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As a reminder, Binance.US no longer lists or supports XRP. You acknowledge and accept the risks of any changes to digital currency protocols and agree that Binance.US is not responsible for any such changes and not liable for any loss you may experience as a result of such changes. The decision of Binance.US in relation to any disputes you raise with respect to this airdrop shall be final. Your access and use of our services is subject to our Terms of Use. Please note: Binance.US is yet to determine whether it will support the buying, selling or trading of Spark regardless, any Spark held in your Binance.US account will be available to withdraw. The founding team has commissioned analysis on the possible ways to distribute the Spark airdrop to avoid burdensome income taxes for recipients in these jurisdictions. If you held the minimum amount of XRP tokens with us at the time of the snapshot, you will see your Spark tokens in your Binance.US wallet once the airdrop occurs and the network is stable. There has been a growing concern over the tax implications of the Flare Network’s Spark airdrop distribution through the XRP community for certain jurisdictions (i.e. Previously, we asked you to provide a SPARK wallet address to receive your Spark airdrop and this created some confusion, but we heard you loud and clear - you would prefer to receive it on Binance.US.
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With this due date approaching, we want to update you on how to receive yours. This also helps support other assets like XRP that have already been mainstream and are now being supported in new ways.You Will Receive Your Spark on Binance.US.Īccording to Flare Networks, the airdrop of Spark tokens is scheduled for this fall. The Spark token is another addition to users in this way by supporting great projects.
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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.īTSE 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 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. This acts much like Ethereum gas fees in this sense. 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 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. The Spark token is not directly linked to the native utility of this smart contract system. By enabling these blockchains with smart contracts, this breathes new life into an otherwise stagnant or one dimensional asset. 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. 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.