XRPL Labs Head Releases Tool for XRP Holders to Claim Spark Tokens. First Listing Also Announced

Wietse Wind, founder of XRPL Labs—the software studio behind the development of XRP Ledger solutions—has shared details of the process of Spark token distribution among XRP holders. He also released an instrument required for this process.

How to receive Spark tokens?

According to Mr. Wind, the process will consist of three steps. First, the XRP holder will be asked to create an account for the Flare Network. Every account will have a public address (typically "0x.."-like) and a private key. The private key and address can already be generated.

Tutorial, instructions & a tool to prepare for claiming your @FlareNetworks Spark tokens 🎉

While the Flare network *isn't live yet* and the Spark token distribution *hasn't started* you can already prepare your accounts

For #XUMM & @XRPToolkit usershttps://t.co/Ga3YGuJQND

— WietseWind { 𝚡𝚛𝚙𝚕𝙳𝚎𝚟: 𝚝𝚛𝚞𝚎 } (@WietseWind) August 21, 2020

Then, users of XRP Ledger need to prove account ownership by signing a reference. This reference will be stored on XRP Ledger and will indicate the Flare network account that belongs to this or that user.

Once the Flare network is ready, its team will read all XRP Ledger accounts and distribute Spark tokens 1:1 to Spark wallets associated with XRPL accounts.

However, the accurate timeline for this "utility fork" has not yet been announced. The Flare network team will disclose it.

First listing for Spark tokens

To make these steps seamless for users of the XUMM non-custodial XRPL-based exchange service and the XRP Toolkit environment for Ledger Nano, Mr. Wind released a tool. According to him, this tool will be helpful for the first stages of the transition:

Using my tool you will be guided through the process of storing a reference on your XRP ledger account to your (probably: to be generated) account on the Flare network.

The tool is active even though the Flare network is not yet launched. Mr. Wind asked his followers to use only official XUMM and XRP Toolkits instruments and never enter secret information anywhere.

Also, the name of the first exchange to support the upcoming "utility fork" of XRP has been unveiled. Bitrue will support distribution of Spark tokens to all XRP holders onboarded on this wallet.

Bitrue are the first exchange to announce support for @FlareNetworks distribution of $Spark tokens to $XRP holders 💪

All you need to do is keep your XRP on Bitrue - that's it. The exact time of the distribution will be shared later. More info @ https://t.co/2FhhYtjUko #DeFi pic.twitter.com/qmQA1opM5o

— Bitrue (@BitrueOfficial) August 21, 2020

As covered by CryptoComes recently, Flare network's team plans to implement smart contract capability into the XRP network with its "utility fork."

👉 MUST READ XRP May Receive Smart Contract Platform, Utility Fork Conditions Disclosed

Spark tokens will be used as a sort of collateral for XRP users.