Sparkster has soaked up millions of dollars of investment capital and returned nothing in the way of a viable product. Almost a year after their inception and ICO, Sparkster have pocketed the money drawn from eager investors and haven’t even released their token to the market.

Their original proposal was unrealistic and hasn’t ever been accomplished even in testing. The management team for Sparkster engage regularly in AMAs but have nothing to offer in ways of serious announcements or a definite confirmation of progress.

Their premise was founded almost entirely on being the “fastest network available”, with tens of millions of TPS. This ability hasn’t been achieved by companies bigger and infinitely more capable than Sparkster (such as Metahash and Hedera Hashgraph), indicating that this promise was merely a tool to allure and fool investors. 

There are three main aspects a cryptocurrency aims to achieve, and that’s TPS, decentralization and security, but more often than not, only two of these three are achievable. Therefore, Sparkster’s promise of super-fast TPS means they are cutting corners on another aspect.

Sparkster’s initial goals were laughable and unrealistic, promising items such as:

• The fastest Blockchain Cloud network, to rival Amazon AWS and Azure.
• Enable ‘everyone in the world’ to build software via pre- or no-code toolkits.
• Build a platform in which users can provide services or sell to other Sparkster platform users.

They relied heavily on their promise of “tens of millions of TPS” but weren’t ever able to prove the viability of this, reaching only tens of thousands of TPS in live testing. The most fundamental part of their promise was a complete sham and existed only to stoke hype.

Most importantly, the token required to feed this platform hasn’t been released, and there is no word from the team when this will happen. Social media is crying out for information but the shady organisation behind Sparkster isn’t divulging anything.

This portrays one of the biggest issues with ICOs – Sparkster have reaped funding from their investors, accepting payment for a currency that: a) doesn’t exist and b) has an invented value.

The original roadmap they released is far-outdated and isn’t in line with any of their current operations. Everything they envisioned has failed to become a reality. They claim to have released early versions of the product but without the integration of the token, what’s the point in it even existing?

Sparkster received around 30m USD in ICO funding and have nothing to show for it. As stated earlier, they’re claiming that they cannot release the token until they’re sure customers will actually pay for what they’re “going to build”.

If this is the case, why did they require such heavy funding at inception? They’ve taken these funds from eager investors and have released nothing to show any ROI.

All they’ve shown are a few poorly-performing tests, invisible updates to a closed alpha and a re-hashed website. There is absolutely no sign of any developments worth 30m USD. They continue to postpone anything substantial and are consistently withholding their investors’ funding.

It would have required blockchain implementation with the endeavoured deployment across the Ethereum network, but this was never realised.

No, SPRK was just an industry-standard ERC20 token. 

Sparkster have dragged as much funding as possible to line their pockets with, based on the promise of goals that would have forever been unachievable for a company of their size and experience. Their ‘buy the currency before the currency exists’ philosophy is everything that’s wrong with ICOs. The promises that they have made regarding an impossibly-fast network indicate that they’re likely cutting corners on other platform aspects, such as security and decentralisation.

If you’ve been financially impacted by Sparkster’s ICO, join this class action with confidence.