D’CENT plans to support Flare Network’s utility fork and Spark token.
On August 10th, the Flare Network, a smart contract platform based on Ripple (XRPL) released their white papers. There are two white papers released at the same time; the first is a white paper on the integration of XRP and Flare, the second white paper provides details of the Flare Network and the native token called Spark.
The Spark token white paper mentions the utility fork, and we have received numerous inquiries about our support plans. To answer the questions of many, we will first look at how the utility fork works and provide details our support plans.
So, what is a utility fork?
The utility fork is described in Chapter 3.3 of the Spark Token White Paper. According to the white paper, a total of 100 billion Spark tokens will be issued, of which 45 billion Spark tokens will be distributed to XRP coin holders. The distribution of Spark tokens is based on the XRP holdings recorded on the XRP ledger referenced at a specific time. (This is called a snapshot.)
The snapshot schedule for Spark tokens has not been set as of August 25, 2020, and many exchanges have voiced their intent to support Spark tokens. When the snapshot schedule is set, an announcement will be made through the official website of Flare Network (https://flare.xyz/) or Twitter (https://twitter.com/FlareNetworks).
How to claim Spark tokens?
Once the snapshot is scheduled and the utility fork is launched, XRP holders can receive Spark tokens. According to Flare Network’s announcement, Spark tokens can be requested within 6 months and any unclaimed Spark tokens after that period will be burned/destroyed.
According to an article by Wietes Wind (developer of XRPL), requesting Spark tokens requires the process of registering a Spark token address in the account information of the XRP ledger. For reference, the address system of Spark Token is the same as that of Ethereum.
In more detail, each XRP account contains a various account-related information. Among them, there is a field called MessageKey and this is where you can register the address of the Spark token. One transaction approval is required for this registration.
D’CENT’s plans for the support
With regard to the Flare Network’s utility fork, we plan to support the following two features sequentially from the D’CENT mobile app:
- Spark token Request Function: A function to register Spark token address from the XRP account in D’CENT Wallet
- Flare Network mainnet linkage function: Blockchain linkage to use the Spark tokens that have been received
Currently, the Flare Network mainnet is in the development stage, and the exact release time has not disclosed. The exact support schedule for the above features will be determined by the D’CENT team while we monitor the progress of the Flare Network. You can receive updated news by subscribing to the various community channels of D’CENT Wallet below.
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