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Usha Yadav
Jul 16, 2022
by Usha Yadav

CAR Launches 'Sango Coin' Cryptocurrency Amid Industry Rout

CAR Sango Coin

Table of contents

  1. Sango Chain
On July 25, the Sango Platform will be introduced in the Central African Republic (CAR). The CAR government is going to launch their national cryptocurrency initiative called Sango, with Sango Coin (SANGO) serving as the ecosystem's primary exchange unit. The total supply of SANGO coins is 21 billion. CAR became the first nation in Africa to accept bitcoin (BTC) as legal cash in April. According to the administration, it intends to tokenize its substantial mineral deposits using the SANGO digital currency.

The Sango Platform will be the focal point for community support, distribution, and crowdfunding initiatives. Users can now register, get their KYC confirmed to become eligible, and prepare for the formal launch on July 25.

Sango Chain

According to the white paper for Sango Genesis, Sango will operate as a private sidechain for bitcoin, much like Blockstream's Liquid Network. The document states that Sango will function best as a digital currency if it is implemented as a sidechain for bitcoin instead of settling transactions directly on the bitcoin network. As the reports state, a two-way peg mechanism will enable built-in Bitcoin compatibility in the Sango Layer 2. The bitcoin treasury of CAR would be in the care of a group of validators known as the Institutional Quorum in this setup.

Users that deposit bitcoin (BTC) into the Sango sidechain will create wrapped bitcoin known as Sango bitcoin (s-BTC). Users can exchange their s-BTC for SANGO, the national cryptocurrency platform's official currency.

An automated market maker will be included in the Sango platform to manage s-BTC to SANGO conversions. Users who want to get rid of their bitcoins must exchange SANGO back for s-BTC, which will subsequently be burned to restore the bitcoin deposit.

Twenty-one 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 influence these validators.

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Cryptocurrency Central African Republic Sango Coin Sango bitcoin (s-BTC) Sango Genesis Sango sidechain
CAR Launches 'Sango Coin' Cryptocurrency Amid Industry Rout
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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