When?

Tokens.net will support the upcoming Spark (FLR) XRP utility fork scheduled for a snapshot on December 12, 2020. The official date of the distribution will be announced after Flare blockchain is fully developed.

How?

To receive your tokens, simply deposit XRP directly into your Tokens.net wallet and wait for the snapshot. For every deposited XRP, holders will receive 1 SPARK token. For more info on how to deposit XRP, see our Deposit and Withdrawal tutorial. Follow us on Twitter to stay updated when the snapshot is taken.

100,000 XRP trading competition

Tokens.net will organize a trading competition for all XRP trading pairs. Winners of the competition will receive competition rewards in XRP as soon as the competition ends. In case the competition winners keep the XRP rewards in their wallets at the time of the XRP snapshot, they will be taken into account for Spark token distribution. The XRP trading competition details:

Duration of the competition is from October 19th, 2020 to December 10th, 2020.
100,000 XRP prize pool for top traders in the competition
XRP prize will be automatically distributed after the competition ends

Check competition information

Why?

Flare Networks is aiming to create a token that will connect the power and functionality of smart contracts on Ethereum and the speed and scalability of the XRP Ledger (XRPL). Spark (SPARK) was developed as a utility token for the Flare network.

Flare has a strong motivation behind its utility fork derived from XRP to create SPARK, emphasizing that 75% of the value hosted on public blockchains can’t be used with smart contracts in a trustless manner, as the value is locked by cryptocurrency creators and whale investors. Moreover, network safety is derived from native tokens through common use of Proof of Stake variants where scalability and scaling operations with smart contracts create an issue.

All XRP holders who deposit their XRP holdings into Tokens.net and hold their XRP balances through the snapshot, will benefit from the upcoming Spark token utility fork airdrop.

What is Spark?

Spark (FLR) is a native token to the Flare network, running on the Avalanche consensus protocol and combining the power of smart contracts on Ethereum and the speed of the XRP Ledger. The network operates on the protocol adapted for the Ethereum Virtual Machine and Federated Byzantine Agreement. Instead of organizing an ITO, Flare Networks will perform a utility fork to bring value to the original chain. The Spark token will be used on the network as a native token for governance voting as the foundation will be taking technical direction from the Spark owners to develop Flare and execute upgrades and changes to the network.

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Author: Tokens.net Team
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