FAQ

Redeem SGR

Why did Sögur closed its operation?

See here for more details.

How can I redeem my SGR back to ETH?

In order to redeem your SGR back to ETH please follow the guidelines provided in this blog

How much SGR can I redeem?

You can redeem your full SGR balance. Until Feburary 18, 2021 redeeming SGR directly with the smart contract it subject to some AML limits. To increase your limit, please follow the instruction on your Sougur account or contact our support.

It's been over an hour and I still haven't received my ETH, what should I do?

Upon receiving SGR, Sögur's smart contract immediately sends ETH to the address it received the SGR from. Your SGR sell transaction might have failed or that it is still in pending mode, try to check its status using your wallet or a block explorer like https://etherscan.io/. For further assistance please contact our support.

Buying, Selling and using SGR

How can I change the wallet linked to my account?

In order to change your wallet that is already linked to your account, please contact support.

What are the fees for using SGR?

Sögur's partners who service SGR set their own fees.

Transacting directly with Sögur's smart contract is open only to registered users and involves a price band. The size of the price band changes with the strength of the Sögur economy and is set to 0.15% as long as Sögur's market cap is lower than $1B. Proceeds from this price band are used to cover reserve holding costs. Any surplus is deposited into the reserve. In addition, any transaction on the ethereum network necessitates the paying of transaction fees, known as ‘gas'. These fees are determined by the status of the Ethereum network and the speed in which you want the transaction to be approved by miners.

How can I swap my SGA to SGR?

Important note: SGA token has lost most of its functionality. If you hold SGA token you should swap them to SGR tokens before sending them to any exchange or other service providers as all of them support only the SGR token. Sending SGA token to anyone other than the swapping address may result in loss of funds.

All SGA holders are invited to exchange their SGA balance to SGR. The exchange is possible once the SGR token goes live - September 9 at 09:00 AM GMT. The Exchange ratio is 1:1, i.e. every SGA token can be replaced with 1 SGR token.

On Exchanges

If you hold your token on an exchange you don't need to do anything. Your SGA balance will be replaced automatically by the exchange to SGR.

Personal Wallets

If you hold your SGA token in an address you control (i.e. you have the private key associated with this address) you can exchange your SGA tokens to SGR in two ways:

  • Send your SGA tokens to our swapping address - 0xb08883269620C8Ff6F771e66CA376eDb977e406a (or use ENS: swapSGA.SGR.eth). We will return to the sending address the same amount of SGR tokens within 24 hours.
  • Use a dedicated exchange smart contract - SGAToSGRTokenExchange (address 0xc68c66c8bc7de6e4a528fe79305e1ddc9822dc9d).
    This option is relevant for more advanced users and it allows the tokens to be swapped immediately. In order to make the exchange you should call two transactions:
    • Approve the exchange smart contract to spend SGA tokens on your behalf. This is done by calling SGAToken.approve(SGAToSGRTokenExchange.address, -1)
    • Execute the exchange by calling. SGAToSGRTokenExchange.exchangeSGAtoSGR() this call will withdraw your SGA balance from your wallet and replace it with the same amount of SGR tokens.

What is SGR?

How long will it take for my transaction with Sögur's smart contract to complete?

Once your transaction is processed, the SGR is sent instantly. The time it takes for a transaction to be processed varies depending on the load of the Ethereum blockchain and how much one is willing to pay to include their transaction. Disclaimer: sometimes there are delays on the blockchain, we kindly ask for your patience while the transaction is confirmed.

How is the price of one SGR calculated?

The price is based on a deterministic formula tied solely to the number of SGR already circulating. The price increases as more SGRs enter the circulation through ETH-staked minting. SGR sold back to the reserve are burnt/destroyed and thus reduce circulation and decrease price.

Is SGR an ERC20-compatible token?

Yes, SGR (formerly SGA) is ERC20 compatible with any ethereum address (although not all wallets support transacting ERC20 tokens).

Becoming a Participant

How do I open an account with Sögur?

Opening an account in Sögur is done through a friendly online onboarding process, which fully conforms with bank-grade regulatory procedures. However, you are not required to have a Sögur account In order to purchase SGA through our partners. Visit our homepage for more information.

Account and Security

Why do I need to verify my identity in order to become a registered Sögur user?

Sögur adheres to all applicable laws and regulations in order to prevent money laundering, terrorist funding, and other illegal activities. Each person who wishes to purchase SGR currency directly from the smart contract must become a registered Sögur user and must first undergo an online on-boarding process, composed of Know Your Client procedures and Anti Money Laundering checks, including a declaration of ownership of their digital wallet. Only upon successful completion of the on-boarding, your digital wallet will become authorised to buy and redeem SGR directly from the smart contract.

What are the different account levels?

The Sögur AML Policy requires Sögur registered users to provide varied information, as a condition to exceeding certain thresholds.

Tier 1: Purchase up to 15,000 EUR annually.
Tier 2: Purchase up to 100,000 EUR annually.
Tier 3: Can purchase more than 100,000 EUR annually.

My account verification is still pending, what can I do?

If your account has not yet been verified, contact support.

How does Sögur protect my privacy?

Sögur values your privacy. All personal data is encrypted and stored offsite, your identity and wallet remain separate and are not identifiable with one another. Read our full privacy policy here.

How do I close my Sögur account?

Registered Sögur users who wish to their account, should contact our support.

Please note: Once your account is closed, you will no longer be able to buy and redeem SGR directly from the smart contract. However, you will still be able to buy and trade SGR through our various partners.

Even after the closure of your account, we might still be obligated under applicable laws to retain certain information about you, including your personal information and your transaction history.

How can I prevent phishing attacks?

Phishing attacks can come in the form of an email that looks like it's been sent from a trusted site/individual but is really from a hacker trying to steal your information. To reduce the risk of a phishing attack, remember to;

  • Always verify the sender's email.
  • Never provide financial information or passwords via email.
  • Use anti-virus software that can scan your email's inbox.
  • Regularly update your browser and operating system's software.

If you suspect any communication which purports to be from Sögur may be a phishing attack, please immediately contact our support.

How can I contact Support at Sögur?

If your question isn't listed in our FAQ, you can contact support here and one of our team members will get back to you.

Sögur currency (SGR) in depth

Who can update Sögur's On-Chain components?

Currently, the Sögur's intermediary board of directors ("Intermediary Board") has the authority to update the smart contract. The Intermediary Board has committed to using this authority only under extreme circumstances. Changes are limited to cases where they are necessary in order to promote the balance between stability and sustainable long term growth. In addition, amendments to the Smart Contract shall be limited and shall take into account the need for predictability. In any case, changes to the smart contract will not be made retroactively.

In future, as the governance framework evolves, the authority to make changes will be given to Sögur's Monetary Committee – responsible for ensuring the long term sustainability and soundness of SGR as currency. In addition, any changes will be subject to the Assembly's veto power and must be presented in advance. This is planned to take place not later than December 2021, though it requires a minimum market cap of 100M SDR to transpire.

What do I need to know about Taxation reporting?

You should consult with your tax advisor with regard to any tax implications of your activity involving the Sögur currency.

Are the funds deposited in Sögur's reserve insured?

Sögur does not hold an insurance policy for the reserve. The reserve funds are held in regulated banks and financial institutions and are covered under such institutions' assurances. Sögur's Monetary Model was constructed so that you will always be able to send your SGR back to the smart contract, receiving its price at the time of transaction, based on a pre-modelled price calculation (an integral part of the Sögur Monetary Model).

About Sögur

What is Saga Monetary Technologies Limited?

Sögur is UK company limited by guarantee based on non-for-profit principles implemented by tailored bylaws.

We find this structure well-suited for Sögur's needs as it allows for the entrenchment of our non-for-profit principles, and the limitation of founders' powers.

Why create a non-for-profit principles based organisation?

We are a UK company, limited by guarantee, which is based on non-for-profit principles implemented by tailored bylaws. We find this structure well-suited for Sögur's needs as it allows for a practically ownership-less operation.

With entrenched legal terms preventing changes to the non-for-profit principles or distributing dividends, Sögur operates only to promote its purpose - creating worldwide money in a way that reflects its holders' general interests and will.

What is Sögur's Research Institute?

As we developed Sögur, while examining the nature of contracts, it became clear that currency is only one instance of a contract for the exchange of interpersonal value.

In order to properly inform this enterprise and to craft a truly workable monetary policy, a broader mindset was required. To that end, Sögur launched its Research Institute, an interdisciplinary effort to redefine updated and practical frameworks for the social exchange of value. The Institute deals with the increasing gap between current governance schemes and advances in technology as well as the widening scope of communication.

Is Sögur audited?

Sögur is audited in accordance with statutory requirements. The process is performed by its auditors when filing Sögur's annual financial statements.

How does Sögur fund its activities?

The process of designing and developing Sögur required funding. As a project that embraces integrity and low volatility, we approached only accredited/qualified investors and major venture capital firms as early contributors to the Sögur project. This also allowed Sögur to benefit from a wide range of knowledge and support.

How can I contact Sögur?

For all purposes please contact support

Why is Sögur Incorporated in the UK?

We have chosen to establish in the UK, where regulators and financial ecosystem stakeholders are credible and consumer protective, while also supportive of innovation.

How do you earn your money as a non-for-profit based organisation?

We are a UK company, limited by guarantee, which is based on non-for-profit principles implemented by tailored bylaws. It does not have shares for early backers to purchase, as we did not want to let them gain control over the project.

Accordingly, Sögur stakeholders (contributors, founding team, employees, advisors, etc.) can only benefit financially if Sögur is a viable and growing economy. More details are provided in our whitepaper, including the mechanisms to reward our investors for their initial investment.

Is Sögur a bank?

Sögur is not a bank, but it does store the reserve in traditional banks.

  • Sögur is not a financial establishment and does not act as a middleman. Rather, Sögur is a currency protocol that uses a smart contract. Sögur does not hold users' money; funds that were used to purchase SGR from the smart contract are stored in the reserve, and deployed according to a pre-set algorithm for users' best interests. Any interest earned on the reserve funds are added to the reserve.
  • Sögur does not make payouts. The ERC 20 wallet permits a user to send their SGR to the Smart Contract which is designed to return an equivalent value of ETH to the user.
  • Sögur does not enable loans.
  • Sögur does not take deposits.
  • Although Sögur does exchange currency for its reserve, it does not offer currency exchange as a service.