Sango sidechain to begin in Central African Republic
According to an email that was delivered to pre-registered users of the country’s crypto project, the Central African Republic (CAR) will launch the Sango Platform on July 25.
The Sango Platform, according to the email, would act as a central point for crowdfunding, distribution, and community support operations.
“Users are now able to become eligible and get ready for the official launch on the 25th of July by registering & getting KYC approved,” the email said.
The CAR government is working on a national cryptocurrency initiative called Sango, with Sango Coin (SANGO) serving as the ecosystem’s primary unit of exchange. The total supply of SANGO coins is 21 billion.
In April, CAR became the first nation in Africa to accept bitcoin (BTC) as legal cash. According to the nation, it intends to tokenize its vast mineral deposits using the SANGO digital currency.
According to the white paper for Sango Genesis, which was just released, Sango will operate as a private sidechain for bitcoin, much like Blockstream’s Liquid Network. The document states that instead of settling transactions directly on the bitcoin network, Sango will function best as a digital currency if it is implemented as a sidechain for bitcoin.
According to reports, the Sango Layer 2 will include built-in bitcoin interoperability via a two-way peg mechanism. The Institutional Quorum, a group of validators, will hold custody of CAR’s bitcoin treasury under this structure.
Users that deposit BTC on the Sango sidechain will receive Sango bitcoin (s-BTC), which is a wrapped form of bitcoin. Users can exchange s-BTC for SANGO, which is the money utilized in the country’s crypto platform.
To handle conversions between s-BTC and SANGO, the Sango platform will have an automated market maker. Users wishing to withdraw their BTC will exchange SANGO for s-BTC, which will subsequently be burnt to repay the bitcoin deposit.
21 node validators on the Sango sidechain will be in charge of facilitating network transactions. The presidency, federal ministers, and members of the national assembly will all have influence over these validators.
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