What is Flare?The Flare Network is geared to solve two problems associated with the blockchain industry:
- It is a fact that 75% of value stored in a public blockchain cannot be used with smart contracts as it may not be trustworthy.
- In order to execute smart contracts, a secure ecosystem with sufficient scaling is needed. Currently, this is not the case.
Flare Network partners with RippleRipple CEO Brad Garlinghouse announced the partnership with the Flare Network in August 2020. The partnership will allow Ripple to implement Smart Contracts and result in wider exposure for Ripple. These Smart Contracts will be executed on the Ethereum network with the use of XRP tokens via FXRP.
One can pay for these Smart Contracts in XRP through Interledger, that has been integrated into the Flare Network. Spark tokens, on the other hand will be used to collateralize the FXRP. If you make use of Spark tokens and provide it as collateral, you will earn fees.
The integration of Flare with XRP ensures scalability and an increase in the number of transactions. Ripple and Xpring in particular, have been putting a lot of emphasis on creating a bridge between XRP and ETH. This will give Ripple access to the ever expanding DeFi market and more.
Spark Airdrop for XRP hodlersAccording to a recent announcement, XRP hodlers can participate in the Spark token airdrop. Spark, the Flare Network’s native token will be distributed to XRP investors in 1:1 ratio. A total of 100 billion Spark tokens have been released for this purpose.
No date has been set for the airdrop yet but XRP hodlers have been urged to register for the event. In the meantime, various exchanges have announced they would be supporting the airdrop. Even Ledger has published instructions on how XRP hodlers can register for the Spark Airdrop.
Get Ripple-Spark Airdrop on AltCoinTraderAltCoinTrader will support the upcoming Spark Airdrop and list Spark token. AltCoinTrader strives to provide traders with a safe and secure trading platform. We hope to build a relationship with clients and assist them by offering new and exciting cryptocurrency-related news and products.
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