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Frequently Asked Questions

Check out the Spendchain FAQ's below

General Questions

Spendchain is a cross-chain interoperable payments blockchain designed to create frictionless payment transactions between consumers and merchants.

Spendchain an open-source project so we work with collaborators all around the world. The primary developers of the network are the members over at Spend Foundation. We continue to grow our collaborators and core development team as time progresses.

Spendcoin will be the native cryptocurrency running on Spendchain and will used for running the network, fees, and settlement.

The Spendchain testnet will be live in Q3 2019 with Phase 1 Mainnet (Osiris) launching in Q4 2019.

Spendchain will run on Proof-of-Stake by utilizing the Tendermint Core Engine to run Byzantine-Fault Tolerance (BFT)

Spendcoin Questions

Spendcoins were designed to be a digital currency that powers our ecosystem and used as a means of value transfer. That means SPND is the native currency of the decentralized open-source Spendchain blockchain that powers Spendcoin and Spend Pay. Spendcoins can be spent to local legal tender via the Spend Card and used to buy instant e-gift cards as well as access membership services with discounts on the Spend App.

 

You can use SPND on select Spendcoin Partner Platforms such as Spend App and  You may also use it externally as a digital currency for a variety of purposes.

Spendcoins are earned through Proof-of-Purchase which lets users mine/receive Spendcoins when making purchases through the Spend Card. The amount users receive will vary based on their individuals purchases and up to 6% of the total purchase price.

Spendcoins may also be earned by running a Financial Node or Validator Node on Spendchain

Spendcoins will have a multitude of function on the Spend App. You may use your SPND on the Spend App to order a Spend Card, Pay for transactional fees incurred by the Spend Card & Spend App, access to member services and promotions, reduction of fees, and you will have the ability to redeem your SPND for services offered within the Spend App through our partners.

Distribution

At the genesis of the Spendchain Pre-Launch Network, 2 billion Spendcoins (SPND) will be created as specified in the white paper in the form of ERC-20 tokens on the Ethereum Blockchain and 2 billion Spendcoins (SPNDB) will be created on Binance Chain. These 4 billion coins will be converted to native Spendchain SPND on the main network launch.

Spendchain “Plan-of-Distribution” (PoD) requires the distribution to follow these standards of distribution with 50% being distributed to users and 50% being granted to Spend.

50% is currently being distributed within the network which includes coins that are staked and unstaked.

50% belongs to Spend with monthly distribution of 2.5M and annually of 50M to founders/advisors.

Block Rewards are distributed per block (1 second) and rewards the Validator forging the block on the ledger 10 SPND. Fees accumulated by transactions are also collected by Validators

Financial Nodes receive their commission on Settlements performed for Merchant Nodes.

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