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Flare airdrop of Spark tokens to XRP holders faq


BillyOckham

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10 hours ago, robwerks said:

Hi thanks for all of the good info, another relative newbie here. I bought xrp on coinbase for the snapshot. I just ordered a ledger nano so I want to transfer to that when it comes in. What is the process to ensure I get my flare when it comes if I move all my xrp to the nano?

Each exchange will have to advise their own process.

I assume that it just turns up in your exchange wallet.  There is no Flare or XRP reason you need to continue keeping the XRP on the exchange,  but they do make their own rules...  hopefully it will just be a case of crediting you what you are due in your exchange wallet promptly after each distribution from Flare.

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I have an account in Coinbase where i have some XRP. Pardon me if my question sound silly, but I still do not have a grasp of this whole CryptoCurrency thing, the wallets, addresses, blockchain etc.

Anyways to claim Spark tokens it says one has to setup the MessageKey to the Flare equivalent of the ETH address. But what i do not get is where is the MessageKey with respect to Coinbase? Where in Coinbase can i access it to set it appropriately?

Thanks for any help. Much appreciated.

 

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1 minute ago, sdokc said:

I have an account in Coinbase where i have some XRP. Pardon me if my question sound silly, but I still do not have a grasp of this whole CryptoCurrency thing, the wallets, addresses, blockchain etc.

Anyways to claim Spark tokens it says one has to setup the MessageKey to the Flare equivalent of the ETH address. But what i do not get is where is the MessageKey with respect to Coinbase? Where in Coinbase can i access it to set it appropriately?

Thanks for any help. Much appreciated.

 

No need.   As I said in the faq...  if you are in a participating exchange they will do it all for you.  They will let you know the details later.

Probably it will just turn up in your coinbase account along with your other crypto.

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9 hours ago, Chookstar said:

I am sure I am stating the obvious, but I am assuming it is okay to move XRP off exchanges now and SPARK will still be allocated accordingly?

This question has been discussed many times before. For Flare it does not change anything what you do with your XRP after the snapshot. If the exchange participated in the snapshot, they will receive the Spark they are entitled to based on the XRP in their wallets at the time of the snapshot.

Now you will need to trust the exhange will actually give you the Spark based on your holdings at the time of the snapshot. So the exhange also will need their own snapshot data with account balances of Dec 12. You need to trust they will give you your share of the first distribution (15%) and every monthly distribution (2-4%) for the years to come. You also need to hope they stay in business until all Spark are distributed.

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12 hours ago, sdokc said:

Thanks very much BillyOckham.

So I am assuming they will create a new Flare address and deposit it to that? Like an ETH address/account has secret key, recovery key etc, even this Flare address will also have i guess and will be provided in details later.

In the background they have their wallets so they can interact with the various chains.

None of that need concern you.   It’s just like buying (in this case receiving) any other crypto on an exchange.  They store it for you.

Later if you want to withdraw it to a personal wallet you will need to make a Flare wallet.  They don’t exist yet because Flare doesn’t run yet.  ( there are some in dev and some on the testnet I believe)

But they will when Flare fires up.  So you will get one and give that address to the exchange as part of the withdrawal process like any other crypto withdrawal.

 

Edited by BillyOckham
Added final word to last sentence
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9 hours ago, Pantherdk said:

How do i claim when holding in the Toast wallet ? cant find any way to set the Msg Key

 

Not every wallet supports every XRPL function.   I don’t think you can set it from Toast.
 

One way is to import the account into the Xumm app as per the instructions Weitse created.  Other methods exist.

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8 hours ago, BillyOckham said:

Not every wallet supports every XRPL function.   I don’t think you can set it from Toast.
 

One way is to import the account into the Xumm app as per the instructions Weitse created.  Other methods exist.

Hmmm where are these instucts then i will just import account to Xumm

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