Naga coin review
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The automation, the new technologies and especially the blockchain technology, nowadays, are on a completely whole new level. The development of such technologies has increased and keeps constantly increasing so much that some of those are even aiming to develop a decentralized universe. The idea sounds a bit unrealistic and strange but in fact, a German company, which has started out as an ICO, known as Naga is implementing the idea of the decentralized universe and is turning it into a reality. As the Naga ICO is over already and the company managed to raise sufficient funds for its capitalization during the ICO, now Naga offers its services and its NGC token to the public. In this guide we will try to get an in-depth understanding of what is Naga doing, how is it doing, are Naga coins worth to invest in, what do you need Naga tokens for and more.
What is Naga Coin?
The company is undertaking a project that seeks to develop a smart new cryptocurrency known as Naga coin (NGC). NGC will be used mainly for gaming and financial trading in various gaming and exchange platforms. Naga provides innovative solutions for the online trading and gaming world by making all the transactions carried out in these markets more transparent, secure and easily accessible. To achieve this, Naga has delivered two products; Naga Trader which is an online trading platform and Switex which connects the financial trading and gaming worlds together for a seamless experience. Naga also plans to launch a wallet system (Naga Wallet) for storing Naga coins which will be integrated into the two platforms they aims to develop.
NAGA coin offers a decentralized cryptocurrency for financial markets, exchange of virtual goods, along with secure wallets. In other words, they call themselves the creators of the decentralized universe. The mission of Naga is allowing people from around the world to trade financial instruments, virtual goods on a unified platform. Naga coin wants to see the financial transactions in stocks, gaming, and cryptocurrencies safer, more available and transparent. Yasin Sebastian Qureshi, the Founder, and Executive Director of Naga is the Founder and Executive Director of not only Naga but also of SwipeStox and the Executive Managing Director of Switex. He has a very rich experience in the spheres of banking and finance. Qureshi even founded his own investment bank in 2007.
The company is an established fintech company in Germany, having held a successful IPO in 2015. Everything about the company looks good for investors.
One of the main problems NAGA promised to solve in its whitepaper was “to bring an end to the existing financial complexities that have left about 2 billion people unbanked.” NAGA was to solve this problem by introducing the NAGA coin which would be used to buy virtual goods, other coins, and financial markets. NAGA already completed their ICO, and the NAGA platform is working. Here is what was achieved and NAGA coin’s growth so far.
Naga interesting features
- The goal of the Naga coin is to make the exchange of virtual goods and stock exchanges available and safe for their users.
- NAGA is aiming to solve the issues of “greedy banks” (that is how they call it) and replace it with corruption free decentralized system.
NAGA Team and Advisors
The NAGA platform is led by Yasin Qureshi, a bank owner and co-founder of the Global Citizen Foundation. Yasin co-founded the platform with Benjamin Bilski and Igor Kulatov. Benjamin’s area of expertise is entrepreneurship while Igor is a software engineer with experience in blockchains. NAGA’s team of advisors consists of well-known people. Led by bitcoin.com’s founder, Roger Ver, Miko Matsumura and Andrei Baibaratsky, the company has exactly the type of advisors needed to build a great platform.
The NAGA Coin
The NAGA coin is a utility token used to buy virtual goods in the gaming world, in financial markets and other services within the platform. The NAGA cryptocurrency is based on the Ethereum platform. It can be stored in any ERC-20 compatible wallet.
NAGA also owns a debit card that can be funded using any cryptocurrency and used to shop products in select stores. Additionally, the platform offers three main platforms for using NAGA cryptos:
This is a social media service just like Facebook but for stock traders. It offers similar services to ‘eToro’ but with better ease. The app provides 700 trading instruments and real-time pricing for five business days every week. The platform also has an AI bot advisor known as ‘CYBO’ that indexes market data to help traders.
Switex is a new platform that will be available on the NAGA network. It is a joint business with the German stock exchange and aims to help gamers and content developers purchase or sell virtual products on a blockchain service. The Switex platform is secure and easy to use for both gamers and publishers. Switex will also host API integration to make the platform easy to access for anyone in any part of the world.
Trading on exchanges:
NAGA coins are available on exchanges for trading and use with the NAGA card. However, the digital assets are all pre-mined. Distribution of the coins will follow the company’s official guide made in the ICO.
NAGA features its wallet, the NAGA wallet. However, NAGA coins can also be stored in any ERC-20 wallets.
NAGA held an ICO between 1st and 15th of December 2017. The ICO had a hard market cap of $30 million. At their presale, the ICO raised $17 million. They later surpassed their $30 million hard cap target, raising a record $45 million. Interested investors purchased 1 NAGA coin at $1. After the ICO, 57.63 million NGC coins were released for circulation and distributed in the following manner:
- Legal and advisory-12.5%
- Main sale-50%
- Referral program-5%
The team’s 17.5% token bonus would only be locked for the next six months. This aroused mixed reactions because it would lead to coin dumping in the short term. However, most of the tokens are used for other purposes.
NAGA kick-started the trading charts on a high note, debuting on 25th December at $1.3. Within its first week; the coin was valued at $4.3. On January 1st, 2018, the coin’s value dropped by half. The coin rose in value again, reaching $3.6 on January 11th. Since then, NAGA has been dropping in value day after day.
The coin had shown signs of gaining value between January 18th and 21st (2018) but later resumed a downward spiral until March 1st. In the first week of March, the coin has been at a steady price, ranging between $0.95 and $0.81 by March 8th, 2018. There are no signs that NAGA will appreciate to its highest peak in the next couple of months. However, once NAGA completes the major projects they promised, the coin could see an upward growth.
How to buy NAGA Coin
Before buying NAGA coin, you need to open a NAGA wallet to store your coins safely.
The NAGA wallet looks like the platform’s biggest accomplishment so far. The wallet is built to hold multiple cryptocurrencies from any blockchain-based protocol. This includes any ERC-20 tokens. NAGA claims that this wallet will be based on a decentralized platform for security reasons and to keep transaction costs low.
Since NAGA is an ERC-20 wallet, users can comfortably store their coins on Myetherwallet. Unlike the NAGA wallet, My Ether is a proven wallet and recommended by almost every expert. Myetherwallet can also be used in conjunction with the safer, hardware wallets such as Ledger Nano S.
Coinomi is yet another proven wallet that supports over 40 cryptocurrencies. The app is Android based and only available on mobile devices. Coinomi is considered one of the best mobile wallets thanks to its high-security levels and ease of use.
NAGA cryptos are available in 9 exchanges. The top 3 exchanges to buy the coins are:
OKex is a Chinese exchange that supports more than 20 cryptocurrencies. OKex initially offered trading services under OKCoin.com before moving to OKex.com on May 30, 2017. OKex offers additional services besides trading. It offers hedging services and arbitraging. Both of these services are relevant to day traders.
IDEX is an Ethereum based decentralized exchange platform. IDEX deploys smart contracts to allow traders to exchange coins in a trustless manner. The exchange also integrates with hard wallets such as the Ledger Nano S. IDEX is registered in Panama and attracts positive reviews from its users.
Cobinhood is a zero trading fee exchange that accepts trading using numerous fiat currencies and digital assets. Cobinhood works transparently, revealing wallet addresses for all their users. Cobinhood was founded by Tai Yuan, a Taiwan born entrepreneur. He registered the company in both Taiwan and the US.
How to buy NAGA Coins: Step by Step Guide
Like most upcoming altcoins, you can’t buy NGC coins using real cash in any exchange. The coins are instead paired with Bitcoins or Ethereum. To get hold of these coins:
Step 1: Set up a Personal Wallet
Step 2: Purchase bitcoins or ether coins
Create an account on an exchange that accepts cash for cryptocurrencies. Coinbase is the most popular exchange. It is available in 32 countries. Anyone who wants to join Coinbase has to pass through its strict registration process. A great alternative to Coinbase is cex.io or Bitstamp. When you purchase coins from any of these exchanges, they will deposit your coins in an exchange-based wallet.
Step 3: Buy NAGA Coins
Move your Bitcoins or ether coins to an exchange where you can buy NAGA. Both OKex and IDEX exchanges are beginners friendly. First, create an account in either exchange. Fund your account by transferring your Bitcoins from Coinbase and purchase the NGC coins.
Step 4: Move NAGA Coins to a Personal Wallet
Secure your NAGA coins by storing them in a personal wallet. Exchange-based wallets come with risks such as hacking. Visit your personal wallet and click the ‘receive’ funds icon. Copy the wallet generated. Visit OKex.com if that’s where your NAGA coins are temporarily stored. Visit your account section and proceed to the withdraw icon. Paste your personal wallet’s address and confirm the process. You should receive your NAGA coins in less than a minute.
Since the beginning of February 2018, NAGA has not had a good day in the trading markets. Its coin has been struggling for a while. But given that most cryptocurrencies take a while to gain value, NAGA has a chance to shine in the future. If the company is also able to complete the Switex and NAGA trade platforms, the coin will definitely increase in value.
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