Bitexen, the domestic digital currency trading platform, announced that it will support the XRP fork that will take place on December 12. XRP investors will be able to purchase Spark tokens (FLR) for their share by taking advantage of this service offered by Bitexen.
Bitexen will support the Flare Network, which is expected to leave XRP on December 12th. The Flare Network, which will realize this separation through fork, will distribute 45 billion tokens under the name of Spark.
What is Flare Networks, what does it do?
This new crypto money project, which emphasizes decentralization, aims to combine the XRP ecosystem with smart contract technology. Flare Network, which works in harmony with the Ethereum Virtual Machine, can support any Ethereum application thanks to this system.
Flare uses the Federated Byzantine Agreement consensus mechanism pioneered by Ripple. This mechanism, which is also used by Stellar, increases the capacity of the blockchain network, makes the network more scalable and reduces transaction costs. The Flare Network will use this technology to solve two problems:
“75 percent of the total capital held in public blockchains cannot be transferred securely with smart contracts… Secondly; There are potential problems with the scalability of smart contract-driven networks. ”
The Flare Network will use a token called Spark to solve these problems. This token, called FLR, is expected to be distributed to XRP holders.
A total of 45 billion tokens will be distributed
Flare Network will distribute a total of 45 billion tokens to XRP users. During this distribution, it will be decided by the audit to be made on December 12, who will buy or not token. During the audit, it will be determined who has XRP’s balance. Cryptocurrency users who transfer XRP to their account before the audit will be entitled to buy Spark tokens in the future.
According to the statement made by the Flare Network team, the distribution process is expected to begin in the first or second quarter of 2021. Flare Network network will be opened in the same process. XRP users will be able to purchase Spark tokens from exchanges that support this fork in this process.
The address of the local investor will be Bitexen: How to get FLR?
According to the statement made as of December 2, domestic XRP users will be able to use Bitexen to benefit from this distribution. Investors holding XRP in their Bitexen account before December 12 will be able to get enough of the 45 billion FLR tokens to be distributed for their share.
The only thing cryptocurrency users need to do to benefit from this process will be to transfer XRP to their Bitexen accounts before December 12. It is known that the Flare Network will distribute one to one. Therefore, a user who sends 1000 XRP to his account (for example) before this date will be able to receive 1000 FLR when the distribution starts.
It is known that exchanges such as Binance, Bittrex, Bitfinex on a global level support this fork. Bitexen was the first domestic stock market to give this good news to XRP users. Similarly, Bitexen became the first domestic exchange to support the Bitcoin Cash hard fork, Bitcoin Cash ABC.
