Must Watch! Ripple XRP News: Everything You Need To Know About Flare Spark!

by birtanpublished on September 10, 2020

Uh hello everybody and welcome back to another episode of the daily crypto news and yes guys you already guessed it we're giving away 500 xrp today all you have to do to enter

Is make sure you press the like button make sure you are subscribed and make sure you comment something down below and actually guys you know i'm going to be giving away 500 if we hit a thousand likes

But i'm gonna act a little bit crazy today if we do hit 2 000 likes i'm giving away 1 000 xrp yep we're doing that guys even if we hit 3000 i'm gonna give you guys double that

Once more if you have four thousand double in it once more but it's within 24 hours so even if you have some friends you know invite them over because we're giving away a ton of money today

If we hit some crazy amount of likes haven't said that though guys flare it is really around the corner now oh my days are we getting close to everything now

I've explained to you guys before how flair really wants to operate really what it is and also everything to do with spark at least i haven't titled anything like that but i went over all the steps i

Went over all of it maybe i should have because i think it would get a lot of attention but in the end i'm like yeah there's already so many videos out there why would i explain it once more because i

Think everybody knows about it already might do it still though maybe like tomorrow or something like that where i'll just go over how to claim your spark and how it all works today i want to give you

Guys a little bit of an update about what's been going on because i think you guys know now how it works with flair proposes new bridge to allow x or p to be used on ethereum and really the three connections between the

Two crypto or three crypto what's been going on well flair just posted something on twitter earlier today which is this right here 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 six days below is a set of facts to help

People better understand the process and basically that whole fact is right here it's a five minute read we're going to do right now because i think we'll help a lot of people out who are struggling

With their with their their their flair and all that they also have some questions maybe still so let's start from the start we've been amazed at the amount of interest in flair over the past few days

Since announcing the process for preparing your xrp ledger account to receive spark on friday there have been over 295 million xrp contained in xsp accounts that have set their accounts to receive the spark

Token in this post we're going to highlight answers to some commonly asked questions regarding the spark token claiming process then there's a summary at the bottom about

The technical steps involved in preparing your non-custodial xrp account to receive smart tokens when the flair network actually goes live we owe a great debt

Of thanks to vitsavind at the xrpl labs for his work on releasing an incredibly simple tool for self-custody xp holders that use the ledger hardware wallet

Or the zum app to prepare their xp ledger accounts to receive spark tokens you can check that out at we also owe a great depth thanks to marcus alvila

At rare data and patrick sledmo uh that's patrick suppo at tower labs for creating both the xrpl2 kit or xp toolkit and the latest version of the ledger wallet firmware for the xpl

That made it possible for the self-custody xp ledger users to prepare their accounts for flair thank you so that's just a little bit of an introduction but i think those things are due

Right like a lot of us don't know who's been building all of this stuff and i think we should make it more normal to really give some credit to the people who work on this stuff daily because without all the people building

There would be nothing on xrp right now okay who can claim spark tokens well honestly and logically speaking all xp owners barring ripple labs and certain previous employees of ripple

Labs can claim the spark token how many are available 45 billion how's the distribution appointed right now there are about 45 billion xrp tokens that are distributed to non-ripple labs holders

These are distributed across holders who self-custody and those that keep their xp at an exchange or other provider now first a snapshot will be taken of all

Xrp ledger addresses at a specific ledger index number second from this snapchat known addresses belonging to ripple labs certain previous employees of ripple labs and any exchanges that have not

Confirmed their support to flair will be removed the right to claim the 45 billion xrp or spark tokens will then be appointed to each remaining address according to their

Proportional xrp balance in the snapshot this may result in valid claimants receiving more than one spark token for each xrp token that they hold this is due to the non-participating exchanges being excluded from the

Distribution but counted in the 45 billion tokens that are distributed today does my exchange support the spark distribution well before we get into that

I do want to say that there will be 100 billion spark right at least that's the way that i'm seeing it because as we saw before there are only 45 billion

Available to claim but it will be a one-to-one ratio with the amount of xrp and it will be 45 billion to quote-unquote us all the people that are not ripple but there will be 55 billion

For them at least i believe it was 25 or 35 billion for you know working on spark and then maybe like 10 maybe 20 billion for the team or something like that which again is some i don't really

Support but if i'm wrong let me know in the comment section down below i don't have the numbers correctly i don't know if it's a certainty so don't hold me to it but that's what i read

On one of their spo or official flair websites here on this website flair.go that i o i read it and i showed it in a video so if it's wrong well i might have remembered it poorly

But it was definitely some that i read on here so it can't be that wrong does my exchange support it if you are a customer of a supporting exchange which you should be checking

Out on this page right here then your exchange has indicated publicly that they would distribute spark tokens pro rata to their customers based on their xp holdings let's actually open it

Up if your exchange is not listed at that link then you should assume for now that your exchange will not be participating i actually have not opened this website up myself as well as i noticed from all

Of you guys and all the stuff over on twitter that ledger will be supporting it at least if there's a way to claim it then and thus i'm really not that scared also bitchu

Link in description below is something that i use which also supports it so whatever but i think just you can type in here whether or not it supports it and you're automatically uh done so if you're worrying just go to and you can check it out or slash supporting uh dash exchanges slash uh you can check it out what i do of my exchange won't distribute the spark token

We want to give reasonable time for exchange to decide and confirm that they will pass on the spark token for their clients in the first instance pressure your exchange to support the spark token

And tell them to contact us if they still do not support the distribution you will either need to remove your xrp to a supporting exchange or remove your exp to self-custody important

You will need to take these actions before the snapshot date when is the snapshot date well as at this point they can't tell they don't know because they want to give all these exchanges

Enough time to make sure that they can act accordingly you will know at least two weeks up front though before the snapshot will take place so you have enough time to arrange

Everything how do you claim your spark tokens well it depends all right what exchange you're on a little bit or the at least the way you're holding your xrp

If you self-custody the key method of claiming the spark token is simply to set the message key field on your xp ledger address to your flare address this process is detailed below

To claim spark you must do this by six months of the snapshot date so basically once the snapshot comes and you're in self-custody and not on an exchange that does not support that's important

You're able to do this six months later so it doesn't really matter you have enough time if you don't do this within six months it will be burned like with all other

Weight systems or times this has happened if your exit b is held at a supporting exchange they will handle all the claim process and distribution for you you may need to take some steps though

But you'll see that on the website or exchange itself if you haven't taken action it will be burned and what is a flare address flair uses the ethereum virtual machine for smart contracts

Flare addresses are ethereum style addresses that use the same key derivation or derivation scheme flare addresses are not on the ethereum blockchain which is very

Important to know and if i self-custody can i use the same ethereum compatible public key across the preparation of multiple xpl accounts for the spark claim process

That was a long sentence yes however we do not recommend this due to privacy concerns around your xfpl accounts then being linked together if i self-custody can i use my ethereum publicly on my

Hardware wallet as my spark address yes however note that flare is a separate network from ethereum and that spark is not distributed on ethereum but instead

On the flare when it goes live also note that there is a privacy concern that your account on ethereum and xp ledger would then be linked together which you might not want and how does the spark get delivered

Well the flair network automatically encodes the state of the xp ledger throughout the state connector system detailed in the flight flare white paper which went over partially not really detailedly because it doesn't

Really matter that much unless you want to know but then you should check out the white paper yourself meaning that actions such as settling of an xrpl address message key become automatically a part

Of the state of the flare network this means that there is never a centralized entity or closed set of key holders that are dependent on the delivery spark tokens or actually on dependent

So basically what this says here is like there's never a central entity that you need to deliver spark tokens or anything like that it's kind of the same for xp right if you self-custody your spark tokens will

Be delivered by a set of smart contracts operating on the floor network either at launch or as soon as the network registers your claim from reading the xrpl you may claim

Spark after six months or may you may claim spark after the network goes live but not after the six months date from the snapshot the spark tokens will be delivered to the flare address

Specified during the claim process at launch there will be several flare compatible wallets to choose from if you hold your xrp at a supporting exchange they will deliver the spark tokens to your account on the exchange

What is the value of spark so how much money will your spark be worth because of this point right it's pretty difficult to say whether or not the 100 000 xrp you have which will ultimately be 100 000 spark

Will be worth a dollar or also 10 000 or as much money as you know somebody could guess nobody knows it most likely is going to be a very low amount though because

Well everybody's going to be getting it and it's free money and people will be selling it rather quickly so again don't don't estimate too high of a price and also think about this one um if you

Have a hundred thousand dollars a hundred thousand extra p i mean and it's a dollar worth those guys over there are getting 5.5 million in funding right theoretically speaking

I'm just thinking about that sometimes so if if you become a millionaire those guys have multi billions of dollars just within a very short amount of time which which sometimes makes me think about the legitimate of the

Situation the the realness because i think it's a very smart idea to make such a network as well because you're an instant millionaire you know if you make something that concerns xrp in this

Regard and you drop it it's very difficult to become a millionaire within like a couple of seconds or a multi-million you're gonna possibly become you know a 10 million

Plus net worth individual by making such a network it might be very costly to do so but i think you can do it for under 10 million you know i think you can so yeah that's just my thoughts though

Can flair use the spark distribution to determine how many xrp i own or who am i flair will not receive any information in the claim process that is not already availably public or available publicly on the

Xfp ledger account preparation process for claiming spark this is what was said before again this is just how you should be doing it if you want to in this sense way shape or form this is dependent on

How you have xrp though then you should be reading into this otherwise it's not necessary if you're on exchange it is very well possible that everything is just going to be taken care of like

With hard forks and things like that so there's a good chance you don't even have to worry or think about it one split second but maybe if you have to you can check this out and go through it once more at the bottom or

Check out a couple other places i would recommend checking out this one first though exit ledger account preparation process for claiming spark obtain an ethereum compatible address for which you hold

The secret these will give you a public address or of the form yadda yadda and if you are not interested in that i would recommend checking out status over on twitter

Uh steaddus let's see here status over on twitter he has a lot of really interesting guides on here as well that are just really simple to take a look at these also put everything in a

Frequently asked question sheet you can see how to claim them it's all going to be pretty damn simple guys it just takes a couple of seconds look at this one right here it's really really simple to do so if

You are you know in a position where you want these coins i recommend acting accordingly and acting pretty quickly but you have to have time you know

When when the time comes due i'll do another video explain to you guys you should be doing it now so if you're not in the mood to do it right now like i am just wait a little bit it will all be fine

Guys that was for today's video though i wanted to do a flare update because i have not done one on the channel just yet and before thank you guys all for watching though make sure you press the like button and

Subscribe because i will see you guys again in another one and uh you know if you've already pressed the like button once it shows support thank you brother see you guys again in another one

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