SparkPoint AMA with Andy Agnas, Rico Zuñiga, Melissa Mesias, and Carl Bongalos at t.me/amaroom

Dric: Welcome to the AMA room Sparkpoint Team 🙂

We have 4 guests tonight from the sparkpoint team 👏

@mrmesias819 @bcarlandre @ricozuniga @andy_sparkpoint

Rico: Thank you @EXNETB for this opportunity, hello everyone!

Drei: Hello! And Good evening to everyone here! So glad happy and honored to be part of this AMA session! ☺️

Melissa: Hello, @EXNETB, and The AMA Room community! Thank you for inviting us to this AMA. 😊

Andy: Thanks Dric for hosting this AMA. We are glad to be here and excited to answer some of your community member’s questions.

Rico: Kumusta @ERCSU! Thank you for hosting us!

Dric: Let's start things off with some introductions. What are your backgrounds and how did you get into crypto?

Eric: Hey Rico! Excited for this AMA!

Andy: Hi Eric, nice to e-meet you.

I’m Andy Agnas, CEO and founder of SparkPoint. I’m a Certified Public Accountant (CPA ) and my background is primarily in Finance, Accounting, and Management. Aside from SparkPoint, I’m managing my own accounting firm and have been a consultant for various companies. I‘ve been in this space since 2016, being an investor before in various crypto projects and resource speaker in various cryptocurrency and blockchain technology seminars.

Rico: Thanks @EXNETB! I’m Rico Zuñiga, the Chief Technology Officer of SparkPoint. I joined the company originally as a technical advisor back in 2018 when it was founded and joined full time as CTO in July last year. I’ve been in the tech startup industry since 2002. I got introduced to crypto in 2011 by a friend but only took blockchain development seriously in 2017.

Dric: single or double-digit Bitcoin days 😅 as OG as you can get

Melissa: Hello! I’m Melissa Mesias. I’m one of the Senior Marketing Specialists at SparkPoint. I’ve been with SparkPoint last September 2020 but prior to that, I was an educator and a multimedia artist for 4+ years. I was a university instructor. I also specialize in writing, media content development, and marketing. I’m happy that I’m a member of the SparkPoint team which gives me the opportunity to utilize my experience in education, marketing, and media for the advancement of the mass adoption of blockchain technology as well as cryptocurrency literacy. I was introduced to blockchain tech and cryptocurrency through a friend in 2016 but decided to pursue a career track in this field this 2020.

Drei: Alright. Again, Magandang Gabi sainyo lahat! (Good evening everyone!). I am Carl Andre, they call me Drei, and I am one of the Senior Marketing Specialist at SparkPoint. I earned a degree in Computer Science. Before I entered SparkPoint, I was in the advertising industry, and I do freelance web programming and design. I got into the crypto-space just last year but now got seriously into this field when I joined SparkPoint this year.

Rico: Bargain price days 😆

Dric: So can you guys tell us what is Sparkpoint and how it all started?

Andy: SparkPoint aims for a mainstream mass adoption of blockchain technology and cryptocurrency. With that, we have developed various products that comprise the SparkPoint ecosystem. 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, our first product, 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 our wallet.

SparkLearn 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. In total, there are 38K+ downloads.

Dric: Wow that's an impressive list of products you’ve launched there. You guys have been busy over the past years!

Melissa: Yes, and we have more ;)

We 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.

Dric: Can you tell us more about the SparkDefi Platform especially since defi is all the rage right now

Rico: SparkPoint was founded in 2018 by @andy_sparkpoint. I remember when we met for the first time back in September of 2018 to discuss his idea. I was very skeptical because it was during the bear market and there were a lot of scam ICOs 😆

Melissa: and of course the 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 SRK-ETH Liquidity Staking on Mainnet.

With the SparkDeFi platform, users have the opportunity to choose from different staking options to earn from their assets. They can leverage their crypto assets including Non-Fungible Tokens (NFTs) as collateral while earning from savings pools in P2P Lending. Users can also manage their crypto assets portfolio in our DeFi Assets Protocols Management dashboard.

Andy: As for how it is started: SparkPoint Innovations Inc. or simply SparkPoint is a duly SEC-registered company in the Philippines and founded on October 5, 2018. SparkPoint is a non-ICO project and we started with initial private funding of $40,000. Although we had limited funding at that time, we were able to accomplish the following: 1.) sustain our operations until now 2.) launched six (6) working apps (cryptocurrency wallet, three crypto games, e-learning and bounty platform 3.) increase our market cap by 35X (100X at ATH) and 4.) generate an ROI of more than 1,000% according to CMC and more than 3,000% per CoinGecko.

Rico: SparkDeFi is still in its very early stages. We announced it back in August and so far we have launched the main website (srk. finance), a web app preview/mockup, white paper draft, and a governance token private sale

We’ve also recently launched our SRK-ETH Liquidity Staking smart contract and web app (app.srk.finance) which rewards our SRK-ETH liquidity providers with SRK tokens (32M is currently allocated)

Dric: very impressive, given projects that raised millions, were not able to build half as much. Bear market warriors 💪

Melissa: SparkDeFi has a governance token called SFUEL. It will be launched as a BEP20 token on the Binance Smart Chain this Q4 of 2020. The Initial DEX Offering of SFUEL is slated for December 20, 2020.

Rico: So far we have $451,588 in Total Liquidity on Uniswap as a result of this Liquidity Staking rewards campaign :)

Andy: Thanks Dric, we actually grew out of the bear market and manage to accomplish those things.

Rico: Yes indeed and we’re very proud of this accomplishment! We raised less than $50K in ETH in late 2018 early 2019 and managed to stretch it to 2 years, launch several products, and grow SRK into a $6.6M market cap token!

Dric: Last question before we move to the community AMA. What can we expect from SparkDefi? Can you give us a short term and long term roadmap for it?

Drei: Yes sure. :D

Rico: Great question @EXNETB! Our team is very excited about SparkDeFi and its future. Right now our devs are working on our next liquidity staking smart contract which is SRK-BNB. It will be launched on Binance Smart Chain before the end of the year.

Drei: Also part of our SparkDeFi targets this month is the token generation event and “Initial DEX Offering” of our governance token, SFUEL which will also coincide with an airdrop distribution of SFUEL to SRK holders. Details are still being finalized so please stay tuned and follow SparkPoint and SparkDeFi on our social media accounts for updates.

Most of the other features under the SparkDeFi platform will be developed and launched next year. This includes 2 more liquidity pairs, our P2P lending/borrowing platform, our own custom DEX (SparkSwap) which will also be integrated into our SparkPoint Wallet app, DeFi assets management dashboard, and decentralized governance via our SFUEL token.

Dric: awesome! Will be opening the floor now to the community AMA. Just choose and answer the best ones 👌

Community AMA

Q: What are the advantages of
@SparkDefi to other alternatives competitors in the Blockchain field

Is there any plan to burn #SRK so that the price goes up further

A: I think our advantages are:

1.) NFTs can be used as collateral 2.) we support microlending to democratize finance 3.) able to mine NFT’s in our platform and 4.) other crypto-assets can also be used as collateral which is currently untapped by existing lending protocols.

Yes, we do have a quarterly buyback and burn program. This 4rth quarter alone, we will burn around 368M srk worth around $370k as of this writing.

Q: What are the competitive advantages of the #SRK project? What would be #SRK most similar contender in the market today in terms of scalability, security, features adaptability?in there a competitor?

A: I would say it’s our track record and capability as a small team. We’ve been in the crypto industry for more than 2 years, having survived the bear market with very little funding. Also, the development processes and best practices that we’ve already implemented and refined in the company for 2+ years enable our team to be agile, productive, and cost-effective.

Q: Do the SparkLearn courses have any cost? which and how many modules are available at the moment? Does it have accredited experts?

A: Hi, @JoxesXIII! Thank you for your question. The courses in SparkLearn as of the moment are all free. We have 4 courses available now and another one is scheduled to be released this December. The SparkLearn Mentors have enough experience related to the topic they’re teaching and they supplement it with further research and resources. We are having the onboarding of new additional SparkLearn Mentors as well as paid courses with certificates in the long run. You can register and start enrolling in our available courses at https://learn.sparkpoint.io/.

Q: I’m sorry about the damages caused by the two strong typhoons that destroyed your region back in October. How are you guys coping now? Hope this won’t stop you from achieving all your target goals slated for this year and beyond?

A: Yes yes, about those recent natural calamity that struck Bicol Region, our place here in the Philippines, we actually experienced 2 typhoons and the other one being a super typhoon, and made noise around the world because the 2nd typhoon, Super Typhoon GONI, was the strongest in the world for 2020. Our region and a major part of northern Luzon really experienced the worst. But here we are, SparkPoint conquered these calamities and had successfully hit our targets for November! 💪 We temporarily moved our operation to a safe and functioning working space to avoid blackouts and internet disruptions. We were able to conquer those hindrances and even made a better job of hitting our targets. I guess we’re not only resilient people but unbeatable ones. Storms can’t even take us down. Well, I guess luck is with us but we really are prepared for these kinds of instances. And the team is well and safe. ☺️🙏

Thank you for your concern about our team and our region. Despite the challenges we have encountered because of the typhoons, we did our best to not get affected in terms of our targets for Oct and Nov. We temporarily relocated our office so that our work will not be interrupted by power outage or internet connection issues. With that, I’m happy that we were able to hit all our Oct & Nov targets and more! 🥳

Q: What’s the main difference from other project please share 3 main points so that we can choose your platform and invest in this project for the long term?

Looks like spark project well-organized project and already listed some exchange include uniswap in the nearest future have you any plan to list binance or huobi

A: 1. Proven track record as a team, SRK has 953.04% ROI (via CMC as of this writing), launched several working products with very little budget
2. We have a long-term outlook, already 2+ years in the industry, we don’t chase the short-term pump, we’re always in it for the long haul
3. Location, we’re based in the Philippines with a very open BSP (Central Bank), and we’re strategically located to take on the multi-billion dollar remittance industry when our VCE license is approved.

Q: With all the yield farming hype a lot of tokens are offering ridiculously high APY on liquidity staking why would an investor choose @SparkDefi

A: Because we’re not offering ridiculously high APY. That’s simply unsustainable. This is why we’re seeing several of these yield farming contracts go bust in a very short time. Our approach is sustainable and backed by tangible output (working products and solutions). We’re not short-sighted like most of the “rug-pulling” projects that we’re seeing a lot lately.

Q: How can I earn SRK tokens, which benefits could it bring me in the ecosystem, and what are the use cases of SRK? What is your vision for it as a token?

A: You can earn through participating in our bounties in SparkEarn Platform ( https://earn.sparkpoint.io/ ), through playing our games in our SparkPlay platform ( https://sparkpoint.io/play ), or by providing liquidity in our SparkDeFi platform( https://app.srk.finance/ ). SRK has a lot of utilities and you can see it here: https://sparkpoint.io/token.

Q: One of the unique offerings of sparkDefi is the p2p lending and leverage NFT as collateral. Since NFT price is volatile, can you explain how the NFT collateral works? how does p2p lending works?

A: Thank you for your question.

The concept is similar to farming fungible tokens. Initially, they will mine our own NFTs, and soon we will try to collaborate with other projects such as Decentraland, CryptoKitties, Gods Unchained to enable mining of their NFTs in our platform. For more details, please visit our web app preview: https://srk.finance/app/stake. NFTs is a growing industry and its popularity has jumped considerably, as the concept is seeing a massive inflow of funds. For this reason, we also include NFTs as an important feature in our lending platform where users can use their NFTs as collateral. The approach is the same as the fungible tokens being used as collateral in our P2P Lending.

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 the 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 a smart contract deployed using blockchain technology in our P2P Lending platform.

Q: What is the business model of $SRK How it works for users? and Who are your potential customers and which markets are you targeting?

A: Our business model is simply to become profitable as a company. Although this has slightly changed since we’ve raised significantly more funding. When we raised the initial $50K 2 years ago, our business model was simply to launch potentially profitable products as quickly as possible within the budget. Now, being profitable is very challenging especially with such small funding. So these products that we’ve launched will also serve as our technical portfolio to showcase our capability and accountability as a team which gave us the opportunity to raise the recent private round which was almost 10x of our original funding.

Now our business model is evolving from quickly launching products because of budget constraints to carefully and systematically launching products and services that have the highest chance of being profitable. First in this lineup is SparkDeFi, which has a 1+ year roadmap. We’re also eyeing expansion to the North American market next year as well as putting up an IT outsourcing services here in the Philippines which accepts cryptocurrency (BTC, ETH, SRK, BNB) as payment. We’re thinking bigger now.

Q: With so many options available, is Sparkpoint planning to add social items like profile, reputation, and adding friends to enhance the experience?

A: I think these features are really good and would enhance the experience for our users and of course the entire community. But as of now, we are really making sure to polish the core of our products and services so we can attend to the most needed features by our users. But yes, this will be exciting as these features are already in the pipeline. Let’s watch out for that. Who knows? Keep on following us on our official social media channels. ;)

Q: games, learning, defi, wallet in one place is huge! How do you deal with the interface, is it easy to use?

A: Thanks for that! Actually, our developers are really busy at the moment on enhancing the design and experience of our games and of course the user interface of our SparkPoint Wallet app. We always listen to our community when it comes to that and we always make sure that every feature especially the UI is made and enhanced with ease and user-friendliness in mind. :D

Q: Do you plan to build partnerships with local cryptocurrency developers and local projects in each country to make the use of SPARKDEFI more global?

A: Sure we do have local and global partnerships on the pipeline. We are closely working on our capacity to expand our market through partnerships. So stay tuned to our social media accounts to get the latest details:
Twitter: https://twitter.com/sparkpointio/ & https://twitter.com/SparkDeFi
Facebook: https://www.facebook.com/sparkpointio/ & https://www.facebook.com/SparkDeFi
Telegram: https://t.me/SparkpointOfficial & https://t.me/SparkDeFi

Closing Remarks

Aldric: Alright thank you guys for taking the time and share about Sparkpoint and everything you guys are doing (its a lot)

Please invite the folks here to your telegram channel, and to any upcoming events 🙂

Rico: Thank you @EXNETB for the opportunity to share about our company!

Melissa: SparkPoint ✨ (@sparkpointio) | Twitter

The latest Tweets from SparkPoint ✨ (@sparkpointio). 🤑 Stake and Earn: https://t.co/IkmLwsiFEx

💵 #DeFi Platform: @SparkDeFi

🎮 Play @CryptoSlicer @CryptoBurstGame @Crypto_Shooter

⚔️ Buy NFTs: https://t.co/FpHGdyKv2h

📈 https://t.co/HFSwI6OrPW. Philippines

Drei: Yes yes thank you so much, everyone! We really are busy the past weeks but it’s for our dear community so we’re not stopping doing these. 💪

andy: Thank you Dric. We really appreciate your community member’s participation in this AMA.

Rico: Aside from our upcoming team Christmas party 😆 We’re very excited about our SFUEL Token Generation Event this December 20 and our biggest token burn (368M+ SRK tokens) event this December 30 which will reduce total supply down to 14B (our ultimate goal is to reduce it to 10B).

Drei: SparkPoint ✨

Let’s go to the moon with Santa this December and end 2020 with a big bang! Dec. Targets: 📝 SRK Exchange Listing 💰 SFUEL Token Generation Event and IDO ✈ SFUEL Airdrop Distribution 🚀 Launch of SRK-BNB Liquidity Staking on Binance Smart Chain 🔥 Buyback and Burn Program

Drei: For our upcoming events, we really have a lot in store for our SparkPoint community!

https://twitter.com/sparkpointio/status/1333728879635140610?s=20

Aldric: supply burns are great Christmas gifts for all 😂

Rico: Thank you everyone for the opportunity! Salamat @ERCSU sa suporta! Thank you @EXNETB!

Carpe Punctum! Seize every moment.