Spark Token Update & Burn Schedule

CoinSpark - A cryptocurrency exchange

Today we are extremely happy to announce an exciting update to our ERC20 token, Spark. Recent developments and forward-looking statements from regulators around the world (including the U.S., Japan, South Korea, and China) have impacted Spark and similar ERC20 tokens.

After extensive consultation with our legal team, founders, management team, and many in the community, we believe it is vital for our success and mission statement to maintain the utmost integrity and customer security by setting out the functionality of the Spark coin.  We are highly confident that these parameters will make Spark tokens more utilitarian and provide greater value, near and long term, for the token holders.

In addition, we are excited to announce a Spark burn schedule that will gradually reduce the overall supply of Spark by forty percent (40%) and leave a total of 15 million Spark in the CoinSpark ecosystem.  We are confident that the following burn schedule will provide significant on-going value to the Spark token while reducing the overall supply over the next few years.

Spark Tokens Will be Utilized in the Following Manner:

  • Spark tokens may be redeemed for up to fifty percent (50%) discount on trading fees on the CoinSpark exchange;

  • Spark tokens may be used to pay listing fees by companies seeking to have their coin/token added to the CoinSpark exchange;

  • Spark tokens will be used to vote on future coin listings, improvements, and product features

Spark Burn Schedule:

  • CoinSpark will burn 1,250,000 Spark (5% of the total original supply) every six (6) months until the overall supply is reduced to 15,000,000 Spark tokens;

  • The dates for Spark token burns are: December 1 2018, June 1 2019, December 1 2019, June 1 2020, December 1 2020, June 1 2021, December 1 2021, and June 1 2022

  • 12/01/2018: 1,250,000 SPARK burned. Remaining Supply – 23,750,000

    06/01/2019: 1,250,000 SPARK burned. Remaining Supply – 22,550,000

    12/01/2019: 1,250,000 SPARK burned. Remaining Supply – 21,250,000

    06/01/2020: 1,250,000 SPARK burned. Remaining Supply – 20,000,000

    12/01/2020: 1,250,000 SPARK burned. Remaining Supply – 18,750,000

    06/01/2021: 1,250,000 SPARK burned. Remaining Supply – 17,700,000

    12/01/2021: 1,250,000 SPARK burned. Remaining Supply – 16,250,000

    06/01/2022: 1,250,000 SPARK burned. Remaining Supply – 15,000,000

 

For those who may have participated in our token sale earlier this year, we are happy to offer you two options:

  • Option 1: You may maintain your Spark and redeem them for discounted trading fees on our exchange. You will also be able to trade your Spark tokens on CoinSpark. Spark will be paired with BTC and ETH, with additional pairings being added in the near future.

  • Option 2: You may return the Spark that you purchased during our token sale for a full refund of .0025 ETH; the token sale purchase price. Please note, that you must return all of your Spark tokens, including any bonus tokens you received during our token sale. Additionally, this option is only available to token holders that acquired Spark directly from our token sale.

If you choose Option 1, there is no action required on your part.  We appreciate you being a valued member of the Spark community and look forward to embarking on this journey together. You will be able to deposit and utilize your Spark on the CoinSpark exchange beginning in July. If you choose Option 2, please email token@coinspark.io, and be sure to include the following information:

  • The Ethereum address you used to purchase Spark during our token sale
  • The amount of Spark you purchased, not including your free bonus tokens

If we do not receive notice from you by August 15, 2018, it will be agreed upon that you have chosen to accept Spark’s new functionality and trade Spark via the CoinSpark exchange.


We appreciate all Spark holders, and we look forward to providing exceptional value and services for Spark, and the Spark community, for years to come.  Thank you for being part of the CoinSpark / Spark journey!