FTX Trial Begins, And These Altcoins See High Volume: Cardano, Solana, And Bitcoin Spark

The trial for former CEO and founder of bankrupt crypto exchange Sam Bankman Fried has commenced. SBF is accused of seven charges, among them for liquidating customers' assets from the exchange.

Spotlight Desk

Updated on: 13 October 2023 9:16 am

FTX Trial Begins, And These Altcoins See High Volume

The trial has taken a while to start since the alleged bankruptcy declaration and hack that took place on FTX. Caroline Elison, CEO of Alameda Research, pleaded guilty to the case. Altcoins such as Cardano, Solana, and Bitcoin Spark have witnessed immense traction during the winter. Bitcoin Spark is the new decentralized platform that promotes transparency, efficiency, and unparalleled security.

What happened to FTX?

FTX is a renowned digital currency exchange that sells and buys derivatives. Despite having no proof-of-reserve, Sam Bankman Fried was arrested for liquidating users' funds to save Alameda's research. The digital exchange filed for bankruptcy in 2022 after a huge withdrawal from institutional investors and venture capitalists.

After bankruptcy, white-capped attackers flocked to the exchange and took over millions of dollars worth of user assets. This catalyzed Sam Bankman's arrest from the Bahamas, his residence.

What is Cardano?, SOL Price

Cardano is a decentralized network launched in 2017 by former Ethereum founder Charles Hoskinson. Charles believed there was a need for better scalability, interoperability, and fast transactions in a new platform, therefore the inauguration of Cardano. The digital platform uses a proof-of-stake consensus mechanism.

platform also has smart contracts that facilitate automatic transactions within the ecosystem. The native token for the network is ADA. ADA is used as a governance tool for the platform. Solana is a digital platform developed to enhance the massive adoption of the cryptocurrency environment. The native token, SOL, is a governance tool as participants can become decentralized autonomous organizations.

Bitcoin Spark the Next Big Crypto Project

Amid the cryptocurrency winter, Bitcoin Spark has raised attention to a wider audience. Perceived as a cutting-edge decentralized platform, Bitcoin Spark leverages blockchain technology to offer unparalleled security and efficiency. Contract Wolf and Cognitos have audited the digital platform.

The two comprehensive and pertinent verification platforms have audited the platform's Know Your Customer and smart contract functionalities. Moreover, the platform has a unique team that is well-informed concerning digital currency platforms.

The project has smart contract systems with multiple layers that enable the utilization of compatible high-level and low-level programming languages. The smart contract system also allows for deploying EVM-compatible languages such as Solidity and Vyper or any other high-level language regarded as compatible with the EVM bytecode.

A parallel layer will enhance the deployment of contracts in Rusts with integration, allowing settlement on the new network. This function allows developers with various smart contracting styles on Bitcoin Spark, thus enhancing a wider scope of technical systems and inaugurations.

Mining is considered integral for an upcoming digital currency platform. Mining in Bitcoin Spark is facilitated by a new consensus mechanism that combines proof-of-work and proof-of-stake validation mechanisms. The new system facilitates a non-linear distribution of rewards between larger and smaller participants.

In this network, raw capital does not control raw power. In addition, a special algorithm within the system allows increased mining capabilities and hence can earn more. However, not in an unbiased manner. The project also has a roadmap that is visible to blockchain participants. The roadmap indicates data from the period of commencing of the presale towards the post-launch. The project is in phase seven, where BTCS can be purchased cheaply at $3.