The Songbird network is an interoperable, Ethereum Virtual Machine (EVM)-compatible blockchain and a canary network to the Flare blockchain. Powered by the native SGB token, Songbird provides a platform for testing key features and updates before they’re implemented on Flare. Also, the Songbird crypto platform offers various novel features to aid interoperability and cross-chain communication. This includes the State Connector, the Flare Time Series Oracle (FTSO), and F-assets. Furthermore, the Songbird blockchain makes it easy for non-programmable cryptocurrencies like XRP to be used in smart contracts and decentralized applications (dapps).
In this article, we’ll dive deep into the Songbird blockchain network. We’ll explore its role in the Flare Network ecosystem and discuss the relationship between the two chains. Also, we’ll look at the SGB token, its use cases, and the various technologies of the Songbird network.
What is the Songbird Network?
The Songbird crypto network is an interoperable, decentralized, EVM-compatible blockchain. It serves as a test network or “canary” network for Flare Network, with which it shares many similarities. Songbird and Flare connect blockchains and enable non-programmable assets to be used in smart contracts on programmable blockchains. Also, developers can build and test decentralized applications (dapps) on the Songbird network before deploying them on Flare.
Furthermore, Songbird aims to promote decentralization as a matter of priority for cross-chain protocols and interoperable technologies. Many prominent token wrapping, cross-chain communication protocols, and bridging services rely on intermediaries, custodians, or centralized entities. However, the Songbird blockchain aims to solve this by providing a testing ground for developers to build and test decentralized cross-chain dapps and communication tools before launching them on Flare Network.
Connecting previously-alienated blockchains helps to improve liquidity throughout the DeFi ecosystem. The Songbird network allows data to flow freely between blockchains without friction and without the use of intermediaries.
The relationship between the Songbird blockchain and Flare Network is very similar to that of Kusama and Polkadot. Just like Kusama, Songbird is a canary network that allows developers to test key features and updates before executing them on the main chain. This allows developer teams to fine-tune technologies like Flare’s FTSO, State Connector, and F-assets. Nonetheless, Songbird is a fully-operation blockchain.
Songbird Crypto Network: History
The Songbird crypto network was created by Hugo Philion, Sean Rowan, and Nairi Usher. The three co-founders met during their time at University College London, where Usher received a Ph.D. in Quantum Computing. Before co-creating the Songbird network and Flare, Philion worked in risk management for various investment firms and studied Machine Learning alongside Rowan. The co-founding trio’s initial vision for Flare Network was conceived in 2017. In 2019, Flare Network was incorporated, followed by the launch of the Songbird network in 2021.
Flare and Songbird were originally designed to enhance the interoperability of XRP and the XRP Ledger. However, the project has extended to incorporate other blockchains and provide cross-chain functionality to the broader Web3 ecosystem. Together with Flare, the Songbird crypto ecosystem comprises several technologies in various stages of development. To get a better understanding of how these technologies work, let’s take a look at Songbird’s parent chain, Flare Network.
Save our Polkadot vs Kusama article for later to learn more about canary networks!
Flare Network
Flare Network is the parent chain to the Songbird canary network. The two chains operate in harmony, though they are independent chains. The Songbird network is a testing ground for the Flare blockchain. Any updates or improvements made to Flare are implemented on Songbird first. Also, Flare’s flagship technologies all benefit from extensive testing on the Songbird network.
Flare’s core technologies include the Flare Time Series Oracle (FTSO), State Connector, and F-Assets. The FTSO is a decentralized oracle network that provides data feeds to dapps and smart contracts on Songbird and Flare. It allows developers to take data from other blockchains and feed it into the Songbird network without intermediaries. The State Connector is a smart contract that uses independent attestation providers to enable developers to query data on Songbird and Flare from other blockchains. Together with the FTSO, the State Connector creates new revenue streams for oracle data providers via SGB coin incentives.
Furthermore, the F-assets framework allows users to mint non-native tokens on Songbird and Flare. Asset issuance requires a 250% collateralization ratio, which is held in pools. Anyone who issues F-assets must pay a 5% fee, which is used to incentivize network participants to maintain the collateral pools.
Save our “What is Flare Network and the FLR Token?” article for later reading to learn more about the Flare blockchain.
What is the SGB Token?
The Songbird token (SGB), also called the SGB coin, is the native cryptocurrency of the Songbird crypto network. It plays an essential role in protocol governance for both the Songbird network and Flare Network. Also, the SGB token is used for paying transaction fees on the Songbird blockchain when testing dapps and can be delegated to data providers in return for a share of their revenue.
SGB Coin Token Distribution
The SGB token distribution took place via an airdrop in 2021. A December 2020 snapshot took note of XRP token holder wallet addresses, which preceded an airdrop of SGB tokens at a ratio of 0.1511 SGB per XRP held in eligible wallets. The same wallet addresses also became eligible for the FLR token airdrop.
Flare and Songbird Network Governance
The SGB token facilitates community governance throughout the Songbird blockchain and on Flare. The Flare Foundation is a non-profit organization that oversees governance on the Songbird blockchain. Currently, the Flare Foundation is the only entity that can vote on Songbird Test Proposals (STPs). However, SGB token holders will be able to vote on various changes to the Songbird crypto network as the final pieces of the decentralized governance architecture are in place.
Songbird Blockchain Consensus
The Songbird blockchain uses a federated byzantine agreement (FBA) for consensus similar to that of the XRPL and Stellar blockchains. The FBA mechanism creates a lower barrier to entry for participation in consensus and provides the native SGB coin with more utility.
Typically, PoS chains require users to lock up a native crypto asset to secure the network. However, Songbird’s FBA mechanism doesn’t require users to stake tokens. The security of PoS chains often relies on the number of native tokens staked. On the other hand, the security of the Songbird network is detached from the native SGB coin.
Although community governance on the Songbird blockchain is not yet available to everyone, SGB token holders can vote on proposals to change the Flare blockchain, which are automatically applied to Songbird. Additionally, participants must wrap their SGB tokens as WSGB tokens to vote.
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Why Use the Songbird Crypto Network?
Many agree that Interoperability is essential for the mass adoption of Web3. Not long ago, blockchains were siloed and unable to communicate data between networks. The introduction of layer-2 scaling solutions, token bridges, and wrapping services brought about a revolution in cross-chain interoperability, but many of these services are less secure and less decentralized than some would like them to be.
Instead of relying on centralized custodians or intermediaries to bridge assets between blockchain networks, Songbird uses decentralized, non-custodial technologies to connect non-programmable assets with smart contracts and communicate data between blockchains.
F-Assets
F-assets are a secure medium for issuing non-native crypto assets on the Songbird network. This model avoids many of the security risks associated with centralized wrapping services using a two-party system of originators and agents. Originators can access F-assets by locking up the SGB coin as collateral via an agent. Also, originators pay agents a fee for this service, which is paid using the SGB token.
Furthermore, F-assets open up new possibilities for crypto assets like XRP and LTC by enabling them to be minted on Songbird or Flare to be used in DeFi protocols and dapps. Unlike some token wrapping services, collateral is held in a non-custodial environment. Users can redeem their collateral whenever they like, and the collateral used for F-asset issuance remains on the Songbird blockchain at all times.
Moreover, the Songbird crypto network facilitates Turing-completeness among non-programmable assets so they can be used in EVM-based applications and smart contracts on external blockchains.
State Connector
The State Connector is a series of smart contracts that operate on the Songbird network. It enables users from external blockchains to query data on Flare and Songbird in a decentralized, trustless manner. Resultantly, the State Connector plays a key role in facilitating interoperability throughout the Web3 ecosystem.
Furthermore, the State Connector relies on independent attestation providers to verify data before it enters the Songbird network. Attestation providers earn the SGB token for their contribution to the network. This system works in conjunction with a binary forking protocol to secure the Songbird crypto network instead of a traditional PoS-type consensus mechanism.
Flare Time Series Oracle (FTSO)
Many oracles rely on centralized data providers. Regardless of how decentralized a blockchain network is, using a centralized oracle provider creates a single point of failure that can compromise the data held on a blockchain network. The Songbird network uses the Flare Time Series Oracle (FTSO) to remedy this.
The FTSO is a layer-1 oracle service that brings real-world data onto Flare and Songbird to supercharge dapps. It can retrieve data from multiple blockchain networks and broadcast it onto Songbird and Flare without intermediaries. Also, the FTSO plays a crucial role in providing price data for F-assets. Data providers can earn a passive income via SGB token rewards. Plus, the FTSO creates new opportunities for cross-chain data transfer.
Songbird Crypto Network and the SGB Coin – Summary
It’s often challenging to bridge crypto assets from Proof-of-Work (PoW) chains onto EVM-compatible blockchains for use in smart contracts without relying on centralized services. Interoperability is a key component of the Web3 landscape. However, cross-chain communication and decentralization are often at odds with each other.
The Songbird crypto network addresses this issue by providing a testing ground for developing decentralized, interoperable technologies on Flare. The Flare and Songbird blockchain networks allow PoW assets like XRP and LTC to be used in smart contracts and DeFi apps in a trustless manner without intermediaries. Not only does this help to drive more liquidity into the DeFi ecosystem, but it also helps to bridge the gap between blockchains without sacrificing decentralization.
Moreover, the Songbird network allows developers to battle-test their applications and fine-tune cross-chain communication protocols before launching them on Flare. The native SGB coin allows holders to participate in decentralized governance and vote on proposals to change both Flare and Songbird. Also, SGB is essential in facilitating interoperability by verifying FTSO data calls and F-asset issuance.
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