What is Flare Network?
Flare Network makes it possible to use XRP with Smart Contracts. Currently XRP can operate with an Ethereum Smart Contract. Flare Network took the XRP Ledger (hence the Fork) Combined with the F.B.A protocol using the Ethereum Virtual Machine allowing Smart Contracts to be executed on Ethereum using XRP via FXRP.
This will in turn produce 100,000,000,000 Spark. This means that 45,000,000,000 will be up for claim by current holders. Since this is a Hard Fork of XRP anyone whom owns XRP on the Dec 12, 2020 Snapshot will receive Spark in either a 1:1 ratio provided every user of XRP participates in the AirDrop. You may receive a higher ratio than 1:1 if for say only 20 billion Spark are claimed it would be more like 1:2.25
What Is Spark?
Spark is an algorithmic stablecoin. That is generated by the fork of the XRP Ledger. Spark can be produced by sending XRP to a Smart Contract on the Ethereum Network using the FXRP Protocol. This is the only way of using XRP with Smart Contracts on the Ethereum Network.
Ways To Claim Spark?
Foremost you must have owned XRP in either a personal wallet that you have the private keys to or you must have your XRP on an exchange that has announced already that they will be honoring the fork.
I would write an article on how to claim XRP using your private wallet key however Wietse Wind has already made a well detailed tool for that method in which I will be doing a small amount of my XRP just to do it honestly...You can find the information HERE
The method I will be using mainly is a rather simple method. I have been using Bitrue for over a year now. I currently Stake XLM, XRP and HOT with Bitrue and Nexio. Bitrue has officially announced support for the Fork with a long list of other exchanges that will also support the Fork.
Exchanges Supporting XRP/SPARK Fork
The SnapShot will take place on Dec 12, 2020 so the list should ideally contain even more supporting exchanges as time nears the SnapShot. You can check the official site HERE for further updates past this article.
My Final Thoughts
I have long since learning about XRP been a huge fan. I have to say I also like the advantages of Ethereum with the ERC-20 Tokens. I am quite frankly a Cypto Addict. I do enjoy my addiction though.
I like the added room for expansion beyond the XRP Ledger into the Ethereum community. I think this may have been seen as a road block to potentially millions of users of Ethereum. Now they can use XRP with Ethereum Smart Contracts which should definitely increase the popularity of XRP and the price increase is a given for both parties.
This Fork is good for the Ethereum community and the XRP community alike. I honestly see nothing but good coming from this. I am excited to get my free Spark. I hope everyone is able to participate in this Airdrop.
Thanks for reading, Stay Healthy and God Bless You.
Like me I will try to