XRP Utility Fork Launches In December
Ripple has been making headlines a lot this year, despite the global crisis that has been triggered by the coronavirus pandemic.
The firm has been making massive efforts to boost the XRP ecosystem, but also to promote the mainstream adoption of the digital asset.
Ripple-backed Flare Network plans to distribute Spark soon
Now, Ripple is in the spotlight again, and the firm Flare Network which is backed by the company, said that it plans to distribute its new token, Spark, based on a snapshot of the XRP Ledger.
XRP investors, excepting Ripple will get the ability to claim one free Spark token for each XRP that they are holding on December 12th – this is the day when the snapshot is scheduled.
With Spark, users will be able to generate returns by using their coins in order to issue and redeem FXRP tokens which are the gas that is running smart contracts on 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
The online publication the Daily Hodl notes that last week, Flare noted that there are thousands of XRP holders who have already set up their XRPL accounts in order to claim their free Spark tokens.
XRP ecosystem response to Flare
“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.”
@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
It’s also worth mentioning the fact that Flare explained 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…” they noted.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.