We will discuss the Spark Token Airdrop today, including how to participate and claim your Airdrop. According to Flare Networks, the Spark Coin ($FLR) was released in the first and second quarters of 2021 and is accessible to all XRP holders. Native to Flare Networks, a platform for smart contracts built on the Ripple (XRP) network, is the Spark token.
What is a Spark token?
The Flare network’s native currency is called Spark token. The Flare Network is a distributed network that uses the Ethereum Virtual Machine and the Avalanche consensus algorithm to support Federated Byzantine Agreement. As this is the goal of Ripple, the parent business, XRP’s primary use has been for internal banking settlements and cross-border payments. On the other hand, the Spark Token is very distinct from this and has nothing to do with Ripple.
The Flare Network, a new business that runs a distributed network using the Avalanche consensus protocol modified to Federated Byzantine Agreement and utilizing the Ethereum Virtual Machine, is the source of the Spark token airdrop. Deploying existing Ethereum apps on Flare and integrating the network into decentralized Finance are made possible by this for the new network. Tokenization of the trustless issue of FXRP on Flare is its primary function. These tokens are also used for network administration, spam prevention, and producing valuable data about Flare through an oracle system.
There are opportunities where a degree of cash flow can be given to Spark token holders when FXRP is issued, and the oracle system is used. Although FXRP is minted on Flare from XRP on the XRP Ledger, and as a result, it can then be settled back to the XRP Ledger, the Spark tokens do have their roots in XRP.
How to Participate and Claim Your Airdrop
The idea of an airdrop, especially one based on a fork, will perplex a few people as perplexed as to how they receive these Spark tokens Airdrop, and they would like to learn more about the distribution of the tokens to all XRP holders.
This Spark Token airdrop is open to anyone who owns XRP in self-custody services and qualifies to receive the Spark tokens. It will take some effort to claim a Spark Token airdrop, and the process will vary based on the wallet or exchange you are using.
This can be done in the following three steps.
Step 1: Get the Wallet
First, it is essential to purchasing Ledger devices and an Ethereum wallet, such as MetaMask. By doing this, you can watch, send, and receive Spark tokens using those wallets with upcoming Flare Network interfaces comparable to Uniswap and Ledger Live. You can use other Ethereum wallets that are not MetaMask or a Ledger device, and the only requirement is that you have a backup of the private key or recovery words. Additionally, you can use your secret key or recovery words to transfer your claimed Spark tokens to a new wallet if your wallet is not incompatible with the Flare Network.
Step 2: Copy the Address
You have to copy the address after setting up your Ethereum wallet, for which you have the private key or recovery words. Use a new address with no other assets; this is ideal. An illustration of how to use Metamask for this is given below: Open the extension first, then select your address. If you’re using a Ledger Nano X or Ledger Nano S, connect it to your computer, unlock it, and click Receive. Then, choose the Ethereum account you want to use, click Continue, and then enter the displayed addresses listed below.
The Ethereum address you want to use later on the Flare Network should be copied, regardless of the Ethereum wallet you use. Following the launch, your tokens on the Flare Network will be sent to this address.
Step 3: Set the Message Key
Setting the message key will be the last stage. Go to the XRP Toolkit and link your XRP wallet after copying your Flare address. You must paste your copied address in the message key box by selecting Properties from the Account menu. Your Flare address will be offered for conversion by XRP Toolkit into the necessary format for saving it as a message key on the XRP Ledger.
To continue, select the suggested format and then press the Update button. As soon as you click update, you must check the transaction. Review all transaction information in your connected wallet carefully, and only confirm if the message key matches the address you meant. You are now prepared to receive your spark Token Airdrop distribution once you have signed and returned this.
The Spark Token Airdrop is a significant occasion because it introduced a new utility token that will provide the chance to expand beyond the DeFi area. Because the fork will leave the Ripple blockchain and play a part there, it is also a significant occurrence for XRP. Since the news of Spark Token broke, the price of XRP has more than doubled, which has already affected traders. But there is still a lot of exciting activity left, and participating will be worthwhile.