1,726% since late January. A surge in transaction activity is seen as a positive sign for adopting decentralized finance (DeFi) and non-fungible token (NFT) investments.

However, critics fault Cardano for being an overvalued network, and its Network Value-to-Transaction (NVT) ratio has been rising, suggesting overvaluation relative to on-chain transactions. Additionally, Cardano’s total value locked (TVL) is comparatively low at $190.23, resulting in a high market cap to TVL ratio, indicating potential overvaluation. These factors raise questions about ADA’s valuation and prospects.

Claims of a cult-like operation deepen as Cardano may appear like a tight-knit community led by Charles Hoskinson. Accusations abound of a highly motivated community often emphasizing kindness and support within the group but can be confrontational to outsiders. Charles has allegedly rallied people around these causes, even when there are delays in software development, which some view. However, from a technical standpoint, some see the project as overhyped, driven more by a sense of community and common goals rather than purely technical merit. Some see Charles as manipulative and ego-driven, leading to these observations.

Bitcoin Spark (BTCS)

Bitcoin Spark’s blockchain project addresses various challenges through a Proof-of-Process (PoP) mechanism. BTCS seeks to distribute mining rewards fairly, irrespective of the computational power of the mining device used. The PoP approach aims to enhance network security and reduce participation costs by utilizing a unique concept that allows rental of mining device processing power to other users or entities, such as servers or large-scale video coding. BTCS’ security and privacy policy won’t allow data storage outside of RAM, as only the device’s processing power is used. The fees generates from this process are distributes entirely to mining pools.

Bitcoin Spark intends to make productive use of the electricity consumption associated with proof-of-work mining. By renting out computational power to companies and individuals for various tasks. the project ensures that energy consumption serves a valid purpose. The network’s approach involves using the CPU, GPU, and RAM in an isolated environment. It providing security and avoiding interactions with other device systems.

Bitcoin Spark application

The landmark Bitcoin Spark application will deploy an easy-to-use mining program. It is compatible with various operating systems, such as Windows, Mac OS, Linux, iOS, and Android. The software will adapt the processing power usage based on battery life, or simultaneous device usage. The project emphasizes security and decentralization. With plans to make its repository publicly available for developers to create mining applications and wallet apps. Bitcoin Spark will also serve as a wallet for the BTCS network and other cryptocurrencies, including Ethereum, BNB Smart Chain, etc. The app enhances network security by diversifying the range of devices and mining nodes. It making achieving a 51% attack more challenging.

BTCS ICO, at its final stages of phase four has picked enormous inflows as investors seek to capitalize on the affordable $2.25 token price and a 10% bonus. During its November launch, BTCS will feature at a $10 pricing, giving investors a 489% ROI.

More details on Bitcoin Spark here:

Website: https://bitcoinspark.org/