SparkDeFi AMA Recap

SparkDeFi AMA Recap

CryptoDiffer team

Hello, everyone!😁

We are glad to meet here :

Andy Agnas (CEO&Founder at SparkPoint)

Rico Zuñiga (CTO at SparkPoint)

Carl Andre Bongalos (SMS at SparkPoint)

Melissa Mesias (SMS at SparkPoint)

CTO at SparkPoint, Rico Zuñiga

Hello everyone, happy to be here!

Thanks for the welcome! It’s our pleasure, thanks for having us today!

SMS at SparkPoint, Melissa Mesias

Hi everybody at CryptoDiffer community!

CEO & Founder at SparkPoint, Andy Agnas

Hello everyone, glad to be here.

CryptoDiffer team

1. What is SparkPoint and its ecosystem?

CEO & Founder at SparkPoint, Andy Agnas

SparkPoint Innovations Inc. or simply SparkPoint is a duly SEC-registered company in the Philippines. SparkPoint was founded on October 5, 2018. The company aims for a mainstream mass adoption of blockchain technology and cryptocurrency. With that, we have developed various products that comprise the SparkPoint ecosystem. 

Sparkpoint has been around for more than two years already and continue building for bootstrapped and robust suite of blockchain products. 

Our utility token, SRK is one of the few tokens that has an ROI of over 1,000% according to CoinGecko and CoinMarketCap. 

The SparkPoint Ecosystem is made up of SparkPoint Wallet, SparkLearn, SparkPlay, SparkEarn, and of course our latest product, SparkDeFi. All of these are ongoing projects which we continuously improve by releasing relevant updates and content.

SparkPoint Wallet is a non-custodial mobile cryptocurrency wallet that supports various cryptocurrencies and exchanges. Recently, SparkPoint Wallet just released a major update which is the Uniswap support. We are also working on the requirements for a VCE license. This will enable us to legally support fiat integration in the SparkPoint wallet in the Philippines.

Here are the links of our products which are already available in Google PlayStore:

1. SparkPoint Wallet: https://play.google.com/store/apps/details?id=com.sparkpoint
2. E-learning platform: https://learn.sparkpoint.io/
3. Games
3.1 Crypto Burst https://play.google.com/store/apps/details?id=io.sparkpoint.cryptoburst
3.2 Crypto Slicer https://play.google.com/store/apps/details?id=com.cryptoslicer
3.3 Crypto Shooter https://play.google.com/store/apps/details?id=io.sparkpoint.cryptoshooter
4.NFTs :https://opensea.io/collection/crypto-slicer
5. SparkEarn : https://earn.sparkpoint.io/

Our new ecosystem project is @SparkDefi which has its own governance token and currently under private sale . You can try our staking app on Ropsten  or Rinkeby Testnet Network here: https://sparkpointio.github.io/sparkdefi-web-app/

We’re launching SparkDeFi SRK-ETH liquidity staking on mainnet this month, so watch out for that 🙂

For the SparkDeFi website, you can visit https://srk.finance/#.

SMS at SparkPoint, Melissa Mesias

Another part of the SparkPoint Ecosystem is SparkLearn. It is an e-learning platform that focuses on sharing content about blockchain technology, cryptocurrency, and financial literacy. We are currently preparing free courses for these topics and there is an ongoing enhancement of the system that covers onboarding of mentors, improvement in the platform’s UI and UX and adopting the Learn-to-Earn model. 

SparkPlay is a group of mobile game applications. Crypto Slicer, Crypto Burst, and our new mobile game Crypto Shooter which is still in beta. In total, there are 38K+ downloads for our 3 mobile game apps.

We also have SparkEarn, our referral program where you can earn crypto rewards, will be transitioned into a general SparkPoint platform. This means that there will be one entry point if you are going to access the products or services like SparkLearn, SparkPlay games, or SparkDeFi. The plan is still in the pipeline though. 

And of course, SparkDeFi, our latest product, is a governance token-based platform that empowers individuals to unlock the true value of their cryptocurrency assets. We have officially launched the SparkDeFi Website and its roadmap. An early preview of the SparkDeFi Web App is also available now.

CryptoDiffer team

Q2. How is SparkDeFi different from other DeFi platforms and how can your team compete with other more established teams?

CTO at SparkPoint, Rico Zuñiga

On the surface, there’s not a lot of differences from other projects. We’re still in the very early stages of DeFi so there are still a lot of unknowns and we’re still discovering new things about it everyday.

But one big difference that I can say is that our project chose the Binance Smart Chain (BSC) platform instead of Ethereum which somehow goes against the status quo.

Well we’re still going to use Ethereum for the SRK-ETH liquidity staking, but for the the other parts, we’re going to deploy on BSC. You could say we’re not that mainstream because of this decision to choose BSC. But we’re targeting a very viable niche and possible challenger to Ethereum.

As for the most significant difference, I’d say it’s the team behind it 🙂

Well every team is different. Each has their own advantages and disadvantages. What our team has though is a solid experience and a good track record of delivering projects and meeting targets.

That is despite all the challenges we face including the recent super typhoon! We thrive despite these constraints.

I also think that we have an advantage in terms of location/country when it comes to cryptocurrency regulation and the remittance market. The Philippines has one of the biggest remittance markets in the world.

We’re in a great position to disrupt this market once we’ve secured our VCE license, hopefully within the next couple of years.

Lastly, we’re also introducing SparkDeFi as a decentralized banking alternative to Filipinos while also taking care of the education aspect to attract more informed users to the platform and for a more holistic approach to DeFi.

CryptoDiffer team

3. How do you plan to make money and become profitable? Do you have any revenues already and where do they go?

SMS at SparkPoint, Melissa Mesias

As of the moment, SparkPoint products generate revenue through ADS, IAP, and NFTs.

We use 70% of the earned revenues to buy back SRK tokens from the open markets and immediately burn them. On September 30, 2020, we burned a total of 53M+ SRK tokens making the total supply down to 14M+ SRK tokens. The next quarterly Buy Back and Burn Program will be in December 2020.

With this, we do not rely much on selling SRK from the development wallet to support our products’ developments. With this model, we believe that SparkPoint will be sustainable over a long-term period of time, hence investor’s confidence increases. More details can be found here: https://sparkpoint.io/#revenue-model.

We actually started with 20B SRK and with this buyback and burn program, we plan to reduce our total supply to 10B SRK.

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

How do you plan to spread awareness about your project in different countries/regions where English is not spoken well?

Do you have local communities for them to let them better understand about your project?

SMS at SparkPoint, Carl Andre Bongalos

This is actually quite a hard task to do, but it’s possible. I think our approach for us to reach this kind of demographics is to actually have someone from that place to manage the community in behalf of our company. The process may take long, especially on breaking the language barrier but we always find solution even for this, at best, it’s better to study first the place, culture and of course the language, and contact a local who are well versed in both languages, and the rest will be easy.

Cryptodiffer Community

What innovations has  SparkPoint brought to the DEFI space? How is  SparkPoint  changing the new DeFi ecosystem and what are the plans for the next few years?

CTO at SparkPoint, Rico Zuñiga

We’re still on testnet so we have brought anything to the game yet. In terms of innovation, DeFi itself is intrinsically innovative, so what we’re planning is to launch something doable and then iterate from there. We always try to avoid making big promises and prefer not to work on very complex solutions that our team might not be able to accomplish. We’re realistic and pragmatic. I’d say our team’s innovation is delivery. We want to and we’re confident we can launch a realistic, doable, working product.

Cryptodiffer Community

What’s your next development step? What do you want to achieve next year 2021?

What is main potential Threat do you see in the Blockchain Technology Currently?

What is the real life problem this project aiming to solve with Blockchain?

CEO & Founder at SparkPoint, Andy Agnas

Currently our SparkDeFi staking platform is on tesnet already. You can try it here: https://sparkpointio.github.io/sparkdefi-web-app/

We will launch our mainnet this month.

You can see our detailed roadmap here: https://srk.finance/#roadmap

As per our roadmap, official launch of our multi-staking will be this quarter. Our DEX, P2P Lending and Borrowing, Asset Management Protocols will be next year. 

Our P2P Lending and Borrowing aims to democratize finance so we are actually trying to offer inclusive financial services to the unbanked population which is around 2B people.

Cryptodiffer Community

What plans does SparkPoint have in partnering with major lending protocols like Maker Dao or dYdX Debt Debt Debt Debt Positions (CDP) to try to expand its liquidation protection function?

SMS at SparkPoint, Melissa Mesias

Thank you, @BTC_TOP1 for your question about SparkLearn. SparkLearn is SparkPoint’s e-learning platform dedicated to blockchain technology and cryptocurrency literacy. We have free exclusive courses about cryptocurrency, investing, and DeFi helpful for people who are starting their journey in the crypto space. All you have to do is register an account at https://earn.sparkpoint.io/register to access the https://sparkpoint.io/learn platform. SparkPoint aims to encourage the mass adoption of blockchain tech and crypto through education.

Cryptodiffer Community

Many cryptocurrency holders are unable to participate in DeFi due to high gas charges, slow speeds, and poor user experience. How does SparkPoint plan to change the current state of affairs?

CTO at SparkPoint, Rico Zuñiga

Although the gas prices in Ethereum have settled recently, we’re still not sure this will be the norm moving forward. With Binance Smart Chain, we’re guaranteed the lower costs but faster transactions. This is the primary reason why we chose to launch SparkDeFi on BSC. We’re still open to implementing interoperability between Ethereum and BSC since we’re still launching the SRK-ETH liquidity staking on Ethereum (SRK is still ERC-20). We’re confident in BSC’s future while being open to other potentially dominant platforms in the future.

Cryptodiffer Community

What is SparkLearn? How is SparkLearn beneficial to new crypto users? What can we gain from SparkLearn?

SMS at SparkPoint, Carl Andre Bongalos

SparkLearn is our e-learning platform that focuses on blockchain technology and financial literacy courses. We started this project so that we can help people who are new to blockchain especially on cryptocurrency. This project also enable us to guide users on properly handling their assets and tokens. We have upcoming courses that will surely help a wider population, on onboarding them to the cryptocurrency world and to the SparkPoint ecosystem. You can checkout more of our SparkLearn platform by visiting and signing up at https://sparkpoint.io/learn

Cryptodiffer Community

Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?

CEO & Founder at SparkPoint, Andy Agnas

Yes we do have a quarterly buyback and burn program. We use 70% of our total revenues to support this program. With this approach, we were able to reduce our total to supply to 14B ( original supply is 20B). We plan to continue it until the supply is reduced to 10B.

Cryptodiffer Community

Does Binance Labs provide SRK support? By developing the Binance Smart Chain infrastructure, what are your ultimate expectations? Perhaps Binance Launchpad?

In your website, you said that your “INSURANCE” is decentralized. Is it possible to say that human influence is completely excluded, and a smart contract is responsible for all actions?

CTO at SparkPoint, Rico Zuñiga

Great question! Our application is still ongoing for the $100M BInance support fund for DeFi projects. We’re also hoping to launch SRK and SFUEL on Binance Launchpad before end of the year, soon after we deploy SparkDeFi on mainnet.

Cryptodiffer Community

What is roadmap for 2020?

SMS at SparkPoint, Carl Andre Bongalos

You can check out our roadmap in our site: https://sparkpoint.io/roadmap

Cryptodiffer Community

How many coins has #SparkDeFi  issued and is that enough for the team’s short-term plan?

CEO & Founder at SparkPoint, Andy Agnas

SFUEL, the governance token of @SparkDeFi has a total supply of 150M. We only allocate 18% for the private and early supporter’s sale. Majority of our supply is dedicated to community development and it is already good both for short- term and long-term plans. You can see more details about here: https://srk.finance/#sfuel-token

Cryptodiffer Community

I was very surprised when I found out that you attracted only 50 thousand dollars at the start. How did you manage to survive in such a difficult market? What have you managed to achieve during these 2 years?

SMS at SparkPoint, Melissa Mesias

Thank you, @Prosto_Boxa for your question! When I joined SparkPoint I was suprised myself that the company started its endeavor with just $50k and that’s little compared to other projects that needed millions to utilize in their product dev’t but eventually failed. With the meager $50k, we are able to produce 3 mobile game apps (Crypto Slicer, Crypto Burst, and Crypto Shooter). These mobile game apps have an accumulated 38k+ downloads. We also have the SparkPoint Wallet with 11k+ downloads, Crypto Slicer NFTs, SparkEarn & SparkLearn with 21k+ registered users, DLX Food Delivery & Logistics App (on hold due to the pandemic), and our SRK token with an ATH market cap of $20M+ (as of Aug 5, 2020). 

We have accomplished all of these despite the minimal funding through hardwork, tenacity, discipline, and an understanding for our community. So with the fund we are targeting for SparkDeFi which is $850k, I can say that we can do more with that!

Cryptodiffer Community

It is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for its development?

CTO at SparkPoint, Rico Zuñiga

Thanks for the question. The only way to become truly sustainable is to become profitable. With that said, before we become profitable, we still need some funding to get us there. And during this process, we must be very responsible in balancing different aspects of the project including the financial, technical, and social aspects. In terms of financial, our cost to operate is way below industry averages given the lower cost of living in our country. In terms of technical, I, as the CTO, have to balance what can be realistically done with what we can actually do (our capabilities) and with what we want to achieve or aspire to.

Cryptodiffer Community

Does #SparkDeFi  have any plans to build a Dex ?

CEO & Founder at SparkPoint, Andy Agnas

Yes we have. We call it SparkSwap and will be launched under BSC.  You can see its web app preview here:

https://srk.finance/app/manage/?id=swap

Official launching will be 1st quarter of 2021.

Cryptodiffer Community

You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision, …

 So now I want to ask what do you want to receive from the community?

SMS at SparkPoint, Carl Andre Bongalos

That’s interesting! Thanks for the question! What we only want from the community is for their continual support to all of our projects, from SparkLearn, to the SparkPlay apps like Crypto Shooter, Crypto Burst, and Crypto Slicer, and to our upcoming launch of our DeFi platform, SparkDeFI. As we continually grow, we also give a share  to our community through our rewards program like SparkEarn. We have a lot in-stored for the community, so please keep on supporting us. We will not be able to come this far without all of you in the community. Thanks for everything, for trusting and for always patronizing our offers.

Cryptodiffer Community

What is the social mission of the SparkPoint project? You have SparkLearn e-learning platform. What are the requirements for users who want to learn cryptocurrency and investing on the SparkLearn platform?

SMS at SparkPoint, Melissa Mesias

The process in P2P Lending in @SparkDeFi  is very simple and straightforward both for fungible and non-fungible tokens. Generally, there are two parties involved who are the lender and borrower. Parties should consider first certain economic factors such as interest rate, collateral, maturity date and principal before proceeding with the loan agreement. So P2P Lending in SparkDeFi will work like this:

For the borrower (Request a loan)  :                                                                      

1. Request or apply for the desired loan         

2.  Accept the terms and deposit the collateral   

3. Receive the amount borrowed                           

4. Repay the principal including the interest and 

get back/recover the collateral

For the lender (Create an offer): 

1. Pick up or create a loan offers

2. Negotiate and agree with the terms  

3. Transfer the principal amount

4. Receive  full payments including the interest minus platform fees.

All transactions will be executed through smart contract deployed using blockchain technology in  our P2P Lending platform.

Education is at the heart of SparkPoint. With that, SparkLearn aims to encourage people to use blockchain technology and cryptocurrency by creating educational materials that will help them understand the dynamics of the technology. User education is really important in order to attract more members for this community. In order to join the SparkLearn community, just create an account at https://earn.sparkpoint.io/register to access the free exclusive courses at https://learn.sparkpoint.io/.

Cryptodiffer Community

What is the main motivation for liquidity providers on the SparkPoint platform? Do you have a strategy to attract people to your platform from outside the crypto space?

CTO at SparkPoint, Rico Zuñiga

So far the main motivation is supporting the project. We’re still very small to claim anything otherwise. They see potential in the project and by providing liquidity, they are able to serve the community while showing their support for the project. One of our biggest goals (but still being realistic) is to be able to enter the Philippine remittance market which is in the billions of dollars annually, in the next couple of years. Many other local projects have focused on this use case for a few years now, even longer than us, but many of them seem to have not cracked the case yet so to speak. We’re approaching this with a different strategy, going around it with different but complementing use cases such as non-fungible tokens, gaming, education, and now with DeFi. We’re attacking it with a holistic approach and we’re hoping this strategy will attract more users from outside crypto.

Cryptodiffer Community

What are your plans for the remaining months of 2020 and your targets in 2021?

SMS at SparkPoint, Carl Andre Bongalos

Hello! We still have 2 months left before this year closed, and so far, we are almost there on accomplishing the things listed on Q4. You can checkout our roadmap here: https://sparkpoint.io/roadmap, The 2021 roadmap are also there. Thank you!

Cryptodiffer Community

What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships?  

 Is #SparkDeFi easy for new users?  What are the highlights that attract users of #SparkDeFi ?

CTO at SparkPoint, Rico Zuñiga

Right now we’re open to on an international market while focusing on the local (Philippines) market where we are located. We’re focused more on getting customers to our existing products, and attracting new users to our upcoming SparkDeFi platform. SparkDeFi should be as easy as other DeFi platforms which isn’t saying much because most are already quite technical for most users. But like I mentioned earlier, we have a holistic approach that includes education through our e-learning platform, SparkLearn, to attract more informed users to SparkDeFi. We’re also able to organize regular seminars like we used to do prior to this pandemic, and we’re hoping to do again as soon as we’re in a better situation.

Cryptodiffer Community

Crypto projects were closed in many countries due to improper regulation and licenses. How does your project solve these problems?

CEO & Founder at SparkPoint, Andy Agnas

Philippines is one of the most crypto friendly country and we are glad that we are located here. We just need to follow our local regulations  pertaining to incorporation and licensing. Being a licensed CPA, I know how to comply with those regulations and I see to it that SparkPoint is properly complied.

Cryptodiffer Community

Why are there 2 tokens, SRK and SFUEL? What is the difference between it? How does it benefit the community and its holders?

In your website you write that your vision is “To encourage people to participate in the digitalization of transactions integrated with the blockchain technology”. Can you tell us in approximate terms how many people have been exposed to this technology with SparkPoint? How many countries have they reached?

CTO at SparkPoint, Rico Zuñiga

SRK is our utility token used in our different products. SFUEL is the governance token in SparkDeFi. We created a new token, SFUEL because SRK is not designed for decentralized governance. Also, SFUEL will be launched on BSC (Binance Smart Chain) to take advantage of its faster and cheaper transactions, which are two of the biggest hurdles in DeFi right now. SRK holders will benefit from an airdrop of SFUEL in the coming months, similar to what Uniswap did with their UNI tokens. As to the number of people exposed to our technology, we can’t claim a lot, so far we’ve reached around 43k+ with our mobile apps, around 25k+ in our SparkEarn platform which in turn are also SparkLearn users by default (they use the same login credentials), and a few thousand holders of SRK tokens from all over the world (can’t say exactly how many countries). Like any other project, we’re also aiming to reach millions of users in the coming years.

SMS at SparkPoint, Melissa Mesias

Another benefit include quarterly SFUEL airdrop distributions for SRK holders, so if you are interested @Harry_Davies you can still join the SFUEL Private Sale until November 15, 2020. You can fill out the form here: https://forms.gle/ML8ZENTmEq7z3daJA.

CEO & Founder at SparkPoint, Andy Agnas

Thank you Maks. We enjoyed answering some of your community’s  questions.

We are inviting everyone to follow our updates and developments by joining and following our socmed accounts:

Telegram Group: @SparkDefi

and @SparkPointOfficial

Telegram News Ann Channel:@SparkDeFiOfficial

Twitter: https://twitter.com/SparkDeFi

SMS at SparkPoint, Carl Andre Bongalos

🙏 Thanks! We are inviting everyone to please follow us on our official social media channels. We are everywhere on social media!

https://www.facebook.com/sparkpointio

https://t.me/SparkpointOfficial

https://medium.com/theecosystem

https://www.linkedin.com/company/sparkpointio/

https://instagram.com/sparkpointio

Cryptodiffer TEAM

Thank you for your time! Thank you everyone who took part. Let’s finish the AMA!

Spread the love
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
CryptoDiffer Admin
query2212@gmail.com

Leave a Reply

Your email address will not be published.