Sango Platform To Include A Sidechain, Will Become A Center For CAR’s Crypto Project
- The Sango Platform will be the hub of Central African Republic’s crypto innitiative
- It will include a bitcoin sidechain similar to the Liquid Network
The Sango Platform is all set to debut in the Central African Republic’s (CAR) economy on July 25 according to an email seen by The Block that was sent to those who pre-registered to the country’s crypto project.
The email seen by The Block confirms that the Sango Platform will be the hub for crowdfunding, distribution and community support efforts along with other crypto-related activities.
Additionally, the email also said that “users are now able to become eligible and get ready for the official launch on the 25th of July by registering & getting KYC approved.”
After the CAR became the second country in the world to accept Bitcoin (BTC) as legal tender after El Salvador in April, the President of the nation, Faustin-Archange Touadéra, announced the Sango Platform with the Sango Coin (SANGO) as the native currency of the country. The total supply of the token has been capped at 21 billion tokens.
Additionally, the country has planned to tokenize its vast mineral deposits using the SANGO cryptocurrency in an attempt to become a global blockchain hub.
The sidechain of the Sango Platform
As mentioned in the Sango Genesis whitepaper, Sango will act as a private bitcoin sidechain which will be similar to Blockstream’s Liquid Network, a Bitcoin layer-2 enabling the issuance of security tokens and other digital assets.
Sango will work best as a digital monetary system said the document, if it is deployed as a sidechain of the Bitcoin network instead of settling transactions directly on the main network. Hence, the sidechain will have built-in bitcoin interoperability integrated via a two-way peg mechanism.
The whitepaper also confirms that a set of validators called the Institutional Quorum will be trusted with the custody of CAR’s Bitcoin treasury.
The users who depite Bitcoin on the Sango Platform will mint SANGO Bitcoin (S-BTC) which will be a wrapped version of the leading cryptocurrency. A built-in automated market maker (AMM) will also be present to to handle conversions between s-BTC and SANGO initiated by the users.
The users who aim to withdraw their BTC will turn their SANGO back to s-BTC initiating a burn mechanism to return the bitcoin deposit. Interestingly, a total of 21 node validators will be responsible for facilitating transactions on the Sango Platform and the elected officials, including the presidency, federal ministers and members of the national assembly will have control over these validators.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
