Flare Networks received an overwhelming response from XRP community that 295 million XRP have set up to claim the Spark token
Blockchain company Flare Networks backed by Ripple said it has received a positive response from the XRP community. Specifically, Flare shared that thousands of XRP holders have set up XRPL accounts and requested to receive free Spark tokens.
The XRP ecosystem response to Flare has been massive. More than 5400 accounts holding a total of 295 Million XRP have set up to claim the Spark token in 6 days. Below is a set of FAQ’s to help people better understand the process. #XRP #Flare #Xpring https://t.co/VG6pwwzatc
— Flare (@FlareNetworks) August 27, 2020
Flare Networks is launching a reward program for XRP holders with Spark tokens
Representatives from Flare Networks shared:
“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.”
Ripple partners are rewarding XRP holders with Spark. This is a new token that allows users to take advantage of smart contract features.
Flare Networks CEO, Hugo Philion, said:
“The Flare Network is a new Turing Complete Smart Contract platform… integrating the Ethereum Virtual Machine. Its native token, the Spark, is generated through a utility fork of XRP. Furthermore, Flare uses the XRP encryption scheme, which can facilitate the usage of XRPL and Flare for XRP users.”
Furthermore, XRP investors can use their holdings to receive 1: 1 Spark tokens.
In a new post, Flare explained how interested XRP investors can still get their hands on Spark as follows:
“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…”
Flare then added the following:
“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.”
Read more:
- Ripple Wants To Replicate Its Success In The US To Mexico Remittance Corridor In Other Jurisdictions Across The Globe
- Gargantuan Amounts Of XRP Have Been Moved, While Ripple, Its ODL Corridor Bitstamp And Binance Have Moved 37 Million XRP