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  • XRP Utility Fork Launching in December – Here’s How Crypto Investors Can Receive Spark Tokens

XRP Utility Fork Launching in December – Here’s How Crypto Investors Can Receive Spark Tokens

September 02, 2020

Ripple-backed blockchain firm Flare Networks says it plans to distribute its new token, Spark, based on a snapshot of XRP Ledger it will take in December.

XRP investors, with the exception of Ripple, will be able to claim one free Spark token for each XRP they hold on December 12th, the day the snapshot is scheduled. With Spark, users can generate returns by using their coins to issue and redeem FXRP tokens, which is the gas that runs smart contracts on Flare.

The blockchain firm picked December 12th to honor the birthday of Martha Coston, the inventor who developed the maritime flare.

We named our testnet after Martha Coston who invented the maritime Flare. The snapshot of the XRP ledger for the #Spark distribution will be taken on the 194th anniversary of her birthday – December 12th 2020. https://t.co/aKAvfwMiLY #XRP #Flare #UnlockingValue

— Flare ?? (@FlareNetworks) August 31, 2020

Last week, Flare noted that thousands of XRP holders had already set up their XRPL accounts in order to claim their free Spark tokens.

“The XRP ecosystem response to Flare has been massive. More than 5,400 accounts holding a total of 295 million XRP have set up to claim the Spark token in 6 days.”

And in a recent post, Flare explains how interested XRP investors can still get their hands on Spark before the utility fork.

“If you self custody, the method of claiming the Spark token is simply to set the Message Key field on your XRP Ledger address to your Flare address…If your XRP is held at a supporting exchange, they will handle the claim process and distribution for you…

If you self custody, your Spark tokens will be delivered by a set of smart contracts operating on the Flare network either at launch or as soon as the network registers your claim from reading the XRPL… If you hold your XRP at a supporting exchange, they will deliver the Spark tokens to your account at the exchange.”

Ripple chief executive Brad Garlinghouse has said Flare combines the best of what XRP, Ethereum (ETH), and Avalanche (AVAX) have to offer.

@bgarlinghouse: "Flare is combining the best of XRP (VERY fast settlement), Ethereum (smart contracts) and Avalanche (consensus) which helps extend XRP’s utility and allows developers to create smart contracts for new use cases like lending and De-Fi" #Cryptotownhall w/@tomemmer

— Flare ?? (@FlareNetworks) August 20, 2020

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Featured Image: Shutterstock/Ana Aguirre Perez