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Investing In Songbird (SGB) – Everything You Need to Know

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Songbird (SGB) operates as the premier Canary Network for the Flare ecosystem. The project provides a testing ground for future flair Dapps and smart contracts. The goal of the project is to provide a live environment to ensure that only market-ready projects make it to the Flare network. This approach helps to reduce risk and drive blockchain adoption.

Canary vs. Test Net

You may have heard the phrase “Canary Network” before. The first Canary network to enter the market was the Kusama blockchain which helps to provide Polkadot testing. A canary network differs from a testnet in a variety of ways. For one, canary networks usually have a limited token supply, whereas, testnets will supply unlimited tokens. Testnets allow users to simply replenish their balances. As such, Canary networks provide more accurate economic conditions versus testnets.

Songbird (SGB) - Homepage

Songbird (SGB) – Homepage

Canary Network Risks

It’s vital to understand that Canary networks have higher risks when compared to mainnets. The main reason for the heightened risks is the fact that developers are utilizing experimental applications. Additionally, hackers and other community members are actively seeking to find attack vectors on these protocols. As such, you should be aware of potential losses.

What Problems Does Songbird (SGB) Solve?

There are many problems that Songbird (SGB) attempts to fix. The network was specifically built to test features prior to their release on the Flare mainnet. This method helps to enhance stability and security for users. It also helps to build confidence in the Flare ecosystem. This procedure creates a community of testers to help developers improve their creations.

A Lack of Programmability

Songbird enables first-generation blockchains to utilize smart contracts. Projects like Bitcoin entered the market before smart contract technology existed. Songbird enables popular projects like Ripple (XRP), Dogecoin (DOGE), and Bitcoin (BTC) to provide developers the opportunity to build on their blockchains. Notably, 65% of blockchains in the market at this time don’t support advanced smart contracts. Songbird provides an essential service to these networks.

Songbird can provide these services because it’s able to operate as a second-layer protocol. Second layer protocols provide computational capabilities off of the mainnet. There are multiple benefits to this approach. For one, it improves functionality. Additionally, it enhances scalability because it reduces blockchain congestion.

Potential Losses

Another problem that Songbird helps to reduce is the loss of FLR tokens. Flare users can rest assured that their FLR isn’t being used to test protocols. Instead, SGB tokens serve that vital role. This approach helps FLR token holders to familiarize themselves with Flare protocols. Notably, they can use all Flare protocols including the delegation to the FTSO, minting of F-Assets, and usage of applications.

Benefits of Songbird (SGB)

There are a lot of reasons why a person would want to use Songbird. For one, the protocol was built to be Ethereum compatible. The network supports pure EVM smart contracts and allows Fireblocks users to experience more Dapps and services. It also empowers Ethereum developers to convert their protocols or expand them to include the Songbird and Flare blockchains.  This strategy improves liquidity.

F-Assets - Songbird (SGB) - Homepage

F-Assets – Songbird (SGB) – Homepage

Network Testing

The main benefit provided by Songbird is that it enables anyone to test the Flare network architecture. This live testing protocol gives developers access to an adversarial environment that replicates the Flare network. Developers and users gain the ability to learn Flare protocols that are intended to provide utility and improve ROIs.

Dapp Testing

Additionally, Songbird users can test out third-party dapps with less risk. Songbird is an ideal location for developers to work out bugs and other kinks in their programs. Songbird developers can test features that testnets don’t provide. For example, they can see the real scalability of their protocols as the transactions occur on the canary network how they would on the mainnet. They can also see how their users will react to their protocols. Dapps developers can then tweak their platforms to improve the user experience.

How Does Songbird (SGB) Work

The Songbird network operates as a sped-up Flare blockchain environment. The protocol was designed to improve innovation and new Dapp launches. Additionally, Songbird enables Flare users to test out potential Flare upgrades safely. It can also host and function as a standalone blockchain for developers.

Two-Phase Launch 

The Songbird launch was split into multiple phases to ensure a smooth entrance into the market. The first phase was designed to test core protocols such as the Flare Time Series Oracle, the StateConnector, and F-Asset systems. The second phase of the launch includes governance-led changes to Flare. These upgrades can include the incorporation of new F-Assets, changes to the FTSO, F-Asset systems, or any other protocol alterations.

SGB - CoinGecko

SGB – CoinGecko

SGB

SGB is the main utility and test token for the protocol. This token has a capped supply of 15 billion tokens. Notably, SGB was airdropped to eligible holders of Ripple’s XRP in July 2021. The system was set up to distribute 0.1511 SGB per every 1 XRP held. This was the only distribution of the token. There was no pre-mine conducted by the developers.

Community Governance

The Songbird community governance mechanism is unique in that it doesn’t control Songbird directly. Instead, SGB token holders can vote on options and potential additions to the Flare. These changes can include the addition of new F-assets, fee changes, and the addition of new features.

How to Buy Songbird (SGB)

Songbird (SGB) is available on the following exchanges:

Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.

The exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is our most recommend exchange for USA residents.

Bitstamp – Founded in 2011, Bitstamp is one of the oldest & most trusted exchanges in the world. They currently accept Canada, UK & USA residents excluding the states of Alabama, Hawaii, Idaho, Louisiana, Nevada, & New Jersey.

Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.

Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.

Songbird (SGB) – The Age of Canary Networks is Here

The Songbird protocol demonstrates how developers are now looking towards canary networks to improve their networks. Canary networks bring a lot of benefits and added security to the market. Additionally, they save users and developers from losses. For these reasons and many more, you can expect Songbird and other canary networks to see more adoption in the coming weeks.

David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com