There is so much negativity I'm hearing today and I feel it is because people have not fully understood the role of Songbird, so let me explain it with a few name changes and tell me how you feel about it then.
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Let us 𝐈𝐌𝐀𝐆𝐈𝐍𝐄 that Songbird was instead called Flare.
Yay everyone is happy again, you have a network which is fully functional, you got your free tokens and you can interact with the various decentralised applications and earn from it.
Let us 𝐈𝐌𝐀𝐆𝐈𝐍𝐄 during this time, developers were observing the network, finding vulnerabilities and fixing them to improve stability / safety for the users.
Great, we have a better functioning / safer network for all!
Let us 𝐈𝐌𝐀𝐆𝐈𝐍𝐄 they announce 'Flare 2.0', an improved version with all the fixes which have been implemented prior on 'Flare'.
You get another airdrop, new tokens for 'Flare 2.0', everyone is happy, plus the network is much safer, more robust.
Let us 𝐈𝐌𝐀𝐆𝐈𝐍𝐄 'Flare' is still running in parallel to 'Flare 2.0', allowing for experimental changes and testing of dApps before migrating them to 'Flare 2.0'.
New features are developed and tested on an independent network before integrating with 2.0.
Sound good?
Now go back and read the thread again, replace 'Flare' with 'Songbird' and 'Flare 2.0' with 'Flare'.
It's the exact same.
You may think of Songbird as a 'testnet', it is not.
It's a Canary network. A fully functioning network with real assets where you can earn real yield.
Yes. New functionality will be tested on Songbird but this does not make it a 'testnet'.
With this comes a risk which people should acknowledge, but also understand that networks holding value will always be a target for malicious actors even the ones which exist today.
Rant over, I'm out.
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What is the most important aspect of any Blockchain project?
The way it reaches consensus.
The way transactions are verified.
Solving the double spend problem can be done in many different ways, some better than others...
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Proof-of-Work (PoW)
PoW is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle - AKA mining.
Proof-of-Stake (PoS)
The PoS concept states that a person can mine or validate block transactions according to how many coins they hold. This means that the more coins owned by a miner, the more mining power they have.
Flare is governed entirely by Spark token holders through voting.
Some decisions can be implemented on-chain such as:
changing the transaction cost or changing the collateral ratio and creation fee of a F-Asset.
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Other decisions such as changing network consensus parameters or more complex long-term updates require a code change.
The Flare white paper sets out a proposal, development and testing regime for manual changes which can be initiated and voted on by Spark token holders
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To help implement that process & execute the agreed changes there will be a Flare Foundation. The foundation will be a non-profit.
It will be responsible for 5 key areas:
• Grants
• Investments
• Research & Development
• Education
• Publicity & Partnerships
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