Q1. Can you give us a little history of SNGLS and SGT?
Andy. SNGLS is the native token of the SingularDTV ecosystem. In V.1 of the system the reward function rewarded all SNGLS holders a share of the network’s profits. The long arm of the United States Government put a heavy chill on that idea and we had to go back to the drawing board. We announced V.2 of the ecosystem with the release of the snglsDAO Whitepaper. In this version we use a DAO to govern the SNGLS Media Distribution Protocol using key parameters that the community controls using the DAO. The native token of the DAO is SGT and will be airdropped to all SNGLS holders on June 19th, 2020.
Q2. Could you please tell me what SNGLS and SGT cryptocurrency is? What problem does it solve?
Andy. SNGLS is used to pay for the membership fee of the SNGLS Media Distribution Protocol along with acting as a form of payment on the protocol. When we release our “Content Mining” mechanism SNGLS will also be used for that. SGT is the governance token of the DAO. SGT is staked in the DAO and gives the user their reputation in the system which allows you to vote on proposals for the protocol and control the key parameters of Transaction Fee, Listing Fee, and Validation Fee.
We are aiming to solve the problem of content censorship along with making sure artists are getting paid a fair share. We are building a mechanism that will allow the community to decide what is allowed on the protocol called “Content Mining.” Take the power away from centralized services like Youtube.
Q3. What is the advantage of keeping the SNGLS and SGT token for a long and short term?
Andy. In the long term holding SGT will give you the most power over the voting of the DAO. If the protocol is successful the DAO should go up in usage. Imagine having a seat at the table of the protocol of the future for content distribution. In the short term holding SGT will allow you to vote on and present proposals to the DAO. We are going to be putting 20 million SNGLS in the DAO treasury to start off, to vote on what the DAO does with those you will need SGT.
In the long term for SNGLS I would like to see us offer staking rewards from the DAO if we can get legal clearance and align the incentives correctly, but there are also other exciting features coming to SNGLS. Specifically around our “Content Mining” mechanism, SNGLS will be the fuel in that mechanism. In the short term you will be able to stake your SNGLS in the DAO and if you are over a set threshold you won’t have to pay the “Transaction Fee.” This feature will be protocol wide for any portal that is building on top of the SNGLS Media Distribution Protocol.
Q4. What projects are now using the SNGLS and SGT stack? Tell us more about the projects currently building on SNGLS and SGT?
Andy. There are currently a bunch of different projects looking to build on our tech stack. With the release of EtherVision, our open source “TV Network in Box,” next year any entertainteur will be able to launch a portal using our protocol or just add a channel to the system. Current projects building on top of us are:
Breaker: A high end content portal for independent film artists to showcase their work using the SNGLS Media Distribution Protocol. This is currently running and you should download the APP to check it out
Singular J: The first content portal that is going to be built using “EtherVision.” The portal will also have a built in Patreon like token system for artists.
RUDE_portal: This is coming from RUDE_, who have announced they will be building a portal on top of the protocol but haven’t explained much else…just a team to watch at this point.
Q5. What are the future plans for SNGLS and SGT? Do you have any exciting things down the pipeline that you can share?
Andy. We have a long and exciting roadmap, but the big news is that we are about to launch the snglsDAO. The snglsDAO is going to launch on June 26th, pending a security audit. The token airdrop for the governance token is June 19th and will be 1:1 for SNGLS token holders.
Q6. You talk a lot about the SNGLS Media Distribution Protocol, can you explain for us how this works?
Andy. Sure, so the SNGLS Media Distribution Protocol is the software we developed to send out media files. It’s built using Bittorrent technology, meaning that we use torrents. We take those torrents and then hash Ethereum wallet addresses to them. Creating an up stoppage payment network using the security of the Ethereum network.
Q7. Interesting, how does the snglsDAO play into that?
Andy. When we first built this software/protocol many of the tools that we needed to really decentralize the entire system just weren’t available. So we left large parts of it centralized because we wanted to ship the technology. Now that the WEB3 space has matured and more complete software libraries are available for us to pull from we have started the journey of completely decentralizing the system. The first step in that is building the snglsDAO so we can offload the governance to the people. Essentially people who hold SGT have control over what the protocol becomes. We need to get that right for the vision to become a reality.
Q8. That sounds like you are planning a big build out, does the team have the necessary funds to achieve all this?
Andy. That’s one of the beautiful aspects of what we built into the snglsDAO. We created a system so that in the long run the protocol is adaptive. Our goal is to create a living system that adapts the protocol to the needs of the artists, without living on the backs of the creators. See the DAO controls the Key Parameters of Validation Fee, Listing Fee, and Transaction Fee as I stated before. These levers can be pulled to increase the amount of capital in the Treasury by the DAO. The DAO has three original controls to help it adapt to needs and build outs. They are, Forum for Proposals, SNGLS Media Distribution Protocol parameters settings, and Treasury Control. In the long run the idea is to allow for the DAO to self operate and govern and upgrade the protocol.
Q9. You mentioned that you use torrents for distribution, torrents are notoriously for pirating content, how does your system protect the content creator’s work?
Andy. Great question, and you are right torrents are used mainly for distributing pirated work, but the other great attribute of the Bittorrent network is that it was really the first decentralized system that was successful. Bittorrent came before Bitcoin, and proved that decentralized systems work. What Ethereum provided us was a way to incorporate trustless payment rails that could also secure the torrents to wallets in a trustless manner. But back to your original question, what we did was build a localized encryption system that doesn’t allow you to actually decrypt the torrent unless you have the local key signature to do that. So if someone had the torrent on their computer and sent it to a friend, the torrent will not work because they don’t have the keys. Those keys do not come from a centralized server, instead they are created on your localized computer. We built the first localized encryption protection the world has ever seen.
Q10. Fascinating, is there anything else you would like to share with the crowd before we dive into the next segment?
Andy. I would just like to say, we are very excited to show you what we have built. The technology behind everything is simply amazing and I can’t wait for you all to really be able to dig in and start building on top of it. We’re in the process of open sourcing the software necessary for entrepreneurs to easily come in and build on top of our protocol. We are really looking forward to the release of our “TV Network in a Box” EtherVision, which will be a full node on the network so anyone can become a producer and provide content to the ecosystem. We have a couple of Airdrop scheduled for June also.
June 12th: SNGJ to SNGLS
June 19th: SGT to SNGLS
June 26th: DAO Launch (pending security audit)
How Airdrops Work
First a note on some airdrop best practices. For those of you who might be newer to crypto, an airdrop refers to a giveaway of tokens to holders of another token. Generally, there are no active steps that a prospective participant needs to take, they simply have to be holding the specified token at a designated time, generally specified as a block height of the Ethereum blockchain. Once the block of the specified height is mined, we will take a snapshot, or a list of all Ethereum addresses holding the specified token (either SNGJ or SNGLS) and what amount of that token they are holding to determine how many of the airdropped tokens they will then receive.
You will be required to take an active step if you are currently holding your SNGJ or SNGLS on an exchange, though. Right now, we are not planning for exchanges to support any of these airdrops, though we will set aside tokens for exchange holders in case this changes.
Airdrop 3: Airdropping SGT to SNGLS Holders
Snapshot date: June 15 snapshot of all SNGLS holders, at a block height to be announced
Airdrop date: June 19
On June 15th, at a block height to be announced later, there will be a snapshot of all the SNGLS address holders. Then on June 19th every address that was holding SNGLS during the snapshot will get a 1:1 airdrop of the snglsDAO Governace Token (SGT).
1 SNGLS = 1 SGT
The current plan is to blacklist exchange addresses and give the SGT tokens to the snglsDAO Foundation Hotwallet, the foundation will hold onto the SGT until the DAO treasury is available and it will be sent there. The DAO treasury will become available at the launch of the DAO. After that it will be up to the DAO to decide what to do with them. Our personal hope is that the DAO will supply enough funds to developers to create an application for one of the many DEXs out there so the DAO can create a liquidity pool for SGT. The foundation has reached out to Bitfinex and Binance to support the airdrop, but it’s up to them if they will. When an exchange supports an airdrop they allow users to extract their tokens from the platform after the airdrop, but do not create a market for the tokens. Currently, if you have your tokens on an exchange you will not receive the SGT airdrop and will have to buy them on a DEX, assuming the DAO decides to create a liquidity pool. This could change in the future if Bitfinex and/or Binance choose to support the airdrop, and if that happens there will be an official announcement from the @snglsDAO twitter.
Binance will support the upcoming airdrop of snglsDAO Governance Token (SGT) for SingularDTV (SNGLS) holders. The airdrop snapshot is expected to take place at an Ethereum block height of 10,272,100, or approximately 2020/06/15 6:00 PM (UTC)
We will take a snapshot of all SNGLS tokens held by Binance users at the above Ethereum block height, and will distribute SGT tokens at a ratio of 1 SNGLS = 1 SGT. SNGLS deposits and withdrawals will be suspended starting from 2020/06/15 1:00 PM (UTC) and will reopen after the snapshot is complete. Please note that trading of SNGLS will not be affected during this period.
Please note:
- SNGLS tokens that are pending deposit or withdrawal at the time of the above snapshot will not count towards your SNGLS balance. Please ensure you leave sufficient time for deposits and withdrawals to complete prior to the snapshot.
- SNGLS balances under 1 SNGLS (including those in trade orders) will not be eligible to receive the SGT token.
- SNGLS tokens held in sub-accounts will be combined into the corresponding master account. Sub-accounts will not separately receive any SGT tokens.
For trading and listing of SGT on Binance, SGT will go through the same strict listing review process as Binance does for any other coin/token. The default position we have is no listing.
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