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Sögur [formerly known as Saga] (www.sogur.com) is a UK company limited by guarantee, based on non-for-profit principals. Launched on December 10th 2019, the Sögur token (SGR [formerly known as SGA]) is a global digital currency that aims to complement existing national currencies and seeks to work in collaboration with banks, financial institutions, and regulators. Among its Advisory Board members are top financial experts, technologists, and economists from all around the world, including Jacob A. Frenkel, PhD, Chairman of JPMorgan Chase International; Prof. Myron Scholes, Nobel Laureate in Economic Sciences, Co-originator of the Black-Scholes options pricing model; Leo Melamed Founder of financial futures and former Chairman of the Chicago Mercantile Exchange (CME); Prof. Emin Gün Sirer, blockchain and cryptocurrency researcher from Cornell University; and and Prof. Dan Galai, the co-developer of the Chicago Board Options Exchange's Volatility Index (VIX).
Saga adds Chainlink price oracle and announces rebrand to Sögur, marking major changes to its monetary and governance models
Wednesday, September 9th, 2020 8:00 AM
Sögur - formerly Saga Monetary Technologies - has today announced the incorporation of market leader Chainlink’s decentralised price oracles into its protocols. This enables SGR (previously SGA) holders, buyers and sellers to view a real-time off-chain price feed - driving transparency and security in the minting of new coins.
The integration of Chainlink into the smart contract incorporates the market leader’s decentralised price oracle into Sögur’s buying and selling procedures. This enables SGR holders, buyers and sellers to view a real-time off-chain price feed - driving transparency and security in the minting of new coins. This integration also gives users verifiable on-chain proof that new SGR tokens are created only upon the reserve receiving the proper, corresponding amount of verifiable assets.
Daniel Kochis, Head of Chainlink Business Development, said: “Transparency and accountability are central to Chainlink’s mission, and projects - such as Sögur - which not only commit to, but promote the importance of these qualities within the currency space have our full support in their ambitions. We are united by our belief that technology should be used to improve transparency practices, and I hope that the integration of Chainlink’s pricing oracle into the Sögur protocol will give their user community additional confidence in this exciting project.”
Revenue from the contract’s bid/ask spread is deposited into Saga’s reserve, raising SGA price. When volatility triggers the market-making mechanism, this additional revenue is funnelled into the reserve, effectively compensating long-term SGA holders for weathering periods of volatility.
The integration of Chainlink’s price oracles comes at a time when Saga Monetary Technologies is rebranding as Sögur, with SGR replacing its SGA token.
While the same vision still underpins the project’s mission to deliver a truly global and democratically governed digital currency, Sögur has made two significant changes to its monetary and governance models following its first ever currency holders vote. The results of this vote came into effect on 8 September:
- Monetary Model: Sögur’s monetary model now departs from the reserve backing faster, exposing SGR holders to carefully modelled volatility - using stabilisation mechanisms to temper risk in fast-changing and unpredictable market conditions, while creating an opportunity for sustainable intrinsic value growth, thanks to the bonding curve model. The previous monetary model departed from a reserve ratio of 100% once it achieved 20M’ SDR, however this market cap threshold has been lowered to 2M' SDR, with the reserve ratio reaching 80% at a market cap of 12M' SDR.
- Governance Model: Sögur will see the formation of the Participants Assembly now rather than at the end of 2021, allowing token holders to take greater control of the project.
Commenting on the rebrand, Ido Sadeh Man, Founder, said: “We are excited to announce the launch of Sögur, taking the Old Norse word for history as we look to build the true future of currency. The Sögur currency incorporates important changes to our initial models: it is now modelled to incorporate the volatility crypto markets seek, creating an opportunity for sustainable value and community growth; as well as accelerating our purpose-built democratic voting systems to really establish the project as self-sustaining and self-governing.”
Sögur announces listing of SGR token on global cryptocurrency exchange, EXMO
[London, UK] Sögur today announces the listing of its SGR token on EXMO, the global cryptocurrency exchange. From 17 September, users will be able to deposit SGR - a truly global and democratically governed digital currency - in the EXMO wallet, with trading commencing on 18 September. SGR will be offered for trading against BTC, EXM and USDT.
Founded in 2013, UK-based EXMO exchange boasts 1.8 million users worldwide, offering traders a fully regulated and secure experience.
The listing follows a series of major developments for Sögur where it announced changes to its governance and monetary models as well as a rebrand from the previous ‘Saga’ (SGA). The SGR currency is now modelled to incorporate the volatility crypto markets seek, creating an opportunity for sustainable value and community growth; as well as accelerating its purpose-built democratic voting systems. Its key features include:
- A bonding curve protocol which exposes SGR holders to carefully modelled volatility - using stabilisation mechanisms to temper risk in fast-changing and unpredictable market conditions.
- A model where early adoption is incentivised as the ecosystem grows, thanks to the bonding curve model.
- A reserve configured to match the IMF’s basket of currencies (SDR). Funds are kept in a variable reserve composed of world-leading fiat currencies held in reputable banks.
- A democratic governance model built on the premise that the SGR project belongs to the currency holders, allowing holders to vote and partake in decision making as well as elect the leadership of Sögur.
Maria Stankevich, Head of Business Development at EXMO, said: “We are delighted to offer EXMO customers the opportunity to buy and trade SGR. We believe SGR offers our traders an interesting opportunity as we see great value in Sögur’s approach of creating value growth, thanks to its bonding curve model. At EXMO, one of our core values is transparency, and as this is a key characteristic of SGR, a partnership between EXMO and Sögur was a natural match.”
Ido Sadeh Man, Founder of Sögur, said: “We are thrilled to be listed on EXMO, making the SGR token more accessible to a larger audience. We recognise that developing relationships with crypto exchanges is a key part of Sögur’s evolution, and this listing will bring much-valued liquidity that crypto traders are seeking. We look forward to continuing to work with the team at EXMO.”
Dr. Jacob Frenkel, Chairman of the Board of Trustees of the G30 and of JPMorgan Chase International:
“While Blockchain technologies have gained growing acceptance, encryptic currencies have raised public policy concerns, since they are anonymous, unbacked, and highly volatile. I share these concerns and see great value in Saga’s vision to address them properly.”
Prof. Myron Scholes, Nobel Laureate for Economics for the Black-Scholes Model:
“Blockchain technologies will change financial infrastructure, from a current focus on transactions processing to transactions analysing. This facilitates more efficient client solutions to their financial problems. The Saga project aims to develop a sustainable and efficient blockchain-based cryptocurrency that I support through becoming a member of its advisory council.”
Mark Tluszcz, CEO at Mangrove Capital Partners:
"Saga represents a step change in maturity for digital currencies. The first that combines material benefits to the existing financial system with the potential and needs of the digital world. It’s the strongest team in the space and we are delighted to be backing the project."
Ido Sadeh Man, Saga Foundation Founder & Chairman of the Board:
“The creation of Saga is based on interdisciplinary knowledge, permitting to implement monetary models to tame volatility and allow regulatory access to participants’ identity. We are fortunate to have the involvement and insights of global leaders, who along with the other members of our Advisory Council, are helping us to design the first non-anonymous blockchain-based digital currency.”