Spark Wallet
Spark Wallet is a digital wallet that gives the everyday user the ability to store, earn and spend cryptocurrency and NFTs on everyday products and services. It gives users the ability to invest in their own future using crypto for stocks/commodities options as well as invest and help others around the world by participating in a leave a legacy project. All of this is possible through simple to use mobile app and gamification utilizing lightning network wallet allowing everyone to join the web 3.0 revolution.
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Spark Wallet Product
The Problem
Bitcoin is a foundational Internet technology that is not controlled or influenced by any single entity. It was built to be an escape from the current fiat currencies and manipulative regulations giving control to people of all nations. However, the current Bitcoin implementation of product is too technical and intiminating for a non-techinal users. In addition there is a lack of mechanisms to earn and exchange crypto for tangible goods and other investment opportunities. The emergence and fast adoption of Web 3.0 is creating demand for new products and services that not many people know about.
The Solution
Spark Wallet utilizes the almost zero fee, instant payment protocol of the bitcoin lightning network. All payments are atomic meaning they either fail or succeed and the result of a transaction is almost instant. Funds are guaranteed on success cutting out disputes/charge-backs cutting down large amounts of business cost on fraud prevention/loss. Spark Wallet will have a built-in onboarding to walk users through how to use the crypto environment and also contains a curated educational library of material focused on putting cryptocurrency back in the hands of regular users. Users will also have the ability to host contests to their own communities and award crypto directly to contest winners. Spark Wallet offers a legacy project that provides the ability to use crypto for charities with a reward aspect.
Spark Wallet Business
The Model
Spark Wallet will make money through:
a) exchange rate fee (fiat to cryptocurrency exchange)
b) ACH/direct deposit fee (flat rate)
c) tournament host fee
d) transaction fees when purchasing gift cards, stocks, commodities and create a legacy initiatives
e) custom branded credit card program
f) subscription model
The Market
The global crypto market cap is $2.71T with over $104B focused on marketplace transactions with bitcoin expected to double in value by the end of 2022. The total wealth held in art and collectibles is estimated to be worth $1.7T which makes NFTs so appealing to art collectors and investors.
The Strategy
Spark Wallet will bring on customers through: a) gamifycation allowing users to earn Bitcoin for participating in contests b) rewarding charitable crypto donation through Spark Wallet's create a legacy feature c) integration with products/services accepting lightning wallets d) social advertising targeting cryptocurrency platforms e) earn interest using custom Spark Wallet debit card Most importantly, we will leverage Spark Wallet's inherent viral features to attract users.
The Competition
Spark Wallet's key competitor's include Fold, Chelpis, VegaWallet, Logical Form, and Automata. No competitor holds a dominant position on an emerging market. Moreover, none of Spark Wallet's competitor's include the rich set of features that Spark Wallet offers.