The amount of Spark receivable will directly correlate with the amount of XRP held as at the snapshot, based on a formula devised by Flare Networks.Ĭopper’s role as a custodian will support Flare’s vision for the emergence of alternative Proof of Stake, or staking, mechanisms – which, in their current form, can scale up transaction throughput but cannot scale for value.įlare will benefit from Copper’s vast experience providing institutional-grade multi-party computation (MPC) cold storage and the business processes required by asset managers to safely acquire and store more than 150 digital assets. The amount of Spark to which an XRP holder is entitled will depend upon the 12/12/20 snapshot. 45 billion of these 100 billion tokens will be claimable by existing XRP holders, excluding Ripple Labs. Its native asset, the Spark (FLR) token, will be distributed to XRP holders over a 36-month period, based upon a snapshot taken at 12:00am UTC on Saturday 12 December 2020.Īs custodian, Copper will be responsible for securely holding Spark (FLR) tokens on behalf of the Flare Networks and the Flare Foundation.Īt the instantiation of the network – which is scheduled for launch between Q1 and Q2 2021 – 100 billion Spark tokens will be created. C, the London-based digital asset infrastructure provider, today announced it will serve as an official custodian for Flare Networks.įlare is building the world’s first Turing-complete Federated Byzantine Agreement-based smart contract network.
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