You have certainly heard of the crypto XRP (Ripple) and the start-up Flare Network? Know that in recent times (these last few months), there has been a lot going on in this area.
As a reminder, Flare has been designed since 2017 and the startup has successfully raised more than $11 million from recognized investors such as Kenetic Capital, Digital and Currency Group. Investors recognized in the cryptosphere like Charlie Lee (creator of Litecoin), Vinny Lingham of Civic or Do Kwon (founder of EARTH) showed their support.
SongBird Overview
Songbird is the test network for Flare Network. This is called the "Canary Network" to designate the space where we will do the ultimate testing. Once Songbird is error-free, then we can move on to the Flare Network.
What is Songbird for?
More precisely, it is a question of being able to add smart contract functionalities to cryptos like XRP, Stellar (XLM), Litecoin (LTC) and even dogecoin.
Basically, to summarize Flare's ambition, it would be to provide "basic" cryptocurrencies with superior functionalities. Finally, we could create smart contracts (among other things) with dogecoin! Can you imagine the leap forward of such a feat?
For example, to take the case of Cardano (ADA), the increase in its price is partly explained (in particular) by its update integrating smart contracts.
Ethereum and second generation blockchains would no longer be the only ones on the market. This would change a lot of things in the crypto landscape, that’s for sure.
What does this have to do with SongBird? Well, all people who have stacked XRP before December 12, 2020 (remember the video on Ripple (XRP), will receive the token of this new blockchain: the SGB (Songbird).
Understanding Songbird’s technological contribution
More specifically, XRP holders will receive 30% of the initial supply of 100 billion tokens. There will be 22% which will be distributed via liquidity mining as well.
Adding smart contract capabilities to blockchains already worth billions of dollars could have a huge impact on all of them.
What you need to understand is that the cryptos in question could see their market caps literally explode.
Likewise, Flare could also allow transactions to be carried out on several chains and all on Flare. This interoperability is essential and it is certainly the most anticipated function. This would then serve as a basis and functional framework for the operations of other cryptocurrencies.
To do this, Flare uses a federated Byzantine agreement that it has modified, a bit like the one found on Stellar. Flare is also built on a fork ofAvalanche. Understand that Flare runs on a hybrid architecture. This is what makes it both complex and functional.
So far, so-called competitors to Ethereum have failed to thwart Ethereum's leadership position. Some people think that this would be possible with Songbird.
Moreover, to be exact, Flare should not be considered as a competitor to Ethereum or Cardano. The goal of Flare is to propel other cryptos like XRP, Litecoin or dogecoin.
Many investors then rush to purchase these cryptos and in particular the songbird token. This would be used in the construction and in the ecosystem of smart contracts. There, logically, the price of this token could explode.
That said, we still need to be able to deploy it properly.
Development of SongBird still uncertain
That said, nothing is certain yet. SongBird's promise is still crazy in terms of technological development.
- The Mining Phase: You should know that two tokens are required for the proper functioning of Flare and Songbird. There is then the SGB token (Songbird) and the Canary Dollar (CAND) which is then a stablecoin.
- Liquidity phase: The tokens mentioned above will not yet be listed on the exchanges. This is where the liquidity providers take their place to provide liquidity to DEXs for example.
- The listing phase on exchanges with the arrival of traders and speculators.
The development phases described here do not show in-house technical development phases. Remember that SongBird is a test network. There will be lots of corrections before its final and official implementation. To give you a clear picture, Songbird is to Flare what Kusama is to Polkadot for example.
How to invest on Songbird or obtain SGB token?
XRP holders on Binance will receive the SGB token airdrop.
Some reckless investors like to invest at this point in the development of a project. Upstream therefore in order to have the most benefit possible. However, the risks are greater.
Likewise, what is interesting about SongBird is the fact that it can explode the cryptos on which it wants to deploy smart contracts. Thus, dogecoin, litecoin and ripple would then be very good investments to make (If all goes well, of course).
Currently, you can buy SGB token on platforms like Gopax and Bitrue. The volume is still very low because few people are aware of the songbird deployment.
There are rumors that Coinlist or even Coinbase may list it soon. We know that listing announcements on such platforms have often caused the price of the cryptos displayed to explode…
- Buy SGB token on Bitrue (with promotion link).
- Discover the Flare project
- Understand Ripple (XRP)
Disclaimer: This content is for informational purposes and does not constitute financial advice. We strongly advise our readers to conduct their own independent research before committing to any investment.
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