A warm welcome to another Let’s Simplify Things! post!
In this post let’s have a look in the upcoming XRP Fork, the Flare Network and its coin Spark and try to simplify it.
It is quite simple actually!
Spark will be the native coin of the Flare Network.
On the 12th of December there will be a snapshot of the XRP Ledger and 100 billion Spark coins (FXRP) will be created.
Ripple Labs Inc and any entity related to Ripple Labs will be excluded from receiving any Spark coins.
So, based on the current circulation expect to have about 45 billion coins distributed to holders of XRP on a one to one ratio.
The rest will be split into 25 billion going to Flare Networks Limited which is a for-profit entity and 30 billion to the non-profit Flare Foundation
You can read all about the Flare Network and how to claim FXRP on their website here.
There is apparently great excitement about the event as in just 6 days more than 5400 accounts were created.
The good news is that many exchanges and DeFi platforms will be taking part.
For example, CredEarn has announced that anyone having already blocked their XRP with them will be receiving FXRP.
To simplify it, what they are trying to achieve with the Flare Network is to combine the best elements of XRP, which is the fast settlement, of Ethereum, which is the smart contracts and of Avalanche, which is the consensus.
That said, I have the feeling, that they are also pissed off with the continuous sale of XRP by Ripple Labs that keeps bringing the price down…
So, if you have XRP make sure to be part of the distribution of Spark.
Finally, before saying goodbye I want to let everyone know that I have no sponsors, this post is not sponsored by The Flare Network nor any other entity.
The above reflect my personal views and by no means should be taken as a recommendation to use or not use any service or equipment whatsoever!
Please feel free to make any suggestions or comments especially on what you would like to see next being simplified!
Until the next post....
Thank you all from the bottom of my heart!
The Flare Network website link: https://flare.ghost.io/
