This automated process registers XRP wallets registered on the XRP blockchain and their number of XRPs. The pre-generated 45 billion Spark tokens are allocated in two phases:įirst, a snapshot for self-owned wallets is created within the XRP blockchain. How will the Spark Token distribution look like? It is likely that some XRPs will be burned (due to errors by users sending Spark tokens to wrong addresses during the Spark token distribution) and lost forever. Therefore, there will probably be a noticeable “migration” of XRPs to self-managed wallets in which the user owns the private key himself/herself – not like on centralized cryptocurrency exchanges.
The following cryptocurrency exchanges support the spark token distribution of Spark Tokens (find the full list here) Participation is voluntary and what is important is, that the “airdrop” is not automatic and must be claimed manually. Holders of the crypto currency XRP will receive at least one Spark token for each XRP they hold. Since Flare uses the XRP address scheme, XRP users will also be able to use the Smart Contracts platform. Flare consensus fees will be processed – internally – via XRP using the Interledger Protocol (ILP). Flare’s own coin “Spark” is intended as a stablecoin. The investment arm XPRING of the blockchain infrastructure company Ripple has been investing in flare since November 2019.
Technically it is not an airdrop, but an allocation including a registration period. The associated Spark token is to become a stable coin. Flare is based on the XRP Ledger and the Ethereum Virtual Machine. The main purpose of smart contracts should be for both private and public networks scalable and universally usable / expandable. Flare is the first project that uses a the Avalanche consensus protocol ( Byzantine Turing-complete consensus algorithm – Turing Complete Federated Byzantine Agreement = FBA). Flare is a blockchain network based on the Flare Consensus Protocol. Until that time you won't be able to view, buy, or sell Spark tokens in your Revolut app.Flare Token Distribution. Our default position is we will not list any asset until it has passed Revolut’s Crypto asset selection process and other required regulatory/legal checks. Supporting the airdrop does not mean that Revolut will list Spark token as a tradable asset in future. There’s always extreme uncertainty around events like this. Number of Spark tokens for User X = (Number of XRP tokens held by user X at snapshot / Total XRP held by Revolut at Snapshot) * Total Spark tokens received by Revolut during the Airdrop The number of Spark tokens for each user that holds XRP at the snapshot time will be calculated as: Here’s a recap on these airdrops from our original blog post Until then, you don’t need to do anything. Once these 6 things happen, we’ll be better placed to give you more information regarding Songbird, and we’ll reach out with more details. Regulatory and legal due diligence regarding this token being completed.Our blockchain infrastructure partners adding support for the Songbird token based on responses they are awaiting from Flare Networks.Our various trading partners completing the technical work to list Songbird as a tradeable asset if they decide to do so.Our various trading partners confirming if Songbird tokens will be listed as a tradeable asset.Having the technical questions about Songbird from our blockchain infrastructure providers answered by Flare Networks.We want you to know that, before we can proceed with any next steps or decisions on our side regarding Songbird, we’re dependent on the following: This network supports a new token also called Songbird (SGB) (essentially a test token) which is also being airdropped to registered addresses.Īs we did with the Spark airdrop, we’ve taken all the actions necessary to register eligible customers’ XRP holdings for the airdrop, so you don’t need to worry: that side is all taken care of, and you don’t need to do anything. On 16 September 2021, Flare Networks announced in a tweet that they have launched a new ‘Canary network’ (essentially a test network) called Songbird in order to continue testing in anticipation of the mainnet Flare launch. Back in December 2020, we released a blogpost to let you know that if you were holding any XRP tokens in your Revolut account at midnight UTC on 12 December 2020, you’d be eligible for the Spark token airdrop.