Central African Republic (OAC) emailed to previously registered users. bitcoin connected sango He stated that his platform will go live on July 25.
According to the email, the Sango Platform will serve as a centralized platform for crowdfunding, distribution and community support efforts.
“Users can now qualify and be ready for the official launch on July 25 by registering and having KYC verified,” the email said.
Sango was promoted as a national cryptocurrency project developed by OAC, and Sango Coin (SANGO) will be the native coin of this ecosystem. SANGO’s total supply is set at 21 billion tokens.
OAC became the first African country to adopt Bitcoin (BTC) as its official currency in April. The country says it plans to tokenize vast mineral deposits using the SANGO cryptocurrency.
Sango Will Work as a Bitcoin Sidechain
According to the recently published Sango Genesis white paper, Sango will function as a private Bitcoin sidechain, similar to Blockstream’s Liquid Network. According to the document, Sango will work best as a digital currency system when used as a BTC sidechain, rather than processing transactions directly on the BTC network.
Sango Layer 2 will reportedly have built-in BTC interoperability via a bidirectional peg mechanism.
Users who deposit BTC on the Sango sidechain will mint Sango Bitcoin (s-BTC), the wrapped version of BTC. By exchanging s-BTC assets, users will receive SANGO coin, which can be used for transactions on the country’s cryptocurrency platform.
*Not investment advice.