Coinbase Finally Supports the Distribution of Flare’s Spark Tokens to XRP Investors
AI Trading

Based on the account of Flare co-founder, Hugo Philion, Flare Networks aims to provide a platform for XRP value to be incorporated with smart contracts.

He also stated that Flare has the intention to also incorporate Bitcoin (BTC) and Litecoin (LTC) into its network in the future.

Philion made this known while in a conversation with the popular XRP enthusiast and YouTuber, CryptoEri. In the course of the interview, the Flare co-founder stated that Spark token holders will determine the expansion of the protocol to other blockchains.

Hugo Philion noted:

AI Trading

“The immediate purpose of Flare is to provide a platform for XRP value to be used with smart contracts, and we’ve defined that quite succinctly with the FXRP system and the Flare paper.

That’s really the first purpose, and then also in that Flare paper, it’s defined something called the Spark-derived applications, and these will allow that system to expand such that the value from other networks that are not Turing complete, like Bitcoin or Litecoin, could be replicated in the same way that FXRP is being put onto the network.

That is something that will have to be a governance issue, and something that Spark token holders will vote on over time.”

Spark Can Be Used As Collateral

Aside from being a governance token, during the conversation, Philion pointed out that Spark token can also be used as collateral.

“Spark is the token of the network but the network is a smart contract network and Spark is used to collateralize, or basically to provide safety to the FXRP system. The FXRP system is the system that allows for the decentralized, or trustless, issuance of XRP on Flare. So what that means is that you have XRP on Flare, and that then allows you to use XRP with smart contracts.”

Recap of What Flare Is All About

Going by the project’s white paper, Flare is a Turin-complete smart contract protocol that uses the Ethereum Virtual Machine (EVM).

The digital asset is fashioned to enable a trustless representation of non-Turing complete tokens, which include XRP, Bitcoin (BTC), and Litecoin (LTC).

The snapshot of XRP Ledger by Flare Network is slated for 12th December 2020. XRP holders that have set up their accounts will be rewarded with free Spark tokens for every XRP they hold.

Join us on Twitter

Join us on Telegram

Join us on Facebook

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.