With the arrival of new crypto projects and technology, BTSE is announcing its participation in the Spark Airdrop made available by Flare. The snapshot on which the airdrop will be based will take place on the first validated XRP ledger with a timestamp greater than or equal to 00:00 GMT on 12th December 2020 and users of BTSE will be able to qualify based on the ratio of the amount of XRP they hold.
Number of SPARK airdrops obtained by users = Number of SPARK obtained by BTSE* Percentage of user holdings.
Percentage of user holdings = the number of users’ XRP holdings / the total number of XRP holdings of BTSE.
Full details of the distribution can be found here: https://blog.flare.xyz/further-information-on-the-spark-token-distribution/
Users will simply be able to hold XRP into a wallet on the BTSE Exchange on 12/12 and will receive these Spark tokens when the airdrop occurs in early to mid 2021.
What is SPARK?
Spark is the name of the native token behind the project Flare, a Turing complete FBA network that’s designed to give utility and value to currently operating blockchains across the crypto space. This network uses the Avalanche protocol adapted to FBA and primarily enables existing blockchains to use smart contracts that are compatible with the Ethereum Virtual Machine commonly used by Solidarity developers. By enabling these blockchains with smart contracts, this breathes new life into an otherwise stagnant or one dimensional asset. The Spark token is not directly linked to the native utility of this smart contract system. This allows for flexibility of the network to be used as intended and not having a blockchain that uses a token for as a type of vaporware that could be run without it.
What is the native utility behind Spark? The main, foundational purpose of Spark is to impose a cost upon transaction on the network to prevent spamming. This acts much like Ethereum gas fees in this sense. The secondary (but no less important) function of the Spark token is to issue governance protocols through a process that Flare called Spark Decentralized Applications, or SDA for short. SDA gives added, real use application for utilities like access to other assets and ecosystems to help gain benefit from the Flare network, new application ideas, and the use of Flare Time Series Oracles which is a protocol to determine what kind of blockchain based information can be extracted from a non-blockchain source.
Why Support SPARK?
BTSE wants to always give users its best and in order to strive as a top tier exchange, it makes sense to offer support to projects like Flare in order to give users what they want. The Spark token is another addition to users in this way by supporting great projects. This also helps support other assets like XRP that have already been mainstream and are now being supported in new ways.
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