So… I set up my Spark claim using my ledger nano s. I have set up an Ethereum wallet on the ledger as my receiving wallet for the spark token. I have checked on xrpscan.com and the set up looks ok. I am not at all technical about this, so my question here is, how do the spark tokens find way to my ledger ETH wallet once they are released? I assume I must go somewhere to access them and then transfer them onto my ledger from there? Or how does it work?
One thing to keep in mind is that while the address scheme for the Flare network will be the same as what the Ethereum network uses, Flare will be a separate network and blockchain. That means the following:
- Some updates will need to come from Ledger to be able to interact with Spark on the Flare network via the Ledger device and their Ledger Live desktop/mobile apps. Towo Labs teased a sneak peak at a Ledger App they were working on to support the Flare network and Spark ( https://twitter.com/TowoLabs/status/1322299743930929154?s=20 ). Because the address derivation scheme for Spark will be the same as Ethereum, you can be confident that you’ll still be able to get at that Spark address once the tooling is ready.
- You will not see anything related to your Spark balance on your ETH Ledger Wallet or sites like “etherscan.io”. That’s due to Flare being a separate network. The Ethereum blockchain is unaware of anything related to Flare or Spark.
- Because you did self-custody on your Ledger, you won’t have to transfer anything anywhere once the Flare network goes live. The close to 1:1 ratio of Spark to XRP you’re expecting won’t show up all at once from what I understand, but will trickle in over time. Regardless, there will be smart contracts running on the Flare network which deliver Spark to the address you specified already. That address, which looks like an Ethereum address, is technically a valid address on both the Flare and Ethereum networks. Again, just realize that Spark is the native token of Flare, and ETH the native token of Ethereum. Said another way, same address, different balances depending on the network you’re looking at.
Maybe not a great analogy, but kind of like having two bank accounts, one holding US Dollars (USD) and the other Euros (EUR). You are the same unique person across both (you are the ETH address in this example), but hold different balances in each bank (each bank is a distinct network with a native currency in this example), and you can’t directly transfer between them because the currencies are not compatible (or fungible).
This paragraph from the Flare FAQ (https://flare.ghost.io/claiming-spark-faq/) has some good info as well:
If you self custody, your Spark tokens will be delivered by a set of smart contracts operating on the Flare network either at launch or as soon as the network registers your claim from reading the XRPL. You may claim Spark after the network goes live but not after the 6 month date from the Snapshot. The Spark tokens will be delivered to the Flare address specified during the claim process. At launch there will be several Flare compatible wallets to choose from.
When the network finally goes live, you should be able to see your balance at https://flarescan.org by entering the ETH style address you used (the one starting with “0x”). The site is showing the Flare Coston test network at the moment since the real network isn’t live yet, so you won’t see anything for your address yet.
Once the Flare network is live, I would encourage people to wait until solid tooling and instructions are available before they try to submit some transactions. I don’t want anyone to try and send their Spark to someone else’s ETH account and wonder why it never showed up. I keep repeating it, but it’s important … same address scheme, but separate networks and blockchains.
Because you did self-custody, you should be able to just sit back and watch the Spark show up on flarescan.org when the network goes live
I hope that helps but let me know if you have other questions.
My apology pragmatic, never said thanks for your answer/reply. Thank you a bunch. Wishing you a Happy New Normal 2021! Still hanging onto my XRPs myself, you? Take care
Happy New Year to you as well.
Still hanging on to the little I have. I find the technology fascinating and like to tinker with XRP on their test and main networks. Really excited to see how Flare evolves and interacts with XRP. Not offering advice to anyone, but I personally don’t want to liquidate my account and lose that ability to tinker on the main network.
At the end of the day it will be business as usual, or the SEC will deem I own a security that is cryptographically verified on the XRP Ledger . Pretty cool however I look at it.
Thanks a lot @pragmatic_dev . I was confused since I keep hearing Flare airdrop happened. I could see my claim at XRPscan.com but had no clue how would I access these FLARE tokens once the blockchain launched. I even had some Youtubers saying you have to pay taxes for this airdrop (which I know we have to) but I can’t even access the tokens or know what the price is. I was super confused
I had spent so much time on You Tube and Google looking for this answer but couldn’t find one video or article explaining this properly. I am even seeing posts about Flare staking etc. I am like what how are people talking about staking if we dont even have access to tokens yet.
I think this should be pinned to the top of the forum. More people could benefit I think.
I claim my Spark tokens whit XRP toolkit, folllow the flare.wietse.com.
I have to do more than that, your just wait?? because i see people say that he have 6 months to claim. the the flare goes live in the end off June
I used my Trezor with access to MyEthereumWallet and used the OX code in the flare Scan Coston Flare explorer. Do I just wait for the drop on June 11-12 to see what has arrived and then transfer to an exchange and or set up a new app my my Nano?