What is Sparks (SPK) Crypto Beginner’s Guide

Sparks is a decentralized payment platform. It can be used to pay for goods and services around the world. There are digital wallets for Windows OS, MAC OS, and Linux OS. Sparks uses NeoScrypt, InstantX, and Dark Gravity Wave. The cryptocurrency for this platform is SPK tokens. 21 million SPK tokens were created. The block reward is 20 SPK tokens. Masternodes get 45% of the reward. Miners get 45% of the reward. The core team gets 10% of the reward.

Sparks utilizes Darksend transaction protocol to maintain anonymity. Transactions are completed quickly with InstantSend. Transactions are verified with PoW and Masternode network. The Sparks network is resistant to ASIC mining. GPUs are required to mine. The block time is 120 seconds.

SPK Token Trading Information

SPK tokens are traded on several exchanges including SouthXchange, Trade Satoshi, and Stocks Exchange. SPK tokens are paired with BTC tokens. SPK has a market capitalization of $259,000. Daily trading volume exceeds $1,000. The circulating supply is 2.9 million SPK. The total supply is 3.74 million SPK. It is ranked 974th by market capitalization.

During the token sale, $10.56 million was raised. The exchange rate during the ICO was one SPK = 0.48 USD. It was held in July of 2018. 1.13% of the total amount of tokens created was mined before the token sale.

What is Sparks (SPK)

SPK Trading Data – CoinMarketCap

Block Explorer Description

There’s a block explorer for users. It lets them view transactions. It is designed well. The text color contrasts with the background. There’s an easy-to-use search bar with a large search button. All the vital information is displayed within the user’s field of view. This includes network speed, difficulty rating, number of Masternodes, coin supply, and  BTC price. Each transaction is listed in order. The block height, hash address, amount of SPK tokens generated, and the date/time of the transaction is listed.

Sparks (SPK) Future Plans

Sparks plans to release a Whitepaper soon. They are building a community on social media websites including Telegram, Discord, and Twitter. They are also integrating into GoByte. Several projects are planned including cross-chain atomic swaps, corporative web, and more digital wallets. This includes mobile wallets and web-based wallets. They are working on a retailer payment API and they plan to attract merchants to the platform. Eventually, Sparks will offer a Buyer Protection Program.

Masternodes Ensure Network Integrity

A masternode is a node or computer wallet that stores a copy of the blockchain and performs tasks. This includes keeping transactions private, facilitating governance and voting, processing transactions, managing a budgeting system. There are hundreds of masternodes networked together. Each operator has a stake in the success of the system. They benefit if the system works.

To become a masternode, the user has to accumulate a certain amount of tokens. They need a VPS or server to host the wallet. Masternodes require a dedicated IP address. There should be enough storage space to store the blockchain.

The NeoScrypt algorithm is used by 2,502 miners. The hashrate is 30.85 GH/s. The pay rate is 0.078 BTC/GH/day.  

What is Sparks (SPK)?
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