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Author Topic: [SPA] SPARTA – A Proof-of-Stake Cryptocurrency. Simple. Fast. Reliable.  (Read 659 times)

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Description of SPARTA's main advantages:
Proof-of-Stake



Bitcoin and most other cryptocurrencies use the Proof-of-Work (PoW) concept. This was the very first technique used, and it happened to bring a lot of issues with it. However, SPARTA uses Proof-of-Stake (PoS), so here this process is called forging, not mining. What's the difference?


 In the case with Proof-of-Work, mining  requires considerable and expensive computing power as well as huge monthly electricity costs. In search of profits, miners keep buying powerful specialized hardware that costs a huge amount of money. Miners began to pool their powerful resources, thus pushing ordinary people out of mining. This leads to centralization, which cryptocurrency was specifically designed to fight against.

       In the case with Proof-of-Stake as a forging tool, the user account balance is used instead of computing power. SPA tokens (coins) are used instead of processors and video cards. Each token is a forging tool. Thus, forging is more convenient and simpler than traditional mining, because a regular computer is powerful enough. As a result, this method is available to ordinary people and does not promote centralization.


In the SPARTA network the probability of creating a new block is distributed among all network participants using a special formula that depends on their addresses balances. The more SPA tokens are in an account, the greater the chances of creating a block and receiving a reward.


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Description of SPARTA's main advantages:
Protection against inflation



Nobody can create an unlimited number of SPA. The same can't be said about dollars. There are no printing presses here. National currencies lose 1-20% of their value (sometimes more) each year. But SPARTA, like gold is backed by a limited volume. An arbitrary number of SPA tokens cannot be printed. This protects the network from inflation. 

Tokens will be produced solely through the forging process until the maximum quantity of 8,888,888,888 (~9 billion) coins are produced. Then production will cease. This will take place no earlier than 2025.

The cryptocurrency exchange rate is governed only by the market. Because SPARTA has so many advantages over banks and other cryptocurrencies, and because cryptocurrencies as such are constantly becoming more popular, the SPA exchange rate is also expected to grow.

The dollar and other fiat money is subdivided into hundredths (a minimum of 0.01 USD, i.e. one cent), but the SPARTA is subdivided into millionths, i.e. Apella (1 Apella = 0.00000001 SPA).

Thus, people will always be able to buy and use SPA at any exchange rate. Even if SPA coins become worth 1 million USD each, people will still be able to buy a certain amount of SPA for 1 cent.

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Description of SPARTA's main advantages:
High capacity, fast transactions



Bank transfers may take 3-5 business days. Transactions in SPARTA are instantaneous, and transaction confirmations only take 1 minute.

The transaction is deemed safe after 10 confirmations, or 10 minutes. So, you will have to wait 10 minutes when transferring large amounts.

The network capacity is as follows:
14.7 transactions per second;
888 transactions per minute;
53,280 transactions per hour;
1,278,720 transactions per day;
8,951,040 transactions per week;
38,361,600 transactions per month;
466,732,800 transactions per year.

You can send money anywhere in the world quickly for a minimal fee. By comparison, Bitcoin supports a maximum of 300,000–400,000 transactions per day. SPARTA transactions four times as fast as Bitcoin.

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What is a transaction?


Transactions are the only way SPARTA addresses can alter their balances. Each transaction performs a single function. A record of the transaction is permanently stored on the network once it has been included in a block.

In short, a transaction is transfer of SPA from one address to another. When a SPARTA network participant carries out a transaction, it gets into a transaction pool along with all other new transactions of network participants.

All SPARTA transactions are considered unconfirmed until they are included in a valid network block. When a block with a transaction is included in the blockchain, it becomes a transaction with one confirmation. As a rule, once the transaction has been sent, it goes from the pool immediately to the block. As blocks on the SPARTA network are created every minute, in most cases a transaction needs only 1 minute to get the first confirmation.

As subsequent blocks are added to the existing blockchain, each transaction receives new confirmations from each of the added blocks. On the SPARTA network, each transaction is deemed safe after 10 confirmations. If for some reason the transaction is not included in the block before its deadline (24 hours), it is removed from the transaction pool.
For more information about transactions see our Whitepaper

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Is there a risk of faking SPARTA transactions?


SPARTA network operates in such a way, that it is just impossible to fake any transaction. Each of them has a unique digital signature. And any attempts to commit any fraud, such as sending two similar transactions, will be terminated. Transactions created as a fraud simply cannot be accepted by the blockchain.

For example:

Mark transferred 1000 SPA to Lesley.

When Mark made the transaction, there was an automatic signature of Mark attached, which proves that SPA were sent by him. Such transaction can be accepted by the blockchain.

But here come evil user Steve and tried to fake a transaction by indicating that Mark sent 1000 SPA not to Lesley’s wallet but to Steve’s. But to the disappointment of Steve there was no a unique signature of Mark attached to that transaction, and  blockchain simply denied it.

There is a theoretical possibility of the SPARTA network attacking with the purpose of repeating of the transaction, to return coins to another address, but after going through 10 confirmatons to succeed with any attack aimed to transaction editing will be just impossible. In other words, if a transaction has 10 confirmations, it can not be repeated. It is considered to be safe and complete.

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How SPARTA wallet can be created, how to login and check the balance?


With help of the wallet you can store coins and make transactions at the SPARTA network.

To create a wallet, go to the website https://wallet.sparta.top/;

Click the Create a Wallet button;

Select the level of complicity (length) of the mnemonic code (for example, 128-bit)  and click the button “Generate”.  The more bits you are to select, the longer phrase will be and your wallet will be more protected;

You should copy and save the generated phrase at a safe place. It is advisable that you memorise it and write down on a piece of paper. This phrase will be both your login and password;

Click the I Saved the Phrase button  and you will be logged in to the wallet.

In future this same phrase you should use for login to the wallet at the page https://wallet.sparta.top/.

At the wallet, under the Balance line there is shown your balance in SPA and approximate amount in other currencies/cryptocurrencies;

Next to the Address line you will see your address in the SPARTA network. It looks like this: SPA15g5hhBADZv9ufRLmc.

In your wallet you can keep unlimited amounts during unlimited period of time.

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How to send SPA?


Sign in to your wallet at https://wallet.sparta.top/.

Click “Send”. This will open a special form for sending SPA.

Specify the following data in the relevant fields:
the recipient's SPA address,
the transfer amount,
the fee amount (the recommended amount is 1 SPA).

Click the blue “Send” button.

The recipient can spend the SPA immediately after you make the transfer. (the transaction gets 1 confirmation).

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What is a digital signature  and where does it come from?


Each transaction contains a unique digital signature that confirms that the transfer was made specifically by the sender, not someone else.

The digital signature is generated from the private key which belongs to the owner of SPA coins and invisible for anyone. The signature is encrypted and attached to the transaction. It is a proof the the transaction is valid and was created specially by the sender.

It is impossible to counterfeit the digital signature if one doesn't know the private key.
The private key is generated from a mnemonic phrase which only you know

All information uses the cryptographically secure SHA 256 hash algorithm, therefore the digital signature or private key cannot be counterfeited without a mnemonic phrase. This is why it is crucially important to keep it in secret

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Why are all SPARTA transactions pseudonymous?


As all you need to check the validity of a transaction is its digital signature, all transactions are anonymous More accurate to say they are pseudonymous.

The recipient and the SPARTA network can see only the address of the public key but it is not known who the address belongs to. For instance, Mark sent 1,000 SPA to Lesly. The network shows only their addresses - a set of letters and numbers. No one can see that the sender’s name is Mark or the recipient is Lesly.

Therefore, no one can your personal data unless you say about it. And since anyone can create several wallets, you can make any information confidential.

For example, Lesly knows Mark’s wallet address, but Mark can create a new one and no one will know the new address belongs to him unless he himself tells anybody about it.

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What is the fee in the SPARTA network charged for?


Each transaction in the SPARTA network requires a fee. But compared to bank and other cryptocurrencies commissions, it is the lowest.

The fee is required solely to protect the network from DDoS attacks, unlike in Bitcoin, for example, where the fee serves as a means for miners to generate profit.

Take, for example, Steve, a malicious network user:

Steve has two addresses in the SPARTA network and transfers coins between them back and forth.
He endlessly sends 1000 SPA from one wallet to the other one and then back.
Each transaction is repeated and gets into blocks though all this has no sense.
Doing so, Steve creates an additional load on the network.
Having to pay a fee for each transaction, Steve won’t do this.

The fee protects the system from the described attacks. Charging a  fee for a transaction is a necessary measure but we make the fee as low as possible so that users just ignore it.


 

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