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Flare networks - Spark token to XRP holders


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On 8/20/2020 at 8:06 AM, xrp-pat said:

Have they said how many tokens we'll be getting? Say you've got 10000 xrp, how many sparks will that result in?

https://flare.xyz/app/uploads/2020/08/Flare_Version_1.0.pdf

The formula is on page 9, spark-received = your-holdings / (total xrp - ripple's-holdings) x 45,000,000,000.

So on a 10,000 account of XRP,  back of the envelope, approximating ripple's holdings/escrow size:

x = 10,000 / (99,000,000,000 - 44,000,000,000) * 45,000,000,000

x = 10,000 /  55,000,000,000 * 45bil.

x = 0.000000181818.... * 45 bil.

x = 8181 spark

I'm just guesstimating numbers cause I don't know how much is in Ripple's accounts or what's still left from the original 100 bill. minus burned XRP, it's probably more like 99,999,000,000 XRP still in existence, but the formula is straight from their whitepaper.  They'll snapshot the ledger then I guess send IOUs out to all accounts to redeem said amount into a new Spark address? If your XRP is on an exchange and not in your own address, idk; they'll have to work that out with exchanges.

 

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14 hours ago, Flintstone said:

No. It's basically a CFD. Revolut purchases on your behalf and custody is (or was last i checked) on Bitstamp.

Revolut crypto fees updated recently:

 

Yikes, Fred !

I can see such fees for managing tangibles like metals, but for automated handling of ledger data for 2.5% - yeow.

I trade crypto on B.us at 0.075% using BNB, else it's 0.1% in USD.

Thanks for the info, m8.

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34 minutes ago, Flintstone said:

@JASCoder Yeah, not good now. I used to use it for FOMO purchases back in the day. The fee used to be 1.5% for all users. At the time, it was cheaper than card purchases at Coinbase. I only use Bitstamp now.

LOL - My first FOMO purchase beats your's haha - In mid 2017 I used my credit card with a new service added to the exchange that had me on a "waiting list" to join for over a month. I only spend $100 (XRP had doubled in price while I was on the waiting list). BUT the total fees added up to around $55 !!  

Good times, heh.

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@B088IN Yes, you will need full access. I was trying to avoid this myself as I don’t use a Ledger and I’d like to keep my secret key in an offline environment.

To manually do it, you will need to find a wallet that allows you to do an AccountSet transaction. https://xrpl.org/accountset.html
 

A quick search earlier - Ripplerm is one I found, but hoping to find a more simple solution.

I’ll let you know if I find one.

@xrptoolkit @Warbler @xrptipbot

Edited by Flintstone
Tag these 3 in case I’m wrong or they have a solution
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Thanks @Flintstone Really don’t like the idea of allowing full access, but I guess you can allow it during the snapshot and then turn back to read only?

is there a risk in allowing full access? Forgive my ignorance, my knowledge basically got me to buying XRP over the years and making sure it was in cold storage lol

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4 hours ago, B088IN said:

Thanks @Flintstone Really don’t like the idea of allowing full access, but I guess you can allow it during the snapshot and then turn back to read only?

is there a risk in allowing full access? Forgive my ignorance, my knowledge basically got me to buying XRP over the years and making sure it was in cold storage lol

Another option is https://www.theworldexchange.net/ which is a full function client side browser code wallet created by a user on here called @pftq.

I assume the wallet still works (it’s been a while since I used it) and it has the normal caveat that any client side code can get corrupted if you have a malware infection. (Although I don’t think I’ve ever heard of such a thing with any XRP wallet.)

Perhaps @pftq will see this tag and give his thoughts on the matter.  I don’t know for sure that it will let you set the key but you can find out for 20 Xrp into a new wallet address created by that wallet.

In a way I think it’s a shame that security is so tricky because many people wrote code that languishes largely unused because it’s hard to know who to trust.

I personally am just doing nothing till all the information about the airdrop is released.  No hurry.

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On 8/19/2020 at 11:12 PM, yxxyun said:

XRPL have built-in DEX, why XRP community got excited to port uniswap to flare network?

Smart contract functionality. Trustless settlement. Functionality of ethereum with the settlement speed of XRP. It's actually pretty cool but confusing for the regular joe. 

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54 minutes ago, yxxyun said:

how? since flare is a different network.

I shouldn't put my foot in my mouth saying speed of XRP since the flare network would introduce a bottleneck. I'll rephrase that before answering your question. 

Eth fork that can settle in XRP or another currency. 

How?
By being separate ledgers. Separations of concerns. The white paper isn't clear (in fact it's white :lol:)

The flare network allows the creation of FXRP which isn't actually XRP but a derivative of XRP.

You send your xrp to an agent on the flare network. The agent puts up spark as collateral for trust and issues you FXRP. When your smart contract is completed you can redeem your FXRP for XRP. If the agent runs off with your XRP you receive the equivalent value in spark and he is penalised a fee paid in spark. Under the hood it's only spark but FXRP acts as a derivative. 

It just occurred to me they don't mention anything about mining or validation process. How can it be an eth fork and also a pre-mine :blink:

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