1.1 Billion XRP Set To Receive Spark In December
It’s been just revealed that crypto investors who have registered more than 1 billion XRP will receive free Spark governance tokens from Flare, a crypto startup – this is set to happen in December.
Flare is one of Ripple‘s partners and they said that they would give out one free Spark for every XRP held in a registered and eligible account. This will happen when the startup takes a snapshot on December 12th.
1.1 billion XRP to get Spark
Another important issue worth mentioning is the fact that the account holders will not have to give up their XRP to get the new tokens.
Almost 20k accounts are set to get Spark and the XRP allocated in total is about 1.1 billion, says xrplorer.com. The largest XRP Ledger account currently holds about 168 million XRP, as note by the Daily Hodl.
A little @FlareNetworks Spark token update.
– 19,977 accounts have set message key
– The accounts currently have a balance of ~1,110,000,000 XRP
– The largest XRPL account has a balance of ~168M XRP followed by ~24M and ~13M
— xrplorer.com (@xrplorer) September 14, 2020
Following the tweet, someone commented: “This is exactly one reason why I’m worried about the price. 168 Million coins… Imagine if the price was $10. That person is worth more than a billion and a half. You think they won’t dump at that point? I’m hopeful we’ll get significant appreciation but concerned as well.”
Bringing smart contracts to the XRP ecosystem
It’s important to highlight once again that Flare is bringing smart contracts to the XRP ecosystem.
The company’s co-founder, Hugo Philion, said this:
“What we’re trying to do is we’re trying to essentially expand the use cases without affecting the XRP Ledger itself. So Flare will have minimal-to-no effect on the XRP Ledger.”
He continued and explained that “And smart contracts – all they are really are programs that run on a blockchain… [At] the moment, on say the XRP Ledger, you have a limited amount of things you can do with the XRP token, and that was a design decision, and that’s why XRP is so fast and so cheap to use. But with smart contracts, we can take XRP and we can do a lot more things with it.”
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.