Crypto Investors Register 1,500,000,000 XRP to Receive Flare's Smart Contract Tokens

Crypto Investors Register 1,500,000,000 XRP to Receive Flare’s Smart Contract Tokens – Here’s How to Prepare

29 September 2020

in XRP

Reading Time: 2 mins read

Ripple-backed Flare Networks continues to witness a big response as crypto investors line up and register 1.5 billion XRP.

XRP holders have set up 24,261 accounts with a total balance of 1.5 billion XRP in an effort to get their hands on Flare’s governance token, Spark, at no cost.

#XRPCommunity UPDATE 🔥#SPARK 🔥

~ 24.261 accounts set up the claim
~1.5 billion #XRP balance

88.7 Million #XRP holdings increased and 6522 new #XRP accounts have been created.

📢@FlareNetworks📢 pic.twitter.com/lYc7LYpcvG

— Ronald (@ronaldonline777) September 28, 2020

According to the Ripple partner, crypto investors who register their XRP in an eligible account will receive free Spark tokens in a 1:1 ratio when the blockchain company holds the “snapshot” day on December 12th. Recipients will retain ownership of their XRP holdings while receiving the new tokens.

Flare is expanding the use case of the fourth-largest cryptocurrency by allowing users to run smart contracts on XRP. More than just a governance token, users can also leverage Spark as collateral to redeem assets in Flare’s ecosystem.

Four major crypto exchanges have already announced their support for the Spark airdrop. Users holding XRP in Uphold, Gatehub, AnchorUSD, and Bitrue can expect the delivery of the new crypto asset.

Meanwhile, those who self-custody or store their XRP in a non-participating exchange can still snag Spark. In a Coil post, XRPL Labs founder Wietse Wind says that XRP ledger account holders must have a private and key account for Flare. Wind notes that all account holders should prove ownership to be eligible.

“XRP ledger account holders will prove account ownership by signing a reference, pointing at their account on the Flare network. This reference will be stored in a ‘MessageKey’ field on the account level on the XRP ledger.

This means your ‘r…’ account address on the XRP ledger will point at your own ‘0x…’ account on the Flare network…

[Flare] will read all XRP ledger accounts pointing at Flare network accounts, check their balance and distribute an equal amount of Spark tokens to the Flare network account pointed at in the XRP ledger account.”

Check Latest News Headlines