Sögur adds Chainlink Price Oracle for its Democratic Evolution of Money
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.
Sögur’s smart contract currently accepts ETHs as the digital asset used to mint new SGR. These ETHs are sold for fiat currencies and deposited in off-chain bank accounts. However, before these ETHs are exchanged to fiat, the SGR/ETH exchange rate is applied to determine how much SGR is minted by the contract and brought into circulation.
Chainlink’s price oracle instills a fully transparent, verifiable, and continuously updated feed of pricing and related data into the purchase and sale process of SGR. Sögur users will be able to independently verify the exchange rate and purchase price at any time. Chainlink’s SDR/ETH price feed is supported by a decentralised oracle network of numerous independent, Sybil-resistant nodes that source market prices from multiple high-quality off-chain data providers. This decentralised architecture provides a highly reliable and manipulation-resistant price feed.
Sögur Founder & Chairman, Ido Sadeh Man, said “we continuously strive to provide our currency holders control over the project — by providing external oracles as we did with Chainlink and allowing our holders to exercise control by voting and supervising us”.
Sögur’s commitment to democratic governance was most recently demonstrated by the project’s first-ever voting process, which ran between 2 and 6 September 2020: token holders voted to ratify amendments to the monetary and governance models. These changes came into effect on 9 September 2020.
On the integration, Daniel Kochis, Head of Chainlink Business Development, added “Transparency and accountability is central to Chainlink’s mission, and projects — such as Sögur — which both commit to and 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.”
Sögur — formerly known as Saga- is the project behind the global digital currency SGR (previously SGA), a currency designed to be the democratic evolution of money. SGR is modelled to incorporate the volatility crypto markets seek — based on a bonding curve model, which creates opportunity for intrinsic value growth while also using stabilisation mechanisms to temper risk of value loss in unpredictable market conditions. The SGR economy was built to grow and self-sustain; to be steered by its holder community; and to be the true evolution of money.
Sögur is introduced by Saga Monetary Technologies Limited, a UK company, limited by guarantee, working under not-for-profit principles. It is governed by applicable UK laws and regulations and has adopted KYC/AML procedures compliant with the strictest international standards and regulations. Ido Sadeh Man founded Sögur in 2017, and his team today includes Barry Topf (chief economist), Dr. Ron Sabo (chief scientist), and many others.
Senior members of the Sögur Advisory Board include Prof. Jacob A. Frenkel, PhD, chairman of JPMorgan Chase International and former governor of the Bank of Israel; Prof. Myron Scholes, Nobel laureate in economic sciences and professor emeritus at Stanford University; Leo Melamed, former chairman of the Chicago Mercantile Exchange (CME); and Prof. Dan Galai, PhD, former dean of the School of Management at Hebrew University Jerusalem.
Accredited partners including Lightspeed Venture Partners, Mangrove Capital Partners, Vertex Ventures, Disruptive, Lool Ventures, and others have already demonstrated confidence in Sögur’s vision by participating in its $30M seed funding. This funding has made possible the launch of the Sögur token and the first steps toward the realisation of Sögur’s vision for a fair and reliable global currency.
If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network, numerous blockchains such as Ethereum, Polkadot, and Tezos, and large enterprises including Google, Oracle, and SWIFT.