January 23, 2018
DescriptionThe focus of Sparks will be around solving issues currently faced when using cryptocurrency for eCommerce. As avid supporters of cryptocurrencies, we realize that cryptocurrency adoption for the purchase of goods and services online has been slow. While there are many merchants that are beginning to accept cryptocurrencies as a form of payment, consumers are reluctant to spend their cryptocurrency. The primary reason for this is the lack of trust. Once a cryptocurrency transaction has been made and payment is sent from the buyer to the seller, there is very little protection or recourse for the buyer in the event of a fraudulent transaction, which creates reluctance. Unlike using credit cards, which provide full buyer protection as banks can reverse a fraudulent transaction, there is no such intermediary for cryptocurrencies. In another example, Paypal has been able to succeed at a large scale due to its popular buyer protection service. Buyers on eBay can shop worry-free, knowing that they can file a claim with Paypal, who serves as the mediator in the case of a dispute. Sparks is aiming to be the leading cryptocurrency platform in eCommerce. Sparks will be the first cryptocurrency platform that incorporates a buyer protection service. This process will largely be automated and fully utilize features already available within the Sparks core code. Not only will holders of Sparks be protected when spending their SPK, the Sparks platform will be made available to retailers all over the world as a service. Using the service will require subscription payments to be made in the form of SPK, creating utility and demand for the coin. This service will be catered to many industry verticals and will be designed specifically to meet the unique needs of each industry, making it seamless for merchants to integrate our services.