Flare is a novel blockchain network that has the potential to provide stable network costs and support for DeFi use cases. The project has garnered a significant amount of attention from the community. In addition, to create a testing environment before implementing it on the main network, Flare has also launched its own Canary Network: Songbird (SGB). Therefore, can you please expound on the specifics of Songbird crypto (SGB)?
What is Songbird Crypto ?
Songbird is a Canary Network of the Flare blockchain, providing decentralized data feeds into the Flare platform. Additionally, Songbird is designed to verify the integrity of Flare and the applications built on top of it, ensuring a reliable and secure environment for developers and users alike.
The Songbird network operates through two essential protocols, namely Flare Time Series Oracle (FTSO) and F-Assets, which play a crucial role in providing stability and security to the original project token, SGB. These features are of great significance to ensure the efficient functioning and protection of the SGB token.
Songbird’s Development Stages
Before the launch of the Flare platform, Songbird was recognized as a tool for the continuous testing process of the Flare Time Series Oracle (FTSO) protocol, F-Asset and the StateConnector system. F-Asset is composed of fundamental tokens, which will enhance the security, stability, and reliability for the ultimate launch of Flare.
Following the release of Flare, Songbird was directed to serve as the Canary Network to test management changes of Flare such as the integration of various new F-Assets, modifications to the FTSO protocol, F-Asset, or any other network alterations.
The main purpose of Songbird
At any given time, Songbird maintains a pair of fundamental objectives for utilization
- The initial step is to establish an advanced testing environment and develop a community for applications seeking to operate on Flare. In particular, applications utilizing the FTSO and F-Asset protocols will undergo initial testing on Songbird.
- Secondly, Songbird offers a convenient solution for token FLR owners to familiarize themselves with Flare’s services such as authorizing FTSO, minting F-Assets, and utilizing applications built on Flare without any risk to their FLR tokens.
The differentiation between Songbird and Flare
Utilizing Songbird as a testing ground for Flare updates would enhance the platform’s overall accessibility and functionality. Moreover, Songbird would serve as the principal platform for introducing new dApps and enhancements. Upon successful testing, these features may be propagated to Flare.
The uniqueness of Songbird lies in its own network, providing certain applications with the advantage of accessing Flare’s core protocols and advanced features provided by Songbird prior to Flare. Hence, Songbird tends to attract lower value applications while Flare appeals to higher value ones.
Main features of Songbird
State Connector System
The State Connector system developed by Songbird enables Flare to achieve stability, validity, and sequencing of transactions from any underlying blockchain.
Flare Network Validator
Songbird has requested that each network authentication process of Flare diligently observe the independent statuses presently occurring across all integrated fundamental blockchains.
Agreement on data availability
In order to conduct any specific transaction on a blockchain on the Flare network, prior approval must be obtained from Songbird. Additionally, other networks may compete by submitting transactions that prove the availability of data to Flare. This protocol helps ensure the security and reliability of the Flare network, while allowing for potential competition to further enhance the efficiency and effectiveness of the blockchain system.
Proof of transaction
To establish the legitimacy of a transaction, Songbird verifies the existence of payment within the available data by conducting a preliminary inspection. If the basic test is successful, the system mandates the provision of the transaction details for validation using TXid. This process ensures the integrity of all transactions.
Songbird project private development team
The development team at Songbird comprises the members who have also constructed the Flare network, to be precise:
- Hugo Philion (Co-founder & CEO): In the past, Hugo was the founder of the module construction system of Future Generations. Additionally, he served as the manager for two investment portfolios in commodity derivatives, worth over 1 billion USD.
- Sean Rowan (Co-founder & CTO): He is the engineer of CE and holds an MSc in Machine Learning from UCL, with additional expertise as a developer in Golang. The research and development of the State Connector and FCP system is led by Sean Rowan.
- Dr. Nairi Usher (Co-founder & Chief Scientist):She has collaborated with Siemens in the field of healthcare and image recognition, specifically applied quantum algorithm applications.
Learn about the SGB token
What is SGB Token?
Songbird has also released its own token called SGB. There will be no pre-determined mining reward group, instead, the supply of SGB will be determined by the Flare Foundation.
Similar to Flare, the SGB token can be utilized for governance purposes. However, network changes on the Songbird network are not included in governance activities. Governance is limited to the addition of supplementary blockchain, value, and F-Assets that have not been proposed by the Flare Foundation.
Some basic information about SGB
- Token name: Songbird token
- Symbol: SGB
- Blockchain: Flare
- Token Type: Governance
- Contract: N/A
- Standard: N/A
- Total Supply: 15,653,424,657 SGB
- Supply of circulation: 7,676,355,534 SGB
On which exchange can SGB tokens be purchased?
Presently, it is possible to purchase SGB tokens from various reputable exchanges such as Kraken, Gate.io, Bitrue, and Bitfinex.
The information presented above pertains to the Songbird project and SGB token. We hope that this article will assist you in making an informed decision regarding investment opportunities in this project.
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