Flare Token Distribution. Flare is a blockchain network based on the Flare Consensus Protocol . Flare is the first project that uses a the Avalanche consensus protocol (Byzantine Turing-complete consensus algorithm – Turing Complete Federated Byzantine Agreement = FBA). The main purpose of smart contracts should be for both private and public networks; scalable and universally usable / expandable. Flare is based on the XRP Ledger and the Ethereum Virtual Machine. The associated Spark token is to become a stable coin.
Technically it is not an airdrop, but an allocation including a registration period.
The investment arm XPRING of the blockchain infrastructure company Ripple has been investing in flare since November 2019. Flare’s own coin “Spark” is intended as a stablecoin. Flare consensus fees will be processed – internally – via XRP using the Interledger Protocol (ILP). Since Flare uses the XRP address scheme, XRP users will also be able to use the Smart Contracts platform.
Who supports the Spark Token airdrop?
Holders of the crypto currency XRP will receive at least one Spark token for each XRP they hold. Participation is voluntary and what is important is, that the “airdrop” is not automatic and must be claimed manually.
The following cryptocurrency exchanges support the spark token distribution of Spark Tokens (find the full list here);
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. 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.
How will the Spark Token distribution look like?
The pre-generated 45 billion Spark tokens are allocated in two phases:
First, a snapshot for self-owned wallets is created within the XRP blockchain. This automated process registers XRP wallets registered on the XRP blockchain and their number of XRPs.
This snapshot will be taken on December 12, 2020. By this snapshot date at the latest, XRP owners should have moved their XRPs (all or the desired number of participants) to a non-custodial XRP wallet registered to the holder (e.g. at Bitrue, or in the XUMM app or on a ledger Nano).
Second, the tokens will be allocated in a period of approx. 6 months after the snapshot reference date. Then at the latest you will need an Ethereum wallet address you own (e.g. on a Ledger Nano). From this ETH wallet address, you can have to generate a message key that represents the flare address. This value must then be entered (as a reference to the allocation target) in the message key field of your XRP wallet.
The above steps can – and should – be taken now.
The Spark tokens are NOT (!!) sent to the ETH wallet, used for claiming the airdrop but to their flare address (as soon as the flare network is live). The name of the Flare Spark wallet address is identical to the address of the ETH wallet used.