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Flare airdrop of Spark tokens to XRP holders faq


BillyOckham

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Hey does anyone know of a demo wallet that is set up for Flare so that I can use it in the explorer links to show how it should look?

Also what explorers do we want to link to.  I always use Bithomp...  but I know others exists and I’ve used them but can’t recall their links.

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As I'm new to Crypto after finally taking the plunge so please be gentle lol

In short I hold XRP via Coinbase and I'm from the UK

Will I be credited (or likely to be) these flare tokens at some point in the future ??  Now the question I further have is why isn't XRP taking off price wise in the interim prior to the 12th December if that is the case....??

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2 hours ago, Jungerns001 said:

As I'm new to Crypto after finally taking the plunge so please be gentle lol

In short I hold XRP via Coinbase and I'm from the UK

Will I be credited (or likely to be) these flare tokens at some point in the future ??  Now the question I further have is why isn't XRP taking off price wise in the interim prior to the 12th December if that is the case....??

The price has taken off, it was much lower a couple of weeks ago. You missed it. It may creep up a little on Friday but it's mostly priced in already.

If you are buying now, prepare to dump just after midnight on Saturday.

 

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@BillyOckham

 

Thanks for the FAQ answers. I really appreciate it, as I am also a newbie in this crypto world. Anyway, just a couple of questions.....you stated the following: ' The distribution of Spark is going to be staged over two to three years, with an initial drop of 15% and more coming monthly after that.'

So am I to assume that I would not receive the full amount of Spark tokens that I am due until around 2-3 years time? Therefore I will not receive 100% of the Spark that I am due on 11th June 2021? The airdrop will be progressive over 2-3 years, after which I will then have the full amount that I am due? Is that right?

Also, if the above is correct, then what about if I sold some of my XRP AFTER the snapshot on 12th December 2020? Would I still receive the correct amount of Spark over those 2-3 years directly correlating to the amount of XRP that I had on the 12th December 2020 and not correlating to my lesser amounts of XRP AFTER the 12th December 2020??

 

Any help would be much appreciated. Thanks in advance :)

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On 12/8/2020 at 5:09 AM, BillyOckham said:

Hey does anyone know of a demo wallet that is set up for Flare so that I can use it in the explorer links to show how it should look?

Also what explorers do we want to link to.  I always use Bithomp...  but I know others exists and I’ve used them but can’t recall their links.

D0BCB533-E2A9-4BDC-8F18-EF39E5BE6A93.thumb.jpeg.c8840c4200c2276f6d43f61a2d95ef05.jpeg

889E5110-3620-4D97-AC77-B89776F65FB9.jpeg.8e6b15e8b6bdb8cbdc5f527ad5d69d0d.jpeg
 

https://xrpscan.com/ Is another Explorer, but I’m a sucker for Bithomp’s GUI - plus Warbler is always around to answer any questions.

Edit: Ooh, so is @xrpscan. Well hello :) 

Edited by Flintstone
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27 minutes ago, Panther said:

@BillyOckham

 

Thanks for the FAQ answers. I really appreciate it, as I am also a newbie in this crypto world. Anyway, just a couple of questions.....you stated the following: ' The distribution of Spark is going to be staged over two to three years, with an initial drop of 15% and more coming monthly after that.'

So am I to assume that I would not receive the full amount of Spark tokens that I am due until around 2-3 years time? Therefore I will not receive 100% of the Spark that I am due on 11th June 2021? The airdrop will be progressive over 2-3 years, after which I will then have the full amount that I am due? Is that right?

Also, if the above is correct, then what about if I sold some of my XRP AFTER the snapshot on 12th December 2020? Would I still receive the correct amount of Spark over those 2-3 years directly correlating to the amount of XRP that I had on the 12th December 2020 and not correlating to my lesser amounts of XRP AFTER the 12th December 2020??

 

Any help would be much appreciated. Thanks in advance :)

Both of your assumptions are correct :) 

 

@BillyOckham If you want to elaborate on these questions, I’ll delete this post to remove clutter. Same goes for the screenshots.

Edited by Flintstone
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1 hour ago, Flintstone said:

Both of your assumptions are correct :) 

 

@BillyOckham If you want to elaborate on these questions, I’ll delete this post to remove clutter. Same goes for the screenshots.

Ah mate your answers are always appreciated.  More frequent and more helpful than mine all over the place...  so no, I would never want to remove yours...   this thread can grow or not and that doesn’t really upset anything in my opinion.  I can just keep editing the first post so it’s very easy to get to if needed.

 

The faq is first post and any discussion can help me update and improve it.  I will add your excellent images and suggestion to the faq later today.  Thanks very much for your efforts and knowledge sharing. 

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1 hour ago, Panther said:

@BillyOckham

 

Thanks for the FAQ answers. I really appreciate it, as I am also a newbie in this crypto world. Anyway, just a couple of questions.....you stated the following: ' The distribution of Spark is going to be staged over two to three years, with an initial drop of 15% and more coming monthly after that.'

So am I to assume that I would not receive the full amount of Spark tokens that I am due until around 2-3 years time? Therefore I will not receive 100% of the Spark that I am due on 11th June 2021? The airdrop will be progressive over 2-3 years, after which I will then have the full amount that I am due? Is that right?

Also, if the above is correct, then what about if I sold some of my XRP AFTER the snapshot on 12th December 2020? Would I still receive the correct amount of Spark over those 2-3 years directly correlating to the amount of XRP that I had on the 12th December 2020 and not correlating to my lesser amounts of XRP AFTER the 12th December 2020??

 

Any help would be much appreciated. Thanks in advance :)

Thanks for kind words and the question...  Fred has covered it I think.  I will add your question into the faq so your input will be helpful to others. Thanks.

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4 hours ago, Panther said:

Therefore I will not receive 100% of the Spark that I am due on 11th June 2021?

I just noticed that you are slightly in error on this point.  You are not due them at that date...  that’s merely the last day the claim of Spark can be made.

I will put a bit about the distribution into the faq.

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5 minutes ago, HenrySeldom said:

Once we get the spark tokens (via the Ethereum address in self custody), how do we access said spark tokens to send them to an exchange or another address? If you have a Ledge Nano (for instance), will that be part of the Ethereum wallet functions? 

Good question that I haven’t addressed.  I will add that in.  Short answer is that you will use a Flare enabled wallet.  Ledger look to be creating one as well as other apps etc are being, or already are created.

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Thank you for this comprehensive FAQ @BillyOckham.

 

Just a quick question regarding the whole ETH address thing. Still struggling to wrap my head around it.

 

I have a primary ledger nano s on which I have all my XRP. I've went and created/installed an Ethereum wallet on a secondary ledger nano s via the Ledger Live appplication.

I then used my 1st device with xrptoolkit to sign the messagekey of my xrp account with the ETH address that I generated on the second device - with all the prefixes etc in the correct format.

 

1) Am I correct in assuming that once the tokens have been distributed and I've installed the flare wallet on my 2nd nano, that I will have the spark tokens "waiting" there?

2) So what happens on the Flare network side when they look at the snapshot after it has been taken. Do they go, ok here is an ETH formatted address for this XRP wallet, so let's create this wallet on the Flare network with the equivalent amount of spark tokens, or does that address already exist on their network and they just set the amount for the existing wallet on their side? 

3) Following from the question above, I take it the same 24 phrase/seed will generate the exact same ETH address for both an Ethereum and Flare wallet correct?

EDIT - lol, I left out the most important question I had :

4) It shouldn't matter that the ETH address/wallet is on another device than the XRP address/wallet which contains the messagekey right?

Edited by Teslaza
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1 hour ago, Teslaza said:

Thank you for this comprehensive FAQ @BillyOckham.

 

Just a quick question regarding the whole ETH address thing. Still struggling to wrap my head around it.

 

I have a primary ledger nano s on which I have all my XRP. I've went and created/installed an Ethereum wallet on a secondary ledger nano s via the Ledger Live appplication.

I then used my 1st device with xrptoolkit to sign the messagekey of my xrp account with the ETH address that I generated on the second device - with all the prefixes etc in the correct format.

 

1) Am I correct in assuming that once the tokens have been distributed and I've installed the flare wallet on my 2nd nano, that I will have the spark tokens "waiting" there?

2) So what happens on the Flare network side when they look at the snapshot after it has been taken. Do they go, ok here is an ETH formatted address for this XRP wallet, so let's create this wallet on the Flare network with the equivalent amount of spark tokens, or does that address already exist on their network and they just set the amount for the existing wallet on their side? 

3) Following from the question above, I take it the same 24 phrase/seed will generate the exact same ETH address for both an Ethereum and Flare wallet correct?

EDIT - lol, I left out the most important question I had :

4) It shouldn't matter that the ETH address/wallet is on another device than the XRP address/wallet which contains the messagekey right?

All good questions.  But they are resolved once you understand what is really happening with a wallet.

 

Wallet is a really bad term for what they are.  It’s confusing.  Forgive me if this is a long ramble...   but I think it might be worth the walk.

(There may be exceptions to what I’m going to say, and some is a simplification, but it’s true for almost all cases)

A cryptocurrency uses two technologies that are relevant here.  Cryptography,  and cloud (or network) technology.  So let’s talk about the cloud aspect.  The reason that you can look at a public address balance, and so can I,  is because the information is distributed all over the network.  A bit differently to, say, a web page.  The ‘coins’ live out there on the cloud.

They are NOT on the ledger nano USB stick.  They are not in the phone app.  They are recorded in the ‘blocks’ (called ‘ledgers’ in XRP case) that make up the block chain that is widely distributed across many nodes.

So when you say will they be waiting for me in my ledger stick then no... they are not,  and never will be.

The second part of this that’s relevant is the cryptography.  Public private key technology means that the cryptocurrency network can check that the key used to encrypt the transactions sent to the chain are validly signed by the owning private key for that account.  So no one other than a holder of that account’s private key can ever get a valid transaction for the account submitted.

And it’s that private key that is what is actually stored on the ledger Nano or in the XUMM app.  Not the XRP, just the private key.

So when you ask about does the address exist...  yeah it kinda does...  it’s a near infinite set of key pairs that ‘exist’ in the mathematical sense,  but whether they are ever used is down to whoever creates a key pair in a toolset (wallet) for interacting with the network.  If you create a key pair and tell Flare about it in the claim process then when they are ready they will put the distribution amounts into that account.  (An ‘account’ in this sense is just the public key address)

So.  Questions...

1.  Sorta,  but a) they are not really in that wallet and b) you’ll only get that portion that’s been distributed at that time.

2.  As discussed, the address already exists in the mathematical sense but it is not used as an account until someone (in this case the Flare distribution smart contract) funds it with some tokens.

3.  Yes, because Flare are using the Etherium addressing/encryption pair standard,  so that particular private key is always paired with that public key.  Each network is entirely seperate though, and doesn’t ‘know’ about the other. (At least at this stage of the game)

4.  Absolutely no matter at all.  As discussed,  the XRPLedger lives out on the cloud.  When Flare smart contracts are looking at that ledger they don’t know or care how many wallet apps, or wallet hardware devices, can access that cloud account.  The cloud account is the source of truth,  and the various wallets just securely hold the key, and can also look out at the network cloud to see the transaction history and the current balance etc.

 

Hope this was helpful, not too boring, and not confusing.  Although I suspect it was at least the latter two.  :) 
 

 

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