SparkleCOIN ICO launches, first coin backed by real diamonds

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SparkleCOIN just launched their ICO, and investors can buy tokens until December 21st.

The concept is rather interesting and new, instead of a thin value coin, SparkleCOIN is actually backed by real assets. Each coin is actually backed by $5 worth of certified diamonds bought from real suppliers. After the ICO ends, you will be able to redeem the diamonds in increments of $500.

Asset backing will only last up to the point where SparkleCOIN will value $25. Once that threshold is reached, the backing will stop. The diamond backing is done to provide actual value for the coin, however once the price increases 5 times it is inferred that the coin has its own intrinsic value. At least that was the plan. But as of November 18th, 2017, SparkleCOIN has already gone up to $35 per coin and that’s an achievement.

Here are some of the advantages of SparkleCOIN:

  • it is created by business veterans focusing on the business side of the coin rather than technical aspects
  • it was conceived to be used in real transactions
  • its infrastructure is the most important feature, allowing it to be used for buying goods and services and conversion to real money
  • users will be able to buy goods from retail stores like Amazon, Walmart, Target using SparkleCOINs
  • it includes a VCoin mall, a P2P shop that connects customers with retailers
  • it includes an exchange, VCoin exchange, to allow trading between SparkleCOIN and Bitcoin, Ether, US and more

The token sale has begun, so if you’re interested you can invest in SparkleCOIN via their site. The ICO will end on December 21st, to allow users to purchase goods via the VCoin mall. You can see a presentation of it here:

Here’s a proposed roadmap for SparkleCOIN development:

  • Nov 2017 – VCoin Exchange launches for transactions
  • Q4 2017 – VCoin Mall launch just before holidays
  • Q1 2018 – VCoin Exchange will be able to be used by any online shop to start accepting SparkleCOIN payments

The token distribution roadmap is even more interesting, as the plan is made for the next 100 years. Yes, you read that right, 100 years plan. A Genesis block with 59,187,500 SparkleCOINS will be pre-mined before the ICO to be distributed as follows:

  • SparkleCOIN ICO: 4,000,000 tokens
  • Pre-ICO supporters: 200,000
  • Pre-ICO work in trade: 200,000
  • Sparkle Coin, Inc. 100-year operations prefunding: 36,525,000 coins. 1,000 coins will be released daily to promote the SparkleCOIN market
  • VCoin Exchange 100-year operations prefunding: 9,131,250. 250 coins will be release daily for operating the exchange and market purposes
  • VCoinMall.com 100-year operations prefunding: 9,131,250. Similar to the exchange, 250 coins will be released daily

The SparkleCOIN is minable. Approximately 1000 coins will be available to be mined daily for the next 100 years. After that the award block will be halved. Mining started on September 20, 2017.

You can read their whitepaper here: SparkleCOIN Whitepaper.

 

 

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