Cryptocurrency

Flare Networks Is Set To Airdrop another Token to XRP Holders. Who Are Those Eligible? Details

Flare Networks, the world’s first Turing complete Federated Byzantine Agreement (FBA) network, has revealed that it’s ready to airdrop another token called SGD, the native token of Canary network known as Songbird, to XRP holders who were part of Spark (FLR) airdrop snapshot in December 2020.

This new development was announced on 20th July 2021. According to the report, Songbird (SGB) will be airdropped to those who are eligible in six weeks’ time.

Read Also: Bitrue to Become the First Crypto Exchange to List Cardano-Based Tokens

The blog post describes Songbird (SGD) as critical to Flare Networks’ architecture and core systems, such as a Time Series Oracle, and F-Asset system.

In the post, Hugo Phillion, the CEO and founder of Flare pointed out that Songbird is designed to be an operational blockchain and adversarial environment for live testing.

The blog post reads in part as follows:

“A “Canary network” is an operational blockchain with a defined (and hence scarce) token supply that is intended to be used to test features for a related main net. On a Canary network users have a balance that cannot just be replenished at will. This is in contrast to a testnet which generally has an unlimited token supply available in increments to any user through a faucet.

“The defined and scarce token supply may confer value to the token, potentially making it attractive to attackers such that testing is as “real” as it can possibly get. This allows for the hardening of the system under testing. Polkadot is the originator of the Canary network concept, with their Kusama Network.”

Read Also: Judge Permits Ripple to Depose SEC Official Who Classified Ethereum (ETH) As a Currency

Purpose of Songbird

The report says Songbird has distinct phases as aforementioned. Before the official launch of Flare, Songbird will play an important role in the continued testing of the Flare Time Series Oracle (FTSO) and F-Asset systems and the network architecture. After the launch of Flare, Songbird will transform into a long-term network for testing governance-led changes to Flare.

Stressing the two other core uses of Songbird, the post says it’s meant for the “advanced testing and community building for applications that wish to launch on Flare. Ideally, all applications that launch on Flare, especially those that utilize the FTSO and F-Asset systems will test initially on Songbird.”

Secondly, the post says Songbird is “a way for FLR token holders to familiarize themselves with key Flare protocols such as delegation to the FTSO, minting of F-Assets and usage of applications that build on Flare without putting their FLR tokens at risk.”


Follow us on Twitter, Facebook, Telegram, and Download Our Android App

Tobi Loba

Tobi Loba is a passionate writer with over 3 million readers from all over the world. She graduated from a reputable university. She joined the crypto ecosystem about two years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects.

Recent Posts

VeChain (VET) Joins Top 10 Cryptocurrencies with Leading Social and Market Activity

VeChain (VET), the 21st largest cryptocurrency by market capitalization, is currently one of the top…

4 years ago

Michaël van de Poppe: Cardano (ADA) is ready For the Run to $5

Michaël van de Poppe, a popular cryptocurrency analyst and trader, is showcasing his bullishness on Cardano…

4 years ago

VeChain (VET) Gains New Means for Vast Exposure through Latest Partnership with Simplex

According to a press release on 13th August 2021, VeChain, the leading enterprise blockchain platform,…

4 years ago

What Charles Hoskinson Said about the Possibility of Hacking Smart Contracts on Cardano Network

Charles Hoskinson, the CEO of IOHK, who created Cardano (ADA), has stressed the possibility of…

4 years ago

The Date Smart Contracts Will Start Running On Cardano Has Been Announced

Tim Harrison, the marketing and communications director at Input Output Global (IOG), has recently announced…

4 years ago

Cardano (ADA) Displaces Binance Coin (BNB), Becomes 3rd Largest Crypto on CoinGecko

Over the last 24 hours, Cardano (ADA) has been the top gainer in terms of…

4 years ago