Hi$41M Exploit of Crypto Betting Platform ‘Stake’ Causes Investors to Seek Safe Haven in Bitcoin Spark
The popular crypto betting site, Stake, reportedly losing a whopping amount of $41 million in crypto theft sent shockwaves through the crypto market. Market observers suggest investors are now seeking safe haven in Bitcoin Spark (BTCS).
What you'll learn 👉
What Is Crypto Betting?
Crypto betting refers to using cryptocurrencies to place wagers on various events, games, or outcomes, typically through online platforms or decentralized applications (DApps). Crypto betting has gained popularity as it allows users to enjoy the excitement of traditional betting while also benefiting from the decentralization, speed, and anonymity offered by the blockchain and cryptocurrencies.
Stake is an Australian-Curaçaoan online casino known for its extensive selection of gambling options, providing users with access to over 1,000 different betting choices. Additionally, the platform offers features like VIP benefits, reload bonuses, rakeback, and monthly bonuses to enhance the betting experience for its users. Stake experienced a significant hack, resulting in an estimated loss of $41.3 million. However, the platform remarkably reopened all services, including withdrawals, just five hours after the incident, reassuring users of the safety of their funds. Nonetheless, this event led to widespread FUD (Fear, Uncertainty, and Doubt) among its investors, causing them to look for alternatives.
What Is Bitcoin Spark?
Bitcoin Spark is a new blockchain platform that offers enhanced speed, security, and scalability while bringing new applications to the blockchain ecosystem.
Bitcoin Spark ensures fast transaction processing by reducing block time and enhancing the individual block transaction capacity. Combining this with a massive number of network nodes results in lower gas fees.
Bitcoin Spark uses the Proof-of-Process (PoP) consensus mechanism, which combines elements of Proof-of-Work (PoW) and Proof-of-Stake (PoS). It requires users to stake and contribute processing power to the network in order for them to validate blocks and earn rewards. As in PoS systems, one risks losing their staked tokens in case of improper validation, assuring the security of the blockchain. Additionally, the network’s extensive nodes enable it to accommodate a larger number of validators, including those with low-powered devices, further bolstering security.
Bitcoin Spark will provide an application compatible with Windows, Android, iOS, Linux, and Mac OS devices, which will enable users to participate in network validation by permitting access to their device’s processing unit. The application will work in a virtual environment that doesn’t interact or interfere with any other part of the device to ensure security.
The validators’ processing power will be safely ‘rented out’ to vetted network clients as remote computing power. The clients will pay for the service using BTCS, which will be forwarded to validators, providing a source of income from what would have otherwise been idle processing power.
Bitcoin Spark goes further to include small slots for advertisements on its application and website, where advertisers will pay using BTCS. The network’s community will be responsible for policing the ads and will receive compensation for doing so, assuring the credibility of the platform and its listed ads.
Furthermore, Bitcoin Spark offers a scalable platform for building and utilizing smart contracts and decentralized applications (DApps), potentially serving many use cases, including betting.
Bitcoin Spark is currently in its Initial Coin Offering (ICO) phases, offering investors the opportunity to get BTCS before its official release to the market. The project’s team has taken proactive measures to ensure the security of investors’ assets, including conducting multiple KYC audits. BTCS will launch at $10 but is currently priced at $2.25 in Phase 4 of the ICO, with investors getting a 10% bonus and a guaranteed 489% increase in investments.
Conclusion
Bitcoin Spark’s focus on security, combined with its innovative technology, real-world applicability, and potential for significant returns, have made it a compelling choice.
For more on Bitcoin Spark:
Disclaimer: CaptainAltcoin does not endorse investing in any project mentioned in this article. Exercise caution and do thorough research before investing your money. CaptainAltcoin takes no responsibility for its accuracy or quality. This content was not written by CaptainAltcoin’s team. We advise readers to do their own thorough research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in crypto assets is high-risk; consider the potential for loss. Any investment decisions made based on this content are at the sole risk of the reader. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
:
