Songbird is able to bridge incompatible cryptocurrencies to smart contracts without a centralized pool of reserves, sidestepping some of the security risks that come with concentrating funds used to back a wrapped token under a single entity.įor example, a person holding Ripple’s cryptocurrency XRP would use Songbird to create a representation of XRP on the Songbird network, called an F-Asset. A wrapped cryptocurrency, however, usually requires a centralized reserve of the base currency (in this example, bitcoin) to work. A custodial smart contract, for example, involves “wrapping” an asset like Bitcoin into an Ethereum-compatible token called wBTC so it can be used in Ethereum-based applications. Some developers accomplished this feat by using tools such as bridges and custodial smart contracts. Songbird’s main focus is to bridge blockchains to smart contracts that were previously incompatible. However, it’s worth noting both are independent blockchains with their own native cryptocurrencies.

In September 2021, the entire supply of SGB was distributed via an airdrop to the same users who were eligible to receive Flare’s FLR tokens.Īlthough this distribution mechanism initially tied the value of SGB to two other cryptocurrencies, SGB’s utility within the Songbird network is expected to eventually decouple it from both FLR and XRP.īecause Songbird is the canary network for the Flare blockchain, the two operate in mostly the same way. 0.1511 SGB were distributed for every 1 XRP token each user held, along with an amount of FLR tokens. In December 2020, a snapshot was taken of XRP holders on the XRP Ledger. In June 2021, it raised another $11.3 million in funding from multiple venture capital firms and private investors.

The Songbird test network launched two years later in September 2021.įlare announced it received funding from Xpring, Ripple’s investment initiative, in November 2019. The team behind Songbird started building Flare in August 2017 and incorporated their company two years later in 2019. Nairi Usher earned her PhD in Quantum Computing from University College London around the same time. He studied Machine Learning alongside co-founder Sean Rowan. Philion earned a degree in Financial Risk Management from Cass Business School and went on to work for multiple investment firms before deciding to return to education. The three co-founders met while studying at University College London. Songbird was co-founded by Hugo Philion (CEO), Sean Rowan (CTO) and Nairi Usher (Chief Scientist). SGB is the native cryptocurrency of the Songbird network and is used to pay transaction fees, vote on network governance decisions and interact with Songbird’s applications. Songbird makes it possible to bridge two blockchains together in a secure and decentralized way, thereby opening the door to improved liquidity and data sharing across decentralized finance (DeFi) applications. Songbird is a sandbox test network for the Flare blockchain where developers can build and experiment with their decentralized applications before adding them to the network.īoth Songbird and Flare are blockchain projects that can make otherwise non-smart contract enabled tokens, like XRP, work with decentralized applications (dapps).

SGB is the native token of the Songbird network and is used to pay transaction fees, vote on network governance decisions and interact with Songbird’s applications.

Songbird is capable of bridging blockchains to smart contracts that were previously incompatible.

Songbird is the test network for the Flare blockchain and allows developers to test decentralized applications before deploying them to the Flare network.

Songbird canary network