X @Bankless

Core Technology & Functionality - Spark leverages Statechains for fast and cheap offchain Bitcoin transactions, avoiding bridges and smart contracts [1] - It operates as a distributed ledger using a shared signing protocol, where funds are Bitcoin UTXOs and transfers delegate signing rights [1] - Spark uses BTKN, a tokenization scheme adapted from Lightning's LRC-20, for non-BTC assets, enabling minting, transferring, and burning without smart contracts [3] Security & Operation - Spark appears as multi-sig outputs on Bitcoin's mainnet, requiring co-signing from Spark Operators (SOs) and users for transfers [2] - Users create pre-signed exits for withdrawals in case of operator failure, with time locks and watchtowers preventing fraud, requiring only one honest operator [2] Ecosystem & Applications - Spark targets Bitcoin app builders with Wallet and Issuer SDKs, focusing on payments, with near-instant Spark-to-Spark transactions and Lightning bridging support [4] - Spark is in mainnet beta with operators like Lightspark and Flashnet, with early projects including wallets, stablecoin issuance, and Bitcoin payment apps [4][5] - The ecosystem treats BTC as digital cash, emphasizing self-custody and Lightning awareness for stable value on Bitcoin [4]