Public Announcement from Sögur

We started our journey with a vision to create a truly global currency — for global citizens and unrestricted by the boundaries of states and central banks.

Through the combined efforts and imaginations of creative thinkers we created Sögur (previously known as Saga), a digital currency governed by its holders, stabilised through replicating the IMF’s SDR currency composition and utilising the best blockchain technology available.

However, it is with great regret and after much consideration that we are announcing the closure of Sögur. We believe that it is our responsibility to do this now, as we cannot see a viable…

The first steps taken in implementing Sögur’s governance model included forming the token holder’s Assembly, holding Democonomy voting and the possibility to replace the project’s Executive Council.

The first steps taken in implementing Sögur’s governance model included forming the token holder’s Assembly, holding Democonomy voting and the possibility to replace the project’s Executive Council.

A fundamental premise of Sögur is currency holders are the sovereign and that governance should represent and carry out their general will effectively. Voting by currency holders is of course a central way for them to express their views, priorities and wants.

For this reason, we incorporated currency holder voting as early as possible. …

We are excited to announce the winners of our Hackathon & Bug Bounty that was held on Gitcoin last month.

Marketing Tasks & Winners

Introduction to Sögur

Challenge Description: Crypto can be complicated. We are challenging you to educate crypto beginners about the Sögur project and ecosystem — via new and original content, written and shared by our users.

First Prize Winner (200 SGR): Adrian Hacker

Additional notable submissions (each won 50 SGR): Fatima890, Yadia, ayobami99, peachy95, plan204

Sögur’s Fair Launch Explainer

Challenge Description: Before the rebranding to Sögur, this project was known as Saga and had raised $30m in funding. To be eligible to win this bounty your submission should explain in 600–800 words how Sögur achieved a fair launch through the use of its SGN which allows early project…

Sögur’s governance system allows Participants to submit governance proposals for the consideration of other Participants which then may support turning the proposal to an official binding vote on Sögur’s Voting Page. For this to occur the Participant initiated proposal must be supported by more than 5% of the total voting power.

These guidelines provide the information required for submitting a proposal. Proposals which do not follow these rules guidelines will be blocked. Sögur’s Voting Terms and Conditions, present a detailed and legal description of the validation process of a new proposal.

Proposals initiated by holders are submitted and voted upon…

Sögur is now in its second phase of governance, which includes a voting platform to enable its currency holders to both propose governance changes and to vote on them.

In September, Sögur underwent significant changes to its monetary and governance models. From a governance perspective, the most significant change was the prompt formation of the Assembly, allowing SGR holders to exercise planned powers through an on-chain voting mechanism.

Key features of the voting process

Eligibility: To be eligible for voting and initiating proposals, currency holders must hold at least 10 SGR in the wallet linked to their Sögur account, at which point they will automatically become Participants in Sögur’s Governance.

Voting power: As Sögur is both a financial project and a democratic one, Sögur’s voting mechanism balances between the one token — one vote (stake-based)…

Sögur’s governance combines democractic legitimacy with the effectiveness of the corporation, while utilizing the advantages of decentralization and blockchain technology.

The Sögur project began with a focus on devising the most advantageous monetary model in the crypto ecosystem. However, we soon discovered that prevalent decentralized governance solutions do not provide a viable response and that we have no choice but to develop our own governance framework.

In the process of dealing with this challenge, we came to the understanding that we need to mix together past, present, and future for designing viable governance for a global currency.

A personal note form Sögur’s Managing Director, Keren Orian Nadel

When we began this project 3 years ago, we envisioned the future of currency with a knowledge of the history of money; a deep understanding of monetary world and crypto ecosystem the coin would be launched into; and, crucially, a strong belief that technology empowers us to solve the challenges of local money in a globalised world.

2020 has been one of the most dramatic and disruptive years for human life in living memory. The far-reaching effects of Coronavirus have pushed us all to adapt, re-evaluate our commonly held notions of ‘normal’, and evolve.

Individuals and organisations globally have adapted…

Sögur formerly known as Saga, the global digital currency, 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.

This integration also gives users verifiable on-chain proof that new SGR tokens are created only upon the reserve receiving the proper amount of verifiable assets. One of Sögur’s foundational value-adds is that its reserves are held in SDR — the currency basket created by the IMF. But since the smart contract minting SGR cannot be paid with units of SDR, there must be an exchange rate which bridges the SDR composition held in the reserve and the digital asset used to purchase an SGR token. The same goes for SGR holders looking to sell their tokens.

Between 2 and 6 September 2020, Saga held its first-ever participants' vote — exercising for the first time the project’s purpose-built democratic voting model.

The results of the vote — in favour of the changes outlined below — were made with immediate effect. These were approved by the majority vote, totaling 99.9% of the participating voting power.

  • Monetary Model: The monetary model now departs from the reserve backing faster, exposing 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. …

We’re excited to share that on 2 September 2020, we will be commencing the first-ever participants' vote. The outcome of the vote will shape the future of our project on its path to becoming a global currency.

WHAT ARE THE CHANGES?

The changes to be voted on are as follows:

  1. Monetary Model. We are proposing a change to the reserve ratio of our current monetary model. The proposed change represents an adjustment to the volatility vs. stability balance of the current monetary model. This is done by departing from the 100% reserve ratio, allowing the price of the token to start moving above its current fixed price while maintaining the stabilisation mechanism to help mitigate volatility at the same time. …

Sögur Currency

Sögur is the democratic evolution of digital coins. Built to be self-sustaining, democratic, and global.

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