We’re enabling deposits and withdrawals of SGB!
After the airdrop and allocating the tokens to our eligible users, we’re enabling deposits and withdrawals of SGB the token behind Songbird. SGB is powering Flare’s Canary network, which is an operational blockchain for testing purposes.
We’re enabling deposits and withdrawals on Tuesday, 15 February. Please note that for the time being, SGB transfers will not be available to our US customers.
What’s the project all about?
Along with the launch of the Canary Network, Flare Network has distributed Songbird tokens (SGB) to XRP holders, intended to be used to test features associated with their main net – their Layer 1 protocol Flare. The Flare network itself brings Ethereum-based smart contracts to non-Ethereum Virtual Machine compatible networks like the XRP Ledger. In essence, Flare’s and Songbird’s goal is to unlock the ability to use smart contracts with popular and highly secure blockchains like Bitcoin.
With Songbird, Flare wants to push the entire crypto industry one step further, to expand DeFi to a much wider community of crypto users, increasing adoption and liquidity. Using Songbird, they want to enable tokens on networks without smart contracts to be used in a non-custodial manner with scalable smart contracts. The engine behind Songbird is a scalable, low carbon, low cost and decentralized smart contract platform.
In its final form, Songbird is intended to serve as a long-term network for testing governance-led changes to Flare, such as the incorporation of new F-Assets, changes to the FTSO, F-Asset systems, or any user-based other network changes.
OK, Canary networks, what are they?
Up until the late 20th century, canaries where used by real miners as a security measure to detect potential dangerous situations, for example, gas leaks, thus protecting the miners from inhaling the toxic fumes. In blockchain security, a canary refers to a virtual device on a canary network which is an exact replica of the main net intended to instantiate an adversarial testing environment for any further development of the main net. Like the canaries used to protect miners, the canaries deployed to protect blockchain networks provide advanced alerts to users, thus informing them of potential bugs and errors.
You can find more info here.
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