Putting Sögur into perspective sets you on a high cliff of crypto potential on the order of Bitcoin. Sögur’s SGR didn’t happen arbitrarily, it has a Community of early backers who raise $30 Million in funding to build the great city of Sögur. A city whose foundation is blockchain technology, setting a standard and pioneering a new breed of crypto assets- stabilized cryptos. These early supporters were the mighty heroes who saw the plan for a great city and was courageous enough to set their funds in action for it. By model:
- SGR could not be minted for the early backers out of thin air. This is because the smart contract is built to accept payments before tokens are minted.
- SGR could not be minted with a discount for the obvious reason stated above.
New to Sögur? Check below for previous posts explaining more about the project:
- Introducing Sögur: A better System of Money than Fiats and Stablecoins
- Sögur’s Monetary Model: The Internal Combustion Engine of a Stabilized Cryptocurrency
- Five (5) Pointers that Sets Sögur Apart from and Above Stablecoins
The plan, the Aim, and the Objectives
For the reasons stated above, Sögur developers created Saga genesis tokens, SGN. The plan was to use SGN to SGR swap to compensate early adopters. The plan was with the following objectives:
- SGN-SGR swap should not be a burden to SGR and its holders.
- SGN should represent only a small percentage of SGR.
- Swap between SGN and SGR should be such that the SGR market absorbs it without a significant change in SGR price.
- SGN-SGR swap should be motivated only by the growth of SGR and its market. SGN should only represent the success story of the Sögur project.
- The compensation plan should be fair to early backers.
SGN-SGR Sögur Swap
The swap is designed such that there are Genesis Minting Points (GMP). These points are milestones on SGR the market cap. As the SGR cap reaches these points, the smart contract mints SGR tokens for each SGN token. At the completion of all the milestone points, there should be approximately 7 SGR tokens minted for each SGN tokens.
SGN swapped for SGR tokens are burnt. It is to be noted, however, that a user may lose SGR tokens that are yet to be minted for an SGN token if swapped before the GMP. Therefore it is possible for some genesis backers not to receive the full 7 SGR tokens for each SGN they hold if they are not patient enough to wait till all GMP are reached.
For example, let’s assume that there are 7 Genesis Minting Points assigned for SGN tokens on SGR. And each point is reached when the SGR market cap reaches 100, 200, 300, up to 700 million tokens. At each point in the milestone, 1 SGR is minted for each SGN in existence. Therefore at 700 million market cap, 7 SGR tokens will have been minted for each SGN token. Do not forget that SGR tokens are minted by the smart contract only when purchases are made. They are burnt when SGR is sold to the smart contract.
If an early supporter wishes to swap his SGN tokens to SGR at milestone 3 when the market cap reaches 300 Million for the first time. He receives 3 SGR tokens for each SGN he possesses and loses out on the potential 4 tokens more that can be redeemed at the 7th milestone.
Let’s hit the nail on the head
The model sees to it that all early supporters are rewarded fairly for their patience to see the success of the project. Sögur fair launch is only a pointer to the fact that its foundation is in transparency and fairness. The plan to compensate early supporters of the project is not to the detriment of new supporters and holders of Sögur, SGR tokens.
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