February 7-th held an Ask Me Anything session at ICOSpeaks telegram chat. From the Spark side there were:
Before we go to the first set of questions, could you please do a short self-intro?
👨💻Joshua Verheul ( @joshver ) Co-CEO
I consider myself, a true DeFi advocate with experience in traditional finance as well as the latest that DeFi has to offer. Dynamic, innovative individual with experience in fast-paced financial markets as well as being involved previously with centralized crypto exchanges.
👨💻Jolyon Horsfall ( @JJ_crypto ) Co-CEO
I am a Web3 fanatic and accountancy professional with a focus on building high performance teams and developing key ecosystem partners
Let’s get started
Q: What is Spark about?
A:Investing in the best NFT projects should be fair, fun, rewarding, and accessible to all. That’s what we believe, and that’s why we’ve built Spark.
On-chain marketplace and community hub; built from the ground up as a safe haven for the community, that is fed up with unfair and unclear NFT drops.
The very core of our platform is the fair, engaging and transparent access it provides to the most promising upcoming NFT drops for the crypto community.
Q:What are the main solutions that Spark offers?
The problem: Many NFT project teams are anonymous and their intentions are unclear
Our solution: We will do the necessary due diligence and doxx the members involved
The problem: Randomised minting places trust in a central authority
Our solution: Anyone can use our predictor, giving a fair chance to participate in the NFT market
The problem: Methods like FCFS drive unnecessary wastage on gas fees, which fall unfairly on the user
Our solution: No false starts; algorithmically allocated rewards eliminate gas fee wastage
The problem: Current minting and whitelisting solutions are arduous and uninteresting
Our solution: Gamified prediction-based entries drive community excitement and uptake in the project
Q: Can you briefly describe what Spark is? We would like to know more about it and how it works?
A: Spark is an on-chain marketplace and community hub which solves the issue of whitelisting, randomised minting, and pre-launch NFT and token allocations – whilst also uniting creators together with communities.
Creators within the community have been through a lot – they are constantly fighting high gas fees, simulated bots, unfair capital allocation, and lack of information.
Some of the team have witnessed this first hand…hence with Spark we hope it to be a shining light that provides solutions to promote equity and excitement for participation.
A primary goal is to allow NFT enthusiasts and creators to interact effortlessly with the platform in a way that optimises the user journey. For individuals predicting on the platform this focuses on secure predictions with clear NFT and project overview information, and automatic yield features. For creators it will be a seamless listing and prediction event allowing transparent distribution of their NFTs to the highly engaged community of investors.
Q: Could you please elaborate more about your tokenomics?What’s the total supply and what kind of plans do you have regarding the token unlocks in the future?
A:Utility is key and with $SPRK we will have a very exciting ecosystem. $SPRK will give you access to:
Real-Access: “no favorites” by providing entrance into upcoming exciting projects and NFT auctions in a fair and transparent way, utilizing fair prediction.
All prediction events on the blockchain = trustless; plain to see for all and with no false starts: algorithmically allocated rewards eliminate gas fee wastage.
Yield generation: When users enter a pool, they will receive additional rewards in the form of both guaranteed staking returns and prediction based yields – an unique value addition on current launchpads where the main reward is focused solely on the allocation.
Governance: we will announce more details about this soon – but it is our goal to become a DAO and holding the $SPRK token will allow the user to vote on the integral parts of the ecosystem’s future.
Spark will also have a deflationary ecosystem based on users entry into the prediction events – with a small prediction fee for the users utilizing the protocol, with part of the fee included in the prediction rewards distribution and the other part of the fee will be burned on transaction, which will lead to a deflationary ecosystem, increasing the rewards for users and reducing the circulating supply of tokens.
Q: Can you share the achievements the team has made so far ? What are the major achievement targets Spark is yet to achieve? If possible, also share your roadmap.
A:So far, we’ve established the basis of our product offering and secured some very exciting top level strategic partnerships, which will be announced soon. Adding to that, we will also be announcing our seed round close in the upcoming days.
Over the next two years, we’re looking to turn Spark into the go-to on chain marketplace for NFT and Token allocations.
We’re going to be featuring weekly and monthly prediction tournaments, to make the platform as engaging and incentivising for users as possible, whilst also introducing metaverse integrations – we’ve got some BIG news and partnerships planned here, so watch this space.
Also, as you may know, we’re launching on the Avalanche network – we’re in talks with a number of key strategic and channel partnerships within the AVAX ecosystem, to foster as much adoption as possible for the Spark platform. In the long term, we’ll also be looking to expand our network offerings, to make Spark a leading cross-chain solution within the industry.
Q: How does Fair Predictive Launches work?
A:We want to eliminate the ‘First Come, First Served’ model and fight back against whitelist sign-up sheet bots.
Those that utilize Spark will be rewarded with a unique experience, as our platform creates a level playing ﬁeld with the use of the prediction sorting algorithm.
The core capability and distinguishing characteristic of the Spark platform is focused around Fair Predictive Launches (FPLs). FPLs represent a unique proposition bringing fairness and equality in the distribution of launch allocations for NFT’s through non-punitive prediction mechanics.
Q:How does it work?
A:And we do that with Spark’s FPLs place users into ordered lists based on the accuracy of riskless predictions on a variety of metrics around NFT launches.
Through FPLs we provide a seamless way for Creators – to distribute NFTs and receive capital and for Users to predict and gain high yields & NFTs
And also, an user friendly and good looking UX – take a look:
Q: While you build your project do you take into account community feedback and suggestions?
A:Spark always has the community in mind when we make our decisions – we take into account all the feedback and suggestions, to ensure that community is happy and satisfied with what we offer. In this way, we will have a solid and active project in the long-term.
Q: Why did you choose Avalanche and had you considered building elsewhere?
A:We considered all the options that would serve our users in the best way possible and from the options that our team analyzed it was clear that we wanted to invest our efforts into building with Avalanche – it achieves high-throughput in excess of 4500 TPS, fast finality at less than 3 seconds, and all with unprecedented decentralization – It is first next-generation blockchain using Proof of Stake to deliver at the scale DeFi demands.
We are very excited to show what we have been building to the amazing Avalanche community and establish ourselves as a key player within the AVAX ecosystem, and collaborate with the current leaders within that space, by adding value to the communities and projects.
Q: Do you have AUDIT certificates?
A: Yes security is a key core pillar of the project and we want to ensure we the the maximum steps to keep the community protected. We’ll be getting a smart contract audit from a leading blockchain industry company
Q: Does your project have plan about to Staking?
A: When users enter a pool, they will receive additional rewards in the form of both guaranteed staking returns and prediction based yields – an unique value addition on current launchpads where the main reward is focused solely on the allocation.
Q: What is your top 3 things for priorities in 2022? Could you share some plans for the upcoming year?
A: Top 3 priorites are:
– Build the community as large as possible with as much interaction with them as possible
– Launch the MVP of the platform
– Expand our partnership ecosystem
Q: How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?
A: we currently have 27 team members (excluding community managers and other non-permanent staff)
Our team has experience in both traditional market sectors, as well as blockchain, DeFi and other cryptocurrency token launches
The founders and I have personally worked on centralized crypto exchanges, large top tier accounting firms and auditors, leading marketing companies, and progressive tech and dev engineers
Q: What’s your main focus right now, are you focused on the community or market/Exchange or the products?
A: The 3 aspects are really important for us to have a successful project. We have different team members working on each area of the project but since we are in an early stage building the product is fundamental so we can satisfy the community’s needs by fixing the problems that are currently present in the NFT industry!
ICOSpeaks hosted an AMA Session with the Spark Team. That’s all for today.
Thanks to all users who participated.
Thanks, Spark for being with us
Thanks, all and see you soon😉
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