#BTC #SPARK
My head is buzzing, just woke up, updating the situation:
1️⃣ The official statement says it's not deployed by them, but Spark is an open-source protocol, anyone can deploy it, just like the inscription deployment back then.
2️⃣ The goal of this protocol is to focus on future off-chain network stablecoin payments, which can compete with protocols like Lightning. So the core function now is just "transfer," and regardless of whether there will be a launchpad in the future, its minting model is "the project party mints all tokens and then distributes them." It's actually quite similar to RGB, just different project parties may or may not charge users for minting.
3️⃣ It seems the API is still malfunctioning. Yesterday, I tried a few addresses and found it slowed down and then malfunctioned. I have reported it, let's see when it will be fixed.
4️⃣ Some people analyzed on Twitter that it might be a group friend's project. For a target with a market cap of 44K, it might still be spread as the first community mainnet asset of Spark. I'd rather give money to my group friends.
5️⃣ It might not be finished yet, but if you want to participate, you need some technical skills. Also, be careful not to use your own computer, as you need to pull code and deploy it. Use a virtual machine or cloud server to prevent any backdoors in the code (this should be basic knowledge for those dealing with this kind of thing).
I'll have a bite to eat and then write a popular science post about the Spark protocol.
#BTC #SPARK
1. New Protocol
Recently, I researched a new BTC protocol and discovered @buildonspark. It perfectly aligns with my taste and rekindled a long-lost sense of excitement within me.
1️⃣ It adopts an off-chain expansion approach (similar to Ark; if you're unfamiliar, you can research it yourself). I believe this is the correct path, as I’ve mentioned in previous tweets.
2️⃣ Its focus is on payments, straightforward and clear, which aligns with my understanding of BTC's long-term development scenarios.
3️⃣ The content of its manifesto resonates strongly with many of my views, giving me a sense of finding a kindred spirit.
4️⃣ The protocol has a strong background, substantial funding, and is closely followed by many BTC OGs and entities like Tether.
5️⃣ The documentation is extremely well-organized and comprehensive, appearing very professional.
Therefore, I am openly optimistic about the Spark project.
2. The First Token?
Coincidentally, today a friend sent me a website asking me to research what it was.
Upon checking, it’s called the LRC20 protocol. Isn’t this the Spark Protocol? It seems to be a token (I had considered whether the official team might issue a token during my research, but since it was always on the testnet, I didn’t expect to see a mainnet token so soon).
Although I can’t confirm if it’s officially issued, after careful consideration, I decided I must participate:
1️⃣ Code-wise: It uses Spark’s official libraries.
2️⃣ Naming-wise: It implies “First Spark Token.”
3️⃣ Odds-wise: Total supply is 21M, with 1,000 tokens per unit, totaling 21,000 units. Each unit costs 2,100 sats, making the total market cap 44K. The odds are high.
4️⃣ Narrative-wise: It might be officially deployed.
Of course, there are risks:
1️⃣ It’s not officially deployed but rather a community-driven initiative.
2️⃣ The official team might FUD this token in the future.
However, the cost is limited, and I’d rather risk losing than miss out!
3. Participation Steps
Use a 2-core, 4GB Ubuntu server.
Code:
1. initwallet word1 word2 ... word12 # Mnemonic phrase
2. getdepositaddress # Get the Spark receiving address. It changes each time you check, which is normal.
3. claimdeposit <BTC transaction hash>
4. getbalance # Check the assets corresponding to the mnemonic phrase on Spark.
5. sendtransfer 2100 sp1pgss9vw4ns5xhdum88gt8u2dc2jn9v0f0ewr933hdjh2g8st3suhpzunjldz3p # Transfer to this address. Once confirmed, you’ll receive the token.
4. Notes
1️⃣ Follow the steps on the website.
2️⃣ Each address is limited to 10 units. Calculate how much to deposit per address.
3️⃣ It’s best to use a bc1p address to send funds to the generated deposit address; otherwise, it might not be recognized.
4️⃣ Currently, it’s a blind participation. There’s no index, and progress is not visible.
5️⃣ Leaf nodes are syncing slowly at the moment, possibly due to many participants. You’ll need to wait.
6️⃣ It’s uncertain whether the process is complete 😅
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