GateHub’s support for Flare
What are the main things I should know?
- Flare will make a snapshot of the XRPL on Dec 12 and all wallets that hold XRP are eligible for the distribution.
- The distribution will take place at a later date that will be announced by Flare.
When exactly is the snapshot?
From Flare’s FAQ:
“The first validated XRP ledger with a timestamp greater than or equal to 00:00 GMT on 12th December 2020.”
How will GateHub support Flare?
GateHub will support the Flare distribution on native XRPL wallets and Hosted wallets. We will support deposits, withdrawals, trading and exchanging of Spark on both XRPL and Hosted wallets when the Flare Network goes live.
The tokens will be issued as an IOU on the XRPL.
How can I set the Message Key on my XRPL wallet?
You will need to set up each of your XRPL wallets for the distribution individually. Your Flare (claim/deposit) address will be generated automatically for you and you will then receive the IOUs to this wallet.
Here is the procedure:
- Navigate to your XRPL wallet and click “+Add Funds”.
- Click “Spark - FLR Transfer”.
- Click “Enable FLR” - this will create a trust line on your wallet.
- Click “Set MessageKey” - this will set the Flare message on your wallet.
Once your message is set, your wallet is ready for the distribution. See our support article for more detailed instructions.
You will be able to set the message key up to 6 months after the snapshot date, but note that only the XRP in the wallet at snapshot time will count for the distribution. Make sure to set up your wallet on time!
Please note that a sufficient XRP reserve will be required to set a trust line in order to receive the distribution.
Will Spark be distributed at a 1:1 rate to XRP?
Spark will be distributed at a 1:1 rate to everyone. At GateHub you are able to receive the distribution both to your Hosted or XRPL wallet. Both wallets will receive the distribution at the same rate which is programmatically determined by Flare.
How can I claim Spark on my Hosted wallet?
We will make a snapshot of all Hosted wallet balances simultaneously to Flare’s XRPL snapshot and distribute the tokens to all XRP holders.
Can I receive Spark to any wallet?
Yes. You can receive Spark to ALL your wallets that hold XRP at the time of the snapshot. Remember, you need to set message key for each of your XRPL wallets. All of your Hosted wallets will receive Spark automatically when it’s distributed.
Can I receive or send Spark?
Yes, we are planning on making deposits and withdrawals of Spark available as soon as possible after the Flare Network goes live.
Can I trade or exchange Spark?
Yes, we are coordinating with Flare to make an XRP/Spark market available and liquid as soon as possible for trading on the XRPL. Note that the distribution date is not known at the moment and it is up to Flare to announce the distribution date and Flare Network launch.
Remember, the XRPL decentralized exchange allows you to create trade orders among any currency.
What is the value of Spark?
Flare is committed to never comment on the value of Spark. The price of Spark will be determined by the markets, while the price at the time of distribution can only be speculated.
Are the XRP that are locked in a trade order counted in the distribution amount?
All the XRP present in the wallet at the time of the snapshot is counted.
Attention, if your order executes prior to the snapshot, the traded XRP will have left your wallet. We kindly suggest you close any open trade orders prior to the snapshot date to avoid missing out on the distribution.
Flare Network and Spark Token
What is Flare?
Flare is a new blockchain network with a native token called Spark. The network aims to provide stable network costs and provide support for DeFi use cases.
Here are some specifics of the Flare Network:
- Open and permissionless
- Token ownership does not provide power over the network
- Safety and consensus do not rely on economic incentives like mining
- A single, algorithmically stable unit-of-account (Spark token)
What is Spark token?
Spark token is the native token of the Flare network. Spark token is primarily used for spam control of the network, but can also be used as collateral within applications, contributor to an oracle or as a governance methodology on the Flare network.
Applications called Spark Dependent Applications can be built on Flare. Learn more about the network and Spark’s use cases in Flare’s whitepaper.
How does Flare Network differ from other known blockchains?
Flare does not rely on money or economic incentives to secure the network. It uses a Federated Byzantine Agreement (FBA) to reach consensus. Stable pricing and low volatility of Spark should favor stability instead of speculation.
What is FBA?
FBA stands for Federated Byzantine Agreement. Consensus is reached without an economic incentive between nodes participating in quorums. Decisions are made based on groups of nodes that one trusts.
A highly detailed blog post about the Flare Consensus Protocol including FBA can be found here.
Who can claim Spark tokens?
All XRP holders on the XRPL or users of custodial exchanges that support the distribution. Addresses belonging to Ripple Labs and certain previous employees of Ripple Labs are exempt from this distribution.
How many Spark tokens are available to claim?
How does the distribution work?
A snapshot of all XRP Ledger addresses will be made on December 12, 2020. All addresses belonging to Ripple Labs and any exchange that does not support this distribution will be removed from the list of eligible addresses.
How does claiming Spark tokens work?
For XRPL users who self-custody, the Message Key field on your XRPL address must be set in a specific manner. This message will contain your Flare address. A technical overview is available here.
Note: We want to simplify this process for our users. Read the first section of this FAQ to learn how to claim Spark on GateHub.
How does Spark get delivered?
The delivery will be handled by a set of smart contracts operating on Flare network. No centralized entity will be handling this distribution as it is entirely programmatic. Spark will be delivered either at launch or when the claim is registered (but not more than 6 months after the snapshot date).
What is a Flare address?
Flare addresses are Ethereum style addresses but are not located on the Ethereum blockchain. Flare uses the same key derivation scheme as Ethereum.
We are excited to see new use cases and projects in DeFi and the XRPL. Let us know your thoughts on social media and don’t hesitate to contact us if you have any further questions.