XRPL Labs founder Wietse Wind has developed a new tool for the XRPToolkit that allows XRP holders of non-custodial wallets to receive their Spark tokens.
The Ripple-backed blockchain platform Flare Network is in the limelight after company CEO Brad Garlinghouse spoke about the project at an Inaugural Crypto Town Hall event last week. The project brings extended functionality to XRP in terms of smart contract implementation. Besides, it also provides a trustless pipeline from XRP to others. Well, this is a major breakthrough for XRP as it gives the cryptocurrency a wider exposure in the market. Since this is a Ripple-backed project, all the XRP holders will get Flare Networks native Spark token.
There’s no exact date for the launch of the Flare mainnet. The Flare’s native token Spark will be generated through a “utility fork” in XRP. XRP investors will receive the Spark tokens in 1:1 ration. Meaning there will be 100 billion Spark token in total. while Spark works independently on the Flare Network, it still holds some relation with XRP.
The Flare Network will integrate the Ethereum Virtual Machine (EVM). This will allow the network to execute smart contracts on Ethereum using the XRP cryptocurrency via FXRP. For smart contracts, payments will happen in XRP through Interledger integrated into Flare. In this case, Spark will help to collateralize the FXRP. All the people using Spark and providing it as collateral will earn fees.
XRP Holders Have Started Claiming the Spark Tokens
Even before the mainnet launch of Flare Networks, XRP holders have already started claiming their Spark tokens. Wietse Wind, the founder of XRP Labs, has developed a tool for XUMM and the XRPToolkit. This tool allows non-custodial wallet owners to receive their Spark tokens.
For XRP holders, if a particular exchange doesn’t support airdrop, they can initiate a withdrawal to an XRP Ledger account, like the XUMM wallet. Speaking about the tool, Weiste Wind wrote:
“Using my tool you will be guided through the process of storing a reference on your XRP ledger account to your (probably: to be generated) account on the Flare network. You can already use the tool today, even though the Flare network isn’t ready yet, and the Flare team didn’t launch their Spark token distribution programme yet.”
Using the manual provided by Weiste Wind, Zac Shaiken, an XRP holder and a big data expert at SAP announced that he already claimed his Spark tokens. He requested the Spark tokens using the Ledger Nano S hardware multi-currency wallet.
Just claimed my @FlareNetworks Spark tokens using my @Ledger Nano S. Thank you to @WietseWind for the extremely clear and simple instructions, and to @TowoLabs @xrptoolkit and @RareData for the easy to use web interface that unlocks the full power of the XRPL 🎉
— Zac Shaiken (@ZacShaiken) August 22, 2020
Shaiken explains what it means to claim tokens from the platform that hasn’t already launched. “Claiming is just creating a hash of your eth address and adding it to the message key field in your XRPL account,” he said.
Warning all XRP holders, Shaiken said that all should first upgrade the software on their Ledger devices before stating with the process of claiming their Spark tokens.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.