Note: this FAQ is subject to change and lays out our initial plans for supporting Flare. We will notify our customers when all the features are finalized and available. Stay tuned!
GateHub’s support for Flare and Spark
How will GateHub support Flare?
GateHub will support claiming Spark tokens with native XRPL wallets and Hosted wallets. We are also planning to support deposits, withdrawals, trading and exchanging of Spark on both XRPL and Hosted wallets.
Claimed Spark tokens will be issued as an IOU on the XRPL.
IMPORTANT: Some manual actions will be required on your XRPL wallets. We are planning on making the process automatic on Hosted wallets.
How can I claim Spark on my XRPL wallet?
You will need to set up each of your XRPL wallets for claiming Spark individually. Your Flare (claim/deposit) address will be generated automatically for you and you will then be able to claim Spark to your wallet after the snapshot date.
Flare network will process claims up to 6 months after the launch of the network. Make sure to set your wallet and claim Spark on time!
Please note that a sufficient XRP reserve will be required to set a Spark trust line in order to receive the distribution.
How can I claim Spark on my Hosted wallet?
We are planning to make the process of claiming and distribution of Spark automatic for all Hosted wallets.
Can I receive or send Spark?
Yes, we are planning on making deposits and withdrawals of Spark available as soon as possible after the snapshot date.
Can I trade or exchange Spark?
Yes, we are coordinating with Flare to make an XRP/Spark market available immediately after the distribution for trading on the XRPL.
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.
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 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.