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Xumm or Bifrost


AABest
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Hi all, new here, sorry if this is the 1000th time a question like this has been posted. I have a Xumm wallet and my XRP are there. I added that address in the XRPToolkit so my Spark will be delivered there. My questions are: 1) Can I send XRP & FLR from Xumm directly into mainnet when it goes live? Or 2) Will I have to move XRP and/or FLR from Xumm into Bifrost and/or MetaMask and then directly into mainnet?

Thank you so much.

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On 5/31/2021 at 8:32 AM, AABest said:

Hi all, new here, sorry if this is the 1000th time a question like this has been posted. I have a Xumm wallet and my XRP are there. I added that address in the XRPToolkit so my Spark will be delivered there. My questions are: 1) Can I send XRP & FLR from Xumm directly into mainnet when it goes live? Or 2) Will I have to move XRP and/or FLR from Xumm into Bifrost and/or MetaMask and then directly into mainnet?

Thank you so much.

First, let's clear up the confusion over the multiple meanings of wallet. At its most basic, a wallet is a set of cryptographic keys that give you control over an address on the ledger. On top of that we also call the software applications that let you do things with those keys (lol up your balance, send and receive coins, etc.) wallets. But it's important to remember that when you use a software wallet like XUMM, your XRP isn't in the XUMM app, it's always in the XRP Ledger. The app just gives you a nice, easy, interface to interact with the ledger. You can import your wallet keys into a different XRPL wallet like the SOLO Wallet, and your XRP doesn't move anywhere - it's like opening up the same web page in Chrome and Safari.

So the XRPL, Ethereum, and Flare are all different ledgers, or different networks. Flare uses the same address system as Ethereum, which is why they're asking you to give them an Ethereum address to claim your FLR. But the FLR will be sent to that address on the Flare Network, not Ethereum. Each currency lives on its own network, XRP on the XRPL, FLR on FLR, ETH on Ethereum - they can't cross networks.

So I'm picking up that you currently use XUMM for the XRPL and MetaMask for Ethereum. Because Flare uses the same address system as Ethereum, your MetaMask wallet can connect to the Flare Network. You open the wallet you used to claim your Flare in MetaMask, and near the top of the screen there's an option to change which network you're connecting to. This is most commonly used to switch from Ethereum's mainnet to testnet, but when Flare launches they'll release the details to connect to their network. If we get lucky, MetaMask will add Flare to the drop-down of default networks so all you'll have to do is click it, same as if you want to switch to Ethereum's testnet. Anyway, when Flare launches, you'll be able to use MetaMask to connect to the Flare Network and your FLR will be in your designated wallet.

Bitfrost is a Flare wallet that was just announced, we don't know a lot about it yet. It may not be out exactly when Flare launches, the countdown on their site is showing late July. But remember, the software wallets don't actually hold the coins, you can always start out using MetaMask, and then import your wallet into Bitfrost when it launches. You can even use both at the same time.

You will still need XUMM or some other XRPL wallet to do things on the XRPL. Flare will have F-assets (FXRP, FLTC, FDOGE, etc.) that it uses to represent other currencies on its own network. You'll basically be able to trade XRP for FXRP. You'll set up a transaction where you send say 100 XRP plus a transaction fee to a designated wallet on the XRPL, and once they receive it, they'll send you 100 FXRP to your address on the Flare Network. You can always do the same thing in reverse to get your XRP back. But in the end, XRP stays on the XRPL and FLR and F-assets stay on the Flare Network.

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This has been immensely helpful, thank you very much! I have a better understanding now both from a 10,000 foot view reharding the crypto universe in general and on a more detailed level regarding networks and wallets in particular. I, too, hope MM adds a default Flare Network drop down, which would make things much quicker. So, if I'm understanding correctly, an Ethereum wallet, MM, is my portal to the Flare Network through which I will collect both collect FLR and send it into the Flare Networkhrough. Xumm continues to be my portal to XRPL to transact in XRP.  

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