Sperax is a Silicon Valley based blockchain company aiming to build a infrastructure for a decentralized economy. It is a smart contract platform that uses a new consensus mechanism, known as BDLS for finalizing and securing transactions. The network's native token (SPA) allows users to pay transaction fees and vote on Sperax governance proposals. It also features a dual token system with SPA as its governance token and USDs as the network's built-in stablecoin. The project has had two funding rounds. 6.1 million in November 2019, led by Outlier Ventures, Amber Group, FBG, and Ryan Zurrer. In August 2020, Sperax secured another $5 million in a public sale. The project states it currently has focused its community development in Southeast Asia, China, and South Korea.
Sperax has initially issued SPA tokens as ERC-20s on the Ethereum blockchain. The team also plans to deploy its USDs stablecoin mechanism within the Polkadot ecosystem before launching its mainnet. Users will have the ability to lock collateral from the Polkadot and Ethereum ecosystems.
The Sperax Play app is setup to mine what they call XP and not the actual SPA crypto currency and this is where I have a BIG problem with Sperax. SPA is only currently valued at around 1 cent at the time of this writing and no conversation rate has been given to convert from XP to SPA even though hundreds of users have asked this question repeatedly. Basically they are using people to establish their ecosystem without really offering anything in return. They could set the conversion rate to whatever they want, say 1000 XP to 1 SPA and the months you just spent mining becomes basically worthless. I personally find this a very shady way to conduct business and would love to get a company response that justifies this. Even a ballpark conversion. I mean are we going to get 1 SPA for 2 XP or something crazy like 50-1000 XP to 1 SPA? Remember SPA is only worth a cent itself.
I also find it odd that they are based in Silicon Valley yet they are concentrating on building the ecosystem in Asia and not the US?
So in closing, I can't recommend spending your time on this app until the company comes clean with the conversion rate and explains why they are looking at the Asian market and not their own market in the US. It just seems they picked Silicon Valley for some name recognition and private funding.
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