Flare is launching Songbird.
It's a "canary network," more than a testnet, it's an early adopter network to test security, apps, fxns, etc., using a token ($SGB) with real value. (SGB will not be replenished like a testnet.) It's a live Flare testing ground w/ real stakes.
It will launch w/ EVM fxn & then FTSO, State Connector & F-asset systems will be enabled on Songbird.
It's intended to be a "network for testing governance led changes to Flare, such as .... new F-Assets, changes to the FTSO, F-Asset systems or any other change."
-The token is limited to 15b distributed once at the same ratio as the initial FLR airdrop
-" The FTSO and F-Asset protocols will be live on Songbird with F-Assets generated from the underlying tokens."
-SGB will intially inflate 10% /yr via FTSO & validator rewards
"If you claimed FLR through self custody, use the same Ethereum style address but with a different chain ID to access Songbird. If you claimed your FLR through an exchange they will receive SGB on your behalf. You will need to ask them to distribute it to you."
Flare anticipates launching after the end of September, security audits finished. (!)
Songbird before that.
I'm basically parroting the Flare article here; definitely read it. It's clear and straightforward.
Some remaining questions
There's a lot, of course more to come. For now,
-How are FTSO rewards on both networks connected?
-What does it mean users have to "ask" exchanges for their SGB?
-Are minted assets interoperable?
-Unpacking governance since SGB won't govern songbird
(also, it's a "canary" network, not a "Canary" network, right? Plying the canary in a coal mine metaphor? Or is it somehow trademarked by DOT?)

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More from @WKahneman

20 Jul
Under the radar: In April, Ripple hired Sujit "Bob" Chakravorti as their Chief Economist. Before that he was;
- Managing Director & Chief Economist
The Clearing House (!)
- Senior Economist @ The Fed, Chicago
- Senior Economist @ The Fed, Dallas.
As CEO of his consulting firm, Chakra Advisors LLC, (2016-now) one major project was to conduct research as lead consultant on e-payments, part 3 of World Bank project funded by the Gates Foundation on incentivizing digital payments.
So, recap:
Ripple's new Chief Economist worked at The Clearing House, The Federal Reserve in Chicago & Dallas, KPMG, and with the World Bank on a Gates' Foundation project..
Not to mention articles for the ECB, the IMF, Dutch Central Bank & more.
Read 5 tweets
14 Jul
👀This is an SEC public statement about a CoinSchedule case today. The SEC notes their "reluctance to provide additional guidance about how to determine whether a token is being sold as part of a securities offering or which tokens are securities" and notes Howey is not clear.
I am not a lawyer, but it sure seems to serve up some juicy evidence for the current #Ripple case. So much so it does make you wonder what's happening behind the scenes! This could make waves, coming straight from the SEC.
SEC states it is unclear.
SEC states the Howey test is not always clear.
SEC states they are regulating through prosecution.
SEC says Coinschedule offered securities, but they didn't mention which of the 2500 offered were.
Read 5 tweets
13 Jul
RippleX.io website shuts down end of July. Ripple heard feedback it's unclear where to find a unified portal to the XRPL ecosystem. Makes sense to move dev kits/ docs to XRPL.org as they clarify info sources.
The RippleDev stream explored the new xrpl.org site as a place to build on the XRPL (tutorials!) built in concert with the XRPL foundation. It is meant to be a useful XRPL development portal.
But I think there is a further effect - intended or not. It's also a move underscoring the independent life of the XRPL, apart from Ripple. (Am I correct to say this differentiation has seemed in the works since around the time M.Long took over RippleX?)
Read 8 tweets
12 Jul
Watching: Like #Ripple partners Santander and Nium, now Nomu Pay is buying up the remains of Wirecard, with their APAC entities. (Nomu Pay is not known to use Ripple/XRP)
Their purchase of Wirecard Malaysia and Turkey just closed with Philippines, Thailand and Turkey, pending. To Ripple fans, these potential corridors are promising:
None of this is confirmation of anything #Ripple related -"APAC so hot right now"- but given other Ripple partners have snapped up Wirecard subsidiaries, Nomu Pay might be worth watching, even if it's not all remittance related.
Read 4 tweets
8 Jul
Trying to get ahead of it: here is a sneak peak at the FUD about #XRP you will see over the next few months:
1) The new wallet will allow #Ripple to sell into XRP suppressing the price!
3) They won't need XRP!
2) Tokenization on the XRPL means that you can freeze accounts!
First, remember Ripple always has incentive for the price to accrue and it is better in the long run to get XRP on the market. With ODL we've seen that cashing out on the receiving end creates arbitrage. Is it also possible less XRP is on exchanges as it stays in wallets?
Second, yes, you can move tokenized assets on the XRPL -with stablecoins looming, but this might not even happen on ledger; just between wallets. It remains to be seen. On ledger, it would use a slight amount of XRP to move. XRP will always be the most efficient way to move value
Read 6 tweets
7 Jul
👀 "In the future, customers can use their Ripple-enabled wallet to custody XRP, BTC, stablecoins, and anything that’s tokenized. "

Ripple's getting into the custody game.

Some observations:

I mean how could you not think that even if Ripple is working on their own custody solutions. 😆
The real story here is wallets. Offering a wallet is what a lot of big players in payments do. A wallet is a functional account to add services to. Visa does this for Visa Direct.
Read 8 tweets

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