Feb 1, 2021
Sparklecoin AMA Summary with Decentralized Club ✔️
Dear, Community,
Welcome to the recap of our AMA with Sparklecoin.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Sparklecoin is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with Sparklecoin :👉
BILLY:
Q1. Can you provide a brief introduction to SparkleCoin + the core team behind it? @TheVictorWong
Victor Wong:
Sure….I have been an inventor, entrepreneur, and futurist since a child. I have founded a number of successful companies that have fundamentally changed the world. The first company was one of a handful that was authorized by Apple to make Mac OS compatible computer systems. We produced the most powerful Mac OS computer ever back in 1997 and was the first company to offer a “bare-bones” configuration whereby the end-user can add their own RAM, hard drives, and other components. On the software side, I also founded a company that used Web Objects from Apple to create one of the first web-enabled business management software applications. This software powered online commerce for companies like Lucent Technologies and even the LBJ Presidential Library and was marketed by Apple to its enterprise customers. After this I founded Open Labs, which was the first company to create a complete all-in-one music production station powered by a computer and Windows, which was integrated into a musical keyboard. Our products included the NeKo, MiKo, and DBeat and was used by many artists and producers to compose and perform music including: Prince, Madonna, Faith Hill, KoRn, Maroon 5, Timbaland, Polow Da Don, Lil Jon, Michal Jackson, Linkin Park, Teddy Riley, and many others. One use example is all the keyboards on stage for the Super Bowl performance by Prince were from my company. We were instrumental in introducing the world to music production and performance using computers, which is now the norm.
Currently I run several technology-based companies including Music Computing, a maker of large format touch screens that are used by companies including Capital One and National Instruments, and government agencies like DARPA, and in boardrooms and trade shows worldwide. We were the first to produce multi-touch capabilities for Windows based computer systems as well as the first to produce any touch capable screens for Mac OS. Another company I currently run is Victor Racing, which makes Smart Active Aero products for cars. Our latest line of products won a Best New Product Award at the SEMA show in 2019 and is currently being used exclusively by the U.S. Touring Car Championship racing series.
In 2016, I also founded SparkleCOIN, a blockchain and cryptocurrency technology company, which is about to make some large announcements as it is being rebooted into the new Cryptocurrency Era. Our goal has always been to help cryptocurrencies be used in daily transactions.
You can find out more about me at: http://www.TheVictorWong.com
BILLY:
Seeing such an extraordinary track record , we can safely assume SparkleCoin is not just any crypto project. It has highly visionary people behind it .
Victor Wong:
Yes that is correct.
We are not a blockchain only company. We are a solutions company that incorporates blockchain technologies into its products and services. That give us real products and services that will use $SPRK to drive transactions and demand. A blockchain only company can’t do that.
BILLY:
Exactly I echo you
Q2. What does SparkleCoin offer that we should be excited about? @TheVictorWong
Victor Wong:
SparkleCOIN is unique because we are not just a technology play like many others. SPRK, the token, is only part of the solution that we have created. Around SPRK, we have developed sophisticated transactional software and platforms that are designed to seamlessly move values from the virtual world to the real world and back. The SPRK Awards Platform is a turnkey end-to-end solution for the exchange of virtual assets and fiat currencies by means of a stable token valued at $1 and any number of cryptocurrencies with constantly changing values, governed by the SPRK token. The solution includes business methodologies, software technologies, integration, a blockchain, and direct real-time transactions with the world’s largest cryptocurrency exchanges. The SPRK Awards Platform can be utilized by any company that has a virtual economy such as gaming, company loyalty rewards, and even brick-and-mortar businesses.
There is a long list of the technologies that we have developed listed on our website: http://www.SparkleCOIN.com
Because we have developed so much, we can create turnkey solution for virtually any need very quickly.
The SPRK Awards Platform took less than 3 months to design, code, and complete.
BILLY:
So , SPRK will be credited to people as rewards who can use it to avail other services?
Victor Wong:
Please ask again. I am not sure of your question.
BILLY:
I mean the company who utilizes the SPRK Awards Platform . They will pay company loyalty rewards in SPRK ?
Victor Wong:
Got it. Let’s take for example the first company that will use the SPRK Awards Platform that we will launch with very soon…
Our first client partner in this is a music download company with normal revenues in excess of $140M annually ($36M last year during Covid-19). They will be using $SPRK in their transactions for their sweepstakes, which amounts to approximately 2/3rds of their annual revenue and will directly drive demand for $SPRK on the third-party cryptocurrency exchanges by placing buy orders for $SPRK. There will be a ramp-up to this amount as they will be transitioning a number of locations and customers over time.
What happens is they have a point system. Every 100 points equals $1. So when someone is awarded, they redeem the points for 1 of the stable coins.
Then they can use that stable coin for anything within that company’s virtual economy.
When they want to cash out, the SPRK Awards Platform exchanges the stable one for $SPRK at the current value of the token on a third-party exchange.
The winner can then hold $SPRK, Trade, or Sell it for fiat.
The SPRK Awards Platform does all of that for them and the fiat or $SPRK is deposited in the winner’s account on the exchange.
All of it is done in the background. The winner only has to push a few buttons in the user interface.
Demand will be directly driven by the sweepstakes company….
BILLY:
Okay. Will it be possible in the future to have SPRK integrated further so that points can be directly swapped for SPRK
Victor Wong:
because they have to back up each stable coin and $SPRK with actual assets, which means buy orders in the exchange.
No…that is the problem with using cryptocurrencies today. They are too violitile……
but using a dual ledger system like what we have, allows the stable coin to be set at $1 so it is a constant when needed, and then allows $SPRK to change in value like a normal cryptocurrency. With this method and the large amount of buy orders and demand for $SPRK, the prices should change accordingly and for the first time, be able to be tracked back to actual transactions and not only speculation.
Also….
cryptocurrencies are TOO SLOW to be used in daily transactions of this type.
BILLY:
Thats really great for SPRK price I agree but I have one confusion Victor. What benefit does your client get by making this a 2 step process . I mean instead of cashing out directly from stable coin to cash, going via swapping for SPRK and then cash?
Victor Wong:
Waiting for confirmations take too long. That’s another problem that we have solved to make this all workable.
BILLY:
Right
Victor Wong:
The stable coin is just a ledger entry. That’s why it’s instant and has to be that way.
Also….
the SPRK Awards Platform is a standalone designed to be used with any virtual economy out there like Gaming platforms, gambling casinos, Rewards Programs, etc…they each have different point systems and if they went directly to $SPRK, we would have to code that each time. With the dual ledger, the stable coin (only ledger entry into a private ledger) can be integrated almost instantly.
Also…
there are some brick and mortar locations that would like to use the stable coin as a token for people to purchase food, drinks, swag, etc….$SPRK or any cryptocurrency is too slow to do that.
AND…
Your thinking is correct though….
In some deployments….they will change their point systems to only using the stable coin that is part of the SPRK Awards Platform. Which will then operate as you have initially suggested.
The strategy is….
integrate, and then take over…😉
LOL!
BILLY:
Haha..i got it .. thanks for the detailed explanation
My 3rd question was :
“Q3. Can you talk a bit about your customers and how they are utilizing your services?”
But I see it’s already answered in our discussion above so let’s move directly to our last question
Q4. What is further planned for SparkleCoin in 2021 ?
@TheVictorWong
Victor Wong:
We will continue to onboard more companies into the SPRK Awards Platform to directly drive demand for $SPRK and to rapidly increase the number of users of $SPRK as each of these companies have large user basis that will be converted to $SPRK holders and traders.
In addition, we also develop solutions for other companies and most of the time they involve the use of $SPRK.
BILLY:
Okay great. So 2021 will be a year of onboarding of large number of organizations which will cause a huge appreciation for the price of SPRK
Thanks for the wonderful introduction
Victor Wong:
Thank you!
🐧Community ask Questions by Twitter ✔️
BILLY:
Twitter question no 1.
Username : @Rosanela08
In the context of real-asset tokenization on distributed and private ledgers, what features can SparkleCoin offer that would facilitate this process?
Victor Wong:
Question 1: This is really what the new SPRK Awards Platform is based on. The ability to tokenize things like points in a virtual economy along with fiat currencies and other things like credit line for high-roller gamblers or casino chips. It can also tokenize things like food, drinks, and other physical items. We designed the SPRK Awards Platform to be all encompassing and anything can be tokenized and be backed by real assets.
BILLY:
Twitter question no 2.
Username : @Shekwoyemii
How is sparkle Coin a hybrid Cryptocurrency with Pow and Pos
What are it main features and usecases?
Victor Wong:
Question 2: The SPRK distributed ledger technology uses a hybrid of Proof-Of-Work and Proof-Of-Stake consensus mechanisms to ensure that there is agreement among participants on the current state of the blockchain. Its primary aim is to ensure that the chain is not re-written.
The objective behind using the hybrid system is to capture the benefits of the respective approaches and use them to balance each other’s weaknesses, which is:
● PoW blockchains have significant mining costs (hardware requirements and electricity consumption) and since it can split at any moment, it requires transaction finality to wait for a couple of block confirmations.
● PoS blockchains could be subject to long-range attacks and could compromise the trustless nature since past stakes do not accumulate in the PoS based ledger, as the stake is released after some arbitrary bonding period.
SPRK utilizes both PoW and PoS in recognizable forms and merges them together to produce a multi-factor or hybrid consensus mechanism. In SPRK, PoW miners are responsible for producing and submitting new blocks. PoS stakeholders confirm that a block should be included in the blockchain by voting. A network node can be either a PoW miner, a PoS stakeholder, or both at the same time. In SPRK, 0.25 tokens are provided to PoW miners who produced the respective block, and a 1% annual reward is provided to PoS stakeholders.
The goal was for $SPRK to be used in daily transactions, which means we had to create a blockchain that we sustainable. This hybrid method does that.
BILLY:
Twitter question no 3.
Username : @AmdArt1
after partnering with the SKCHAIN ADVISORS project, will the SPARKLECOIN project add partners with projects in different countries, or will it form communities or ambassadors to help with project marketing and introduce $SPRK to different countries?
Victor Wong:
Questions 3: The addition of SK Chain and Kairon Labs is a recent thing. We have been working with developers and other people / companies in key positions all over the world since 2016. We will continue to seek and engage people and companies as well as our community to guide our company and development so that we can stay ahead of our competition and to create more and more uses for $SPRK because again, we believe eventually, a cryptocurrency is only going to be worth what it’s transactions in the real world are. We want to be prepared for that day right now and be ahead of the game.
I also want to add…
We are about to make some announcements of $SPRK being listed on some of the biggest exchanges in the world, which will provide exponentially more people access to trade $SPRK than where we are now on SouthXchange.com, which has a tiny daily trading volume.
BILLY:
Appreciate the insightful answers to our Twitter community. Now let’s get answers to our best website questions ! 🙂
That is huge news
Victor Wong:
All of this goes hand in hand in driving demand for $SPRK
BILLY:
Really excited to witness the growth of SPRK in next few months
Victor Wong:
Just to show our commitment…
Just in the last 2 months, I have personally put into the company about $500K to develop the SPRK Awards Platform, engage consulting firms, pay for listing fees to exchanges, etc…and within another 90days, will probably have to put in another $500K. That is the dedicated I have for this project and what I think the upside is.
✍️ Telegram live Questions answered by Sparklecoin ✔
Kelli Beahan:
What is the maximum total supply of SparkleCoin ? what is meant by stalking? how to count it? please give an example
Victor Wong:
With a hybrid blockchain that is designed to be sustainable, the max number of tokens have to be look at in a different way. Right now there is approx 59M tokens and there will be more from mining (POW) which will halve until it stops. However, after that in a POW only blockchain…who’s going to provide the network processing power and security when there are no more awards? So in our case, the POS continues to provide power and security at a rate of 1% annual award, forever, so people will still have an incentive to provide the processing power and security the blockchain needs.
Alikaa Azzahra:
Features What unique features are there in the #SPRK rewards platform to offer enterprise level combinations and solutions — what kind of multi-ledger system does #Sparklecoin do, can you explain a little?
Victor Wong:
Please download and read the SPRK Awards Platform white paper here: http://www.SparkleCOIN.com
Cheyanne Botsford:
what challenges do you face now? Good partnerships, fast adoption, and tight security are things that every blockchain project must fulfill. What is the plan to make it happen? how do you plan to make SparkleCoin strong and popular in the next year & beyond?
Victor Wong:
The biggest challenge we face today is getting our message through and letting people know what we have done and are doing today. We hope with the marketing programs we have in place and the increase in community support, we can overcome this issue.
Demvrick:
How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates about this project?
Victor Wong:
You can keep updated on our progress best via our Telegram and Twitter accounts: https://t.me/SparkleCoin and http://www.twitter.com/sparklecoin
Patsy Bednar:
How will SparkleCoin solve the scaling problem? And how will it overcome the threat of centralization in the community?
Victor Wong:
We have developed our products and services to be scalable on an enterprise level as we have experience in creating enterprise software solutions. We are not afraid of centralization, that is always going to happen. Our goal is to be the bridge that interconnects centralized and decentralized platforms.
⸙ꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋ MR:SAMSUR 🔥:
Hi sir,@TheVictorWong
🎖Most DeFi projects especially those ones offering yield farming are driven up by hype and scarcity, so when the hype dies the project dies. What’s the key to sustaining Your Project yield farming ?
Victor Wong:
We have never relied on hype…maybe that’s why I’m not a billionaire yet. We don’t believe in pump and dumps that will destroy a company / project. We believe is rapid short term gains from large impact moves and long term steady grow through planning and execution. So we are not afraid of people losing interest in what we do, because we do real work, have real products, and not just out to scam people.
🌍 Website questions answered by Sparklecoin team 🦄
BILLY:
1 million dollar in. I am sure billions will come out. Haha.. Website questions coming if you allow Victor ? @TheVictorWong
Victor Wong:
Sure
We operate under this mantra. We know a lot but we don’t know everything, so our community is EXTREMELY important to us. They are our eye, ears, and mind that helps to guide us. We encourage everyone to help us. If you have an idea or concern, please contact us at Support@SparkleCOIN.com.
SK Chain…
is a leader in social media marketing and community building. They have done a great job so far and in just the last week, hundred of new people have joined our community.
That is one reason why we hired them.
And yes…
we will continue to run lots of giveaways and contests with prizes to get even more people to engage with us.
BILLY:
Website question no 1.
From : Masarya
You are currently trading on the Southwest Exchange, why don’t you try to expand it until recently, what are the future plans for the “DEX & CEX” exchange ??
Victor Wong:
We have been in the business world for decades and we saw what happened in the 2000’s when the Dot.com boom busted. There was a huge number of IPOs and then the bubble burst. When that happened all the companies that really didn’t have any technologies or business knowhow went out of business. Those who had technologies and the resources to survive for the years after the crash came out the other side to become the pioneers and industry leaders for the industry like Amazon.com. We saw the ICO craze as a repeat of history, so we focused on developing a massive amount of technologies and stored away our resources until the time was right to reemerge with new and relevant products and services. Because of this strategy, we believe SparkleCOIN can become a pioneer and leader in this new era of blockchain and cryptocurrencies. We will be making announcements within the next few weeks about being listed on some of the largest exchanges in the world.
BILLY:
Website question no 2.
Username : waybesuricata
Avast detects cryptocurrency wallets as containing malware. You stated that this was wrong on your web page. So is your wallet completely safe? Our personal data will not be shared with third parties, right?
Victor Wong:
Avast used to detect most cryptocurrency wallets as containing malware. (Not sure today, I haven’t personally checked in some time). However, our wallets are secured. The private keys are never published or sent out so as long as the token holder practices good safety for their computer system and the encryption pass-phrase for their wallet, thing should be safe. We don’t collect any personal data and we don’t share, sell, or transmit any personal data.
BILLY:
Website question no 3.
From : sandy firmansyah
How does SparkleCoin evaluate the importance of the user community? In the near future, does SparkleCoin have any special plans to attract and expand the community?
Victor Wong:
Question 3 I answered first already…
