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Flare networks - Spark token to XRP holders


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Because so many people seem confused about this whole claim process I am going to write a short explanation of what happens and why.  It’s not a how to...  others are doing that.  It’s a ‘what happens

Can be massive.

apologies if this has already been posted on this thread - great read if you enjoy Galgitron's style http://galgitron.net/Post/DeFi-Defined   

3 hours ago, jetbrzzz said:

Does anyone know if it's allowed to use the same Flare address for multiple XRP addresses (I have more than one)? Or do you need a separate Flare address for every XRP account that exists? It would save me admin work if I could use just one Flare address...

I think you can use the same address for multiple message keys.

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44 minutes ago, ADingoAteMyXRP said:

So when is gas used if ever? Is it just to set up the wallet or transfer tokens that utilize gas? A bit of an Ethereum noob.

I don't think Eth gas is ever used, it seems like they're just using the Ethereum Virtual Machine logic (not sure how, address formats?). The FXRP tokens are created by sending XRP to an Agent in a 1:1 ratio, using Spark as collateral to execute that function.  Then new FXRP can be used in the Flare Network to make smart contracts and  Spark is used also to execute the FXRP smart contracts.

When you want your XRP "back", a Spark function (w/ fee) is used to 'redeem' your FXRP for XRP.

Spark holders can collect fees from 1) creating FXRP from XRP,  2) redeeming FXRP for XRP and 3) executing smart contracts.  Not sure the percentages, but I'm sure there'll be more info later.

They mentioned in the whitepaper being able to buy/sell created FXRP on exchanges to arbitrage, so it'll probably show up in exchanges eventually as "FXRP".

Kinda neat idea, running in parallel to the XRP ledger.  If I understand correctly, the XRP used to make FXRP is locked up by the Agent as long as it's being used as 'FXRP'.

flare.thumb.jpg.bb597b3015fa97bb80f44d7f76ee3065.jpg

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6 hours ago, jetbrzzz said:

You're right, I looked it up in the release notes, the remainder get burned.  Ashame really.

Right, it's not technically an Ethereum wallet running on the Ethereum block chain, just the Ethereum format, which is confusing in general. Just explaining that is counter-intuitive, "Go make an address for a brand new Flare Network, but use an ETHEREUM address format."  LIke why isn't there a Flare Network address format. you know?

I don't think they're even using Ethereum gas to transact the smart contracts, that's what the FXRP and Spark is for.

So there's no point doing anything with MessageKey at the moment. We have to wait until the Flare network is up and running and create an account on it and put that Ethereum-like address into the MK field on our XRPL accounts. Right?

And presumably that also means that the ETH tools for key pair generation cannot be used, such as those in the bitcointalk thread mentioned by @Flintstone.

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3 minutes ago, PunishmentOfLuxury said:

So there's no point doing anything with MessageKey at the moment. We have to wait until the Flare network is up and running and create an account on it and put that Ethereum-like address into the MK field on our XRPL accounts. Right?

And presumably that also means that the ETH tools for key pair generation cannot be used, such as those in the bitcointalk thread mentioned by @Flintstone.

You don't have to wait, 5,000 or so accounts already added the Eth-formatted address to their MessageKeys. Up to you really, it's basically just a public post-it note on your XRP account with the address for your Spark to go to. They say you'll have up to 6 months after the snapshot to claim, but you should own your XRP address at the time of snapshot, which is TBA.

As far as I know it's an Ethereum-format address you need in the MessageKey, plus the formatting in the Flare Networks release notes. I used a run-of-the-mill Ethereum wallet generator to securely make mine, since I don't own any Ethereum. The Flair Network is incorporating the EthereumVirtualMachine somehow, so I guess that's why they're using Ethereum-formatted addresses.

https://flare.ghost.io/claiming-spark-faq/

Straight from the dev. Explains the necessary formatting near the bottom.

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24 minutes ago, PunishmentOfLuxury said:

So there's no point doing anything with MessageKey at the moment. We have to wait until the Flare network is up and running and create an account on it and put that Ethereum-like address into the MK field on our XRPL accounts. Right?

And presumably that also means that the ETH tools for key pair generation cannot be used, such as those in the bitcointalk thread mentioned by @Flintstone.

Well if you think that there is likely to be Day1 craziness in price action you might want to be set up and ready to go as soon as possible. 

If instead you think it will dump and then gradually recover (that’s what I think) then there is no hurry.

Edited by Dogowner5
Typing fail
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4 minutes ago, Dogowner5 said:

Well if you think that there is likely to be Day1 craziness in price action you might want to be set up and ready to go as soon as possible. 

If instead you think it will dump and then gradually recover (that’s what I think) then there is no hurry.

Just don't be a Greg... I'm curious what the Spark Agent income % will be, might be more profitable to be a Spark Agent than dumping them.

"Greg could have been a Spark Agent SlumLord, but nope, he dumped his stash back in 2021."

greg.thumb.jpg.a66266646e55803bc13add6c42f6e8e4.jpg

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2 hours ago, jetbrzzz said:

You don't have to wait, 5,000 or so accounts already added the Eth-formatted address to their MessageKeys. Up to you really, it's basically just a public post-it note on your XRP account with the address for your Spark to go to. They say you'll have up to 6 months after the snapshot to claim, but you should own your XRP address at the time of snapshot, which is TBA.

As far as I know it's an Ethereum-format address you need in the MessageKey, plus the formatting in the Flare Networks release notes. I used a run-of-the-mill Ethereum wallet generator to securely make mine, since I don't own any Ethereum. The Flair Network is incorporating the EthereumVirtualMachine somehow, so I guess that's why they're using Ethereum-formatted addresses.

https://flare.ghost.io/claiming-spark-faq/

Straight from the dev. Explains the necessary formatting near the bottom.

Now I'm totally confused. You said earlier:

Quote

In very basic terms, all we're doing is putting our ETH address Flare address (Ethereum format; we must own the keys)  into the public message key field in our XRP address.  This way Flare can know which ETH addresses to send Spark and how much based on your account balance at the time of the snapshot. And by proxy that you 'own' the address, since you need to sign a transaction to add the message key.

How can we generate a Flare key pair now when the Flare network doesn't exist yet? Spark will only exist on the Flare blockchain, not on the Ethereum blockchain, so the Spark tokens cannot be sent to an ETH address, surely? The fact that the address formats are the same is irrelevant, isn't it?

EDIT: Or is it irrelevant that the key pair generation process is the same for both networks, since address collisions/duplications are simply staggeringly unlikely?

Edited by PunishmentOfLuxury
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34 minutes ago, PunishmentOfLuxury said:

Now I'm totally confused. You said earlier:

How can we generate a Flare key pair now when the Flare network doesn't exist yet? Spark will only exist on the Flare blockchain, not on the Ethereum blockchain, so the Spark tokens cannot be sent to an ETH address, surely? The fact that the address formats are the same is irrelevant, isn't it?

EDIT: Or is it irrelevant that the key pair generation process is the same for both networks, since address collisions/duplications are simply staggeringly unlikely?

The Flare Network is using Ethereum-compatible addresses for it's address format (I don't know why, but that's what's in the the release notes).  Yes, they're completely different blockchains, but like I said, they're leveraging some part of the Ethereum Virtual Machine in the Flare Network so maybe they have to have Flare Network addresses formatted in an Ethereum-compatible way for some reason.

I don't think it matters, it seems like they built the network to accept Ethereum-compatible addresses so even if you used an existing Ethereum wallet for the Flare Network, I imagine the Flare Network would only acknowledge activity on the Flare Network ledger regarding that account.  Flare Network would have no knowledge of your Ethereum history on that address since it is a completely separate ledger.

I wouldn't personally reuse an ETH wallet like that and they mention in the notes why you might not want to set it up like that.

I think the key pair generation process is irrelevant like you said, in the release notes they specifically say to get an Ethereum-compatible address.

Quote

XRP 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 of the form: 0x415f8315c9948Ad91e2Cce5b8583A36dA431fb61

You can also use an existing Ethereum address but please see the privacy considerations above.

1) Take your Ethereum-compatible address of the form 0x415f8315c9948Ad91e2Cce5b8583A36dA431fb61

, remove 0x from the front and upper-case the remaining characters to produce a character set of the form: 415F8315C9948AD91E2CCE5B8583A36DA431FB61. Note: the upper-casing and lower-casing in the original address does not matter.

https://flare.ghost.io/claiming-spark-faq/

Straight from the notes.

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1 hour ago, jetbrzzz said:

they're leveraging some part of the Ethereum Virtual Machine in the Flare Network so maybe they have to have Flare Network addresses formatted in an Ethereum-compatible way for some reason.

They are using the Etherium VM so that contracts currently running on the slow and expensive Etherium network can be copy pasted onto the Flare Network to give them an instant financial and developer community.  
 

They are hoping to steal Etherium folk over to Flare.  So the smart contracts are the same,  so the address formats etc must also be the same.

Basically it sounds like they are replacing mining or proof of stake (whatever ETH currently uses) with an XRP inspired consensus algorithm.

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3 hours ago, Dogowner5 said:

They are using the Etherium VM so that contracts currently running on the slow and expensive Etherium network can be copy pasted onto the Flare Network to give them an instant financial and developer community.

They are hoping to steal Etherium folk over to Flare.  So the smart contracts are the same,  so the address formats etc must also be the same.

https://www.visitcalifornia.com/experience/bridge-nowhere

I think it's time for a strategic shift away from "solving probs of other networks" in some naive quest to be just-so-damned-helpful that they all finally realize their technology doesn't really scale, and then hope they'll all defect, bringing their supposed armies of enterprise clients (backpackers with laptops) on over to XRPL.

Sorry your shit's broke, Ethereum;  get the Magicians to fix it!

What's that, the council of 15 year olds can't agree on much?

No shit!  (What kind of a magician couldn't see that coming?)

Edited by NightJanitor
Adults know that even altruism has limits not to be crossed.
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