Saga’s First-Ever Vote
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:
- 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. We believe this change would make Saga more attractive to those looking to enjoy the volatility of the crypto market in a moderated manner, thus encouraging adoption.
- Governance Model. To enable this vote, we are forming the Participants Assembly now, rather than at year-end 2021. This allows the token holders greater control over the project.
We view these changes as crucial to the continuity of the Saga project: since the project’s inception 3 years ago, the crypto ecosystem and the wider world have changed significantly. In this landscape, adaptability is key. Central to our adaptation to this new world is evolving our market proposition to allow market forces to come into play. Moving towards a more volatile model is aimed at incentivising early adopters and prospective holders, both of whom would benefit as the SGA economy grows.
WHEN IS THE VOTE?
Voting opens at 12:00PM GMT on Wednesday 2 September 2020, and will close on Sunday 6 September 2020, at 12:00PM GMT. The results will be announced on Tuesday 8 September 2020, and will be fully binding. Please note that only registered SGA holders will be able to vote.
Since the result of the voting process may affect the SGA price and in order to ensure the Revised Model is launched (should it be approved) at a market cap lower than the 2M’ SDR threshold, the smart contact will not accept ETHs or issue new SGAs until the results will be officially published on Tuesday 8 September 2020. Whitelisted wallets will still be able to freely sell their SGAs back to the smart contract and get ETHs in return.
Buying and selling SGA on secondary markets, on exchanges (Liquid Global, Bithumb Global, etoroX) and other service providers (Celsius, Elastrum, Woorton) will continue with no limitation.
Lastly, we would like to share that we are officially rebranding to Sögur and renaming our token to SGR later this month!
Saga, to date, has fueled what Sögur will be. The same ideals and principles remain at the heart of the business, and our vision very much still stands: a truly global, non-sovereign digital currency, governed by its holders.
We look forward to you joining us on the next stage of our journey.
For more information: voting.saga.org