Songbird (SGB): Your Ultimate Project Guide
Songbird (SGB) is the native token of Flare Network’s homonymous canary chain. It plays a crucial role in covering transaction fees and facilitating voting processes on the Flare blockchain.
The Project's Mission
Flare Network operates as a first-layer blockchain that handles decentralized data. Although distinct in its codebase, its functionalities echo those of Ethereum. The network not only offers a compatible API but also supports similar smart contracts, the Ethereum Virtual Machine (EVM), and Non-Fungible Tokens (NFTs). Additionally, users navigating through Flare can readily access a suite of familiar tools like wallets and blockchain explorers.
The driving forces behind Flare Network are Hugo Philion (CEO), Sean Rowan (CPO), and Dr. Nairi Asher (Chief Scientific Officer). They collaborated to establish Flare in 2017. By 2019, the company was officially registered and had secured funding through Ripple's investment arm, Xpring. In 2021, the project successfully raised $11.3 million from private and venture capital investors, leading to the launch of the Songbird sandbox network.
Flare: A first-layer blockchain solution for decentralized data management Source: https://twitter.com/FlareNetworks
The team at Flare Network is crafting their own unique protocols aimed at interacting with decentralized data sources:
- The Flare Time-Series Oracle (FTSO), a mechanism designed for the ongoing assessment of a broad range of data types;
- The State Connector, a tool for sourcing immutable and auditable data from beyond the Flare network.
Within its architecture, the Flare Network integrates four distinct chains:
- Flare, the mainnet;
- Songbird, a canary network used for feature testing under simulated real-world conditions prior to mainnet launches;
- Coston, a public testnet for Songbird;
- Coston 2, a public testnet for Flare.
Flare Networks Source: https://docs.flare.network/
Understanding Songbird and its Token (SGB)
Purpose and Utility:
Songbird operates as an experimental subset of the Flare mainnet, enabling a restricted group of users to test out new features and decentralized applications with minimal risk. Essentially, it serves as a “sandbox” environment where developers can bring various concepts to life, scrutinizing their feasibility and security.
Songbird(SGB) is the native token that powers this sandboxed network. It's not just for covering transaction fees; it also empowers its holders to participate in decision-making processes like governance votes, as well as interaction with decentralized apps within Songbird. The voting power a user holds is directly related to the number of tokens they possess.
Token holders are also eligible to earn rewards through certain network activities. Additional SGB tokens can be acquired in specific scenarios:
- Utilizing tokens as collateral for the issuance of F-assets, which are replicable cryptocurrencies within the Songbird network intended for subsequent smart contract interactions;
- Contributing current price data for the network-supported trading pairs and delegating tokens within the Flare Time-Series Oracle (FTSO) system.
Upon its launch, all of the Songbird tokens were airdropped to those who were in line to receive FLR tokens from Flare.
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