The Naga coin NGC: A starter’s guide
The Naga coin is a cryptocurrency that aims to facilitate financial transactions in stocks, cryptocurrencies, and the gaming markets to be more transparent, safer, and accessible to everyone.
What is the Naga coin?
Naga is a cryptocurrency designed and founded in 2015 by a German fintech company known as NAGA Group, AG. Its primary usefulness is in social trading where its coin, Naga Coin (NGC) will be used for trading and gaming purposes. The company has already built two platforms for these purposes—Naga Trader/SwipeStox (a social network for traders) and Switex (a decentralized marketplace for virtual goods.
Naga Coin price
The Naga Coin price is currently estimated at $0.685023
Naga had its first ICO between December 1 and 15, 2017. It had a hard market cap of $30 million, while the presale ICO brought in a total of $17 million. However, the company surpassed its expectations of $30 million hard cap and ended up raising $45 million.
ICO Price – 1 Naga Coin was sold for $1.
ICO Review – The presale accounts for 5 percent of the total sales, 17.5 percent of the tokens went to the team, legal and advisory took 12.5 percent of the tokens. The main sale represented 50 percent of the token sales. For the referral programs, 5 percent of the tokens were allotted to the program while 10 percent went to the reserves. There were 220 million Naga Coin (NGC) tokens available for the taking. The recommended minimum purchase per person was $15 (15 NGC) while the maximum purchase per person was $10 million (10 million NGC).
Naga: How it works and its key features
The key features of Naga are that it aims to remove the greediness and corruption known to the financial institutions and replace it with a decentralized, free payment system. You can pay for in-game goods and purchase stocks.
It also plans to facilitate the process of exchanging virtual goods and stock exchanges that are present on its social trading platform, making it safe and efficient.
With NAGA it’s possible to convert it into fiat and other digital currencies. On Naga Trader, the investor leaderboard shows the active trading activities of traders over a given period of time. This helps other traders to copy winning trades and increase their Return on Investments (ROIs).
In the same way, gamers all over the world can trade for virtual in-game goods on Switex, which is a first-of-its-kind exchange that legally allows such an activity in the world.
Naga Coin NGC: Use and utilities
The main use of Naga coins is twofold: To support the internal transactions that will occur on the two platforms set up by NAGA Group, AG. And to make it possible for the coin holders to have easy access and control to their funds, irrespective of the amount of currency they are dealing with. As a Naga Trader, you are able to buy, hold, and trade in the following securities, such as Equities, CFDs, and ETFs.
Naga: Platform and technology
The native currency is ERC20 compliant, meaning that it depends on Ethereum blockchain. Users can enjoy a high degree of security and accessibility on its platforms. Its platforms allow and facilitate the exchange of virtual goods and financial equities. This is made possible through its blockchain, which supports pure decentralization. Naga technology makes it possible for users to fund their accounts with bitcoin, transfer their profits to the virtual exchange, which is Switex and withdraw fiat and continue to hold other cryptocurrencies and most of all ERC20 tokens in their wallets.
Naga: Team and founders
Naga team comprises of experts who have been in the financial and digital industry for years. Yasin Sebastian Qureshi is the Founder and Executive Director of Naga. And Benjamin Bilski is a Director at Naga, while the CFO for this project is Andreas Luecke.
The Naga Wallet is designed to function as a multi-asset compatible device which allows smooth and direct integration into Switex and SwipeStox user accounts. The wallet also gives free and secure cryptocurrency storage capability, and it streamlines the process of converting cryptocurrencies into virtual goods.
Can you mine Naga?
At the moment, it is not possible to mine Naga. It can only be bought on exchanges.
Naga community has grown tremendously these past years on the social network, and keeps on growing, while oftentimes providing real-time updates on them:
Twitter: Their Twitter handle has 9,484 followers.
Facebook: It has 45,000 likes on Facebook.
Reddit: There are 263 subscribers to their Reddit community
Telegram: Their telegram has 13,917 members.
Medium: It has 558 followers are on their Medium page
Bitcointalk: Their bitcointalk thread is very active with members posting and discussing Naga coin.
Coinmarketcap: Naga coin is available on Coinmarketcap, and real-time information about Naga coin price, traded volumes, and market capitalization can be seen on the Coinmarketcap.
Naga: How to buy Naga
You can buy Naga through the following means:
Buy at these exchanges: OKEX, IDEX, COBINHOOD,
Here are the procedures for buying Naga coin:
- Set up a personal Naga Wallet
- Buy or purchase bitcoins or ether coins
- Purchase Naga coins
- Move Naga coins to your personal wallet
Naga has made it easier for gamers, and sellers and buyers of virtual goods to successfully conduct internal transactions without having to depend on any external third-party payment processor. However, the main downside is that the cryptocurrency cannot be mined at the moment. This may affect its development because expert developers will not be willing to work on a platform that will not reward their hard work.
Naga has ample opportunities to grow within the next three to seven years as its developers are working around the clock to add more functionalities to the platform. If you are a gamer or a seller of virtual goods, you will find Naga coin to be very useful in the long-run.
Asif is a cryptocurrency enthusiast who’s been writing on the subject since 2014. He also has a keen interest in social engineering and cybersecurity. When not busy writing about cryptocurrency, he can be found reading books and listening to music.