Sparkle is a redistributive currency.
Sparkle is money that fights income inequality by proportionally redistributing two percent of every transaction to every person in the economy.
Programmed by the co-creator of Occupy Wall Street, Sparkle is a better money.
Sparkle establishes a parallel economy in which you, and everyone else, receives a share of 2% of all Sparkles bought or transferred.
Send any amount of ether to 0x286ae10228C274a9396a05A56B9E3B8f42D1cE14 to get Sparkle.*
* Do not send ether from an exchange address or you will be unable to receive Sparkle. Be sure to use a high gas limit to complete the transfer. Include a gas limit of at least 100,000 or your transfer may fail.
Understanding Sparkle’s Tokenomics
Sparkles are contributed to the communal pool whenever Sparkle is bought from the smart contract or transferred from one address to a different address.
What happens when Sparkle is bought
Let’s say that Kendrick sends 1 ether from his Metamask wallet to the Sparkle smart contract. The smart contract values SPRK at 1 ether = 10,000 SPRK before it deducts two taxes: a transaction tax of 2% and a creator tax of 1%. Kendrick therefore receives 9,700 SPRK, the communal pool receives 200 and the creator receives 100. The communal pool is then equally divided based on proportions: Kendrick will receive an additional 197.959 SPRK and the creator will receive 2.041 SPRK.
What happens when Sparkle is transferred
Kendrick sends 1,000 SPRK to Carol, an additional 20 SPRK will be deducted from Kendrick’s balance to cover the 2% transfer tax. Everyone who owns Sparkle will then automatically receive their share of the 20 SPRK in proportion to the amount of SPRK that they have. A unique feature of Sparkle is that you will earn a share of this transaction tax even if you join the Sparkle economy after Kendrick sends Carol the 1,000 SPRK. However, as the share you receive is dependent on the total supply of Sparkle in existence when your balance is queried, there is an incentive to be an early adopter of Sparkle while also not depriving late adopters of their share.
What happens when Sparkle is sold
Each and every Sparkle is backed by a verifiable reserve of ether. The smart contract accumulates ether when people buy Sparkle and it distributes ether when people sell it Sparkle. For example, let’s say that Kendrick now wants to convert 5,000 SPRK into ether. The smart contract values SPRK at 10,000 SPRK = 1 ether before it deducts a 3% creator tax. Kendrick therefore receives .485 ether and 5,000 SPRK is burned and removed from the total supply. It is important to note that the only way to withdraw ether from the smart contract is to sell it SPRK—the creator, nor anybody else, can ever access this reserve pool of ether, thus guaranteeing a minimum value to each SPRK.
Sparkle is an experiment created by Micah White and released on September 17, 2019 to commemorate the eighth anniversary of Occupy Wall Street.
Sparkle has no kill switch or pause function.
Sparkle is a protest that offers an alternative.
Sparkle enacts new economic laws that could form the basis for an activist society.
Sparkle’s design fights currency speculation and is backed by a verifiable reserve of ETH that guarantees a minimum value.
The max supply of Sparkle is 400 million SPRK.
Each SPRK is minted via an anti-speculative system whereby the smart contract sells 9700 SPRK for 1 Ether and buys 10000 SPRK for .97 Ether (after tax).
For each SPRK that you own, you will automatically receive a share of the pool of transaction taxes that have been collected.
Once 400 million Sparkle have been minted the buy function of this contract is disabled and no more SPRK will be created until supply drops below the threshold. The sell function remains active to preserve a minimum value of 10,000 SPRK equals .97 ETH.
Unlike speculative monies, Sparkle is always backed by a verifiable reserve of Ether.
Mint Sparkle by sending ETH to this contract: 0x286ae10228C274a9396a05A56B9E3B8f42D1cE14.
Earn ETH by selling Sparkle to this contract. [Click here for instructions].
Because of the redistributive nature of Sparkle, everyone receives free Sparkle—by entering into the economy of Sparkle you will automatically receive your share of the transaction taxes collected.
Sparkle! was inspired by Bomb Token (BOMB), Ampleforth (AMPL) and the The Fisher Center for the Performing Arts at Bard College’s performance of the activist opera The Miracle of Heliane. Special thanks to Rich McAteer, the creator of HumanityDao, for reviewing the contract source code and his help implementing the redistribution mechanism and to Dan Finlay, the lead developer of Metamask, for taking a final look at the code before I deployed it to the mainnet.