Red Tribe High Potential Projects - Sperax
Introduction
Sperax is a Silicon Valley blockchain platform. The aim which Sperax has is to build an infrastructure for the predicted incoming decentralized economy, connecting the current economy with the decentralized. Sperax aims to work with a broad array of crypto, fintech and traditional financial companies in order to achieve this goal.
Cryptocurrency ecosystem
Currently the blockchain ecosystem is split into multiple fragments, as shown below.
Current financial system
The current financial system is majorly disconnected from the decentralised ecosystem currently being built within the walls of blockchain & cryptocurrencies.
The current financial system is split into three basic fragments, as shown below. These bridges could potentially be filled by a decentralised blockchain application.
If we simply look within the banking system make up, within each of these segments there are a broad array of sectors and companies. The scale of the potential market which Sperax are aiming to please is substantial.
BDSL
Sperax aims to act as the bridge for this gap. Sperax are currently building their own consensus module using their BDLS protocol, allowing for this connection of these ecosystems. Decentralised applications will be able to be built on the BDLS protocol, which offers increased security than a typical BFT consensus (Bzyantine Fault Tolerance). The BDLS protocol aims to be an improvement of the current PoW and PoS blockchain protocols. PoW is known for being the original blockchain courtesy of Bitcoin, with PoS implemented in Eth2.0 while is also used by cryptocurrencies such as OXT and QTUM.
Sperax aims to use their BDLS protocol to provide secure privacy protection for financial payments. This will be achieved through their DAP system. The DAP system is a Decentralized Anonymous Payment system.
Sperax structure
Staying true to their decentralised core, Sperax are self-governed. The aim is to allow anyone to become a potential leader of the company, providing self-motivation for all within Sperax, with Sperax being open and transparent. Due to the self-governance model, if a leader is not suitable for Sperax, they can be removed creating a democratic community. The implementation of this model aims to provide Sperax with a sustainable system. The need for a sustainable system is essential for the long term prosperity of the project.
Analysis of Sperax decentralised self-governance
The need for a self-governed, decentralised cryptocurrency project can be seen with BTC. Founder Satoshi Nakamoto has allowed for this to be the case since he removed himself from the project. The result has ended in BTC becoming the most secure financial payments system on the planet. People now view the cryptocurrency as a hedge against the incoming negative interest rates, inflation booms across the globe and establishment protection, with this proven in numerous countries across the globe. Here are a few examples:
Turkey inflation financial protection
Venezuela inflation financial protection
Argentina inflation financial protection
Nigeria political usage (used for SARs protests funding)
North Korean state political usage
Spain & Greece lack of financial institutional trust (stemming from Euro crisis)
However BTC would have been unlikely to have reached the heights which it has today if it had a centralised leadership channel. An example of a failed cryptocurrency due to leadership issues was Universa. The crypto had a $28 million USD token sale and even had John McAfee as an advisor, although conflict among management caused the collapse of the project. Universa is now listed on only two exchanges and is down 95% from ATHs. The overall decentralised structure of the project is vital towards its future success.
Analysis of this structure for the protocol and project
This then brings me onto my next point which is the BDSL protocol itself. The team at Sperax is built up of cryptographers, researchers and mathematicians. When reading the whitepaper, there was a chunk which I do not understand. For example below we can see the equation for the verifier committee.
The protocol being built, from my understanding, is extremely complicated (it definitely appears so). However due to the open nature of Sperax due to the structure of the company, any misdoings or negative activities would be quickly brought up. Therefore unless you understand this, a degree of trust will need to be placed in the community and team of Sperax.
The two Sperax cryptocurrencies
sCOIN
Within the Sperax there are two cryptocurrencies. The first is sCOIN which is a stable coin. The aim of sCOIN will be to reduce the blockchain gap for new users adopting Sperax. There will be multiple sCOINs e.g. SNOK, SUSD, SEUR, SGBP, SHKD etc. Each sCOIN will be backed 1:1 by the Sperax reserves, these will likely consist of government securities & cash reserves. The reserves will consist of highly liquid assets.
The cryptocurrency market has seen issues with stable coins, most notably USDT with its ongoing issues, summoned by the NYAG demanding legal documents. However Sperax aims to remove these issues through having the stable coins independently audited, in a similar fashion to USDC.
SPA
SPA is the coin which we are majorly interested in. Here are the details of the coin:
Total supply - 5 billion coins
Sperax association - 100 million coins allocated, distributed between 10 businesses/non-profit organisations
These organisations will be responsible for the Sperax Reserve and other integral parts of the organisation
Currently an ERC20 token, however this will change come the mainnet release of the Sperax mainnet
SPA coins will be unlocked and likely sold over a 2 year period
SPA coins will be the cryptographic coin for all Sperax decentralised applications (decentralised applications)
Coin burns are initiated to counteract the gradual sale of SPA coins by the various parties allocated SPA
50% of Sperax revenues are used to purchase SPA, which are then immediately burned
This will increase long term demand due to decreased supply of the token
SPA exchange listings
SPA is currently not listed on any major exchanges. SPA is currently listed on:
MXC
Hotbit
Gate.io
BKEX
Therefore something which could potentially lift the price is multiple exchange listings.
SPA conclusion
All in all, the SPA cryptocurrency should rise along with the expansion of Sperax. SPA is a crucial part of the Sperax system and should not be considered a simple fundraising cryptocurrency for the Sperax project. However expect major fluctuations and potential overextensions of actual SPA value due to the potential increase of speculative capital flowing into the coin. This is however very much the case for every cryptocurrency, the prediction of future value. This is what is currently giving SPA value (22/02/21).
Recent Sperax releases
Sperax have recently released Sperax Play on the Google Play & App Store. On Sperax Play you can mine crypto with your device and have a wallet for free on your phone.
The app has the following features:
2FA security
Ability to hold ERC20 tokens in the wallet
Send
Receive
Hole
Mine cryptocurrency
Sperax play app conclusion
On the whole, the app works. I managed to send and successfully store some SPA in my wallet without a problem. There is a broad array of cryptocurrency to choose from and store, however I could not find a BTC address. The UI is easy to use, simple to understand which is very important when looking towards adoption. When I first started using the app it worked well, although I have recently had a couple of issues regarding the cryptocurrency mining and freezing of the app. This is somewhat expected due as I have downloaded the first release of the app, this will likely be fixed in upcoming updates. All in all a good basis to start with, however not the finished product yet.
Sperax conclusion
Sperax is a promising cryptocurrency with bucket loads of potential. The build up of the organisation should allow for Sperax to fulfill its potential. On top of this the token-economics look good for SPA. Sperax will need to stay on top of its auditing and must be totally transparent in regards to the stable coins which is my only potential point of concern.
As usual this is not financial advice. You must do your own research and make decisions based on your own judgments.
Written by Red Tribe founder,
Oliver Page
Red Tribe website - redtribe.xyz
Red Tribe telegram - https://t.me/red_tribe
Sperax website - https://sperax.io/
Sperax whitepaper - https://sperax.io/whitePaper