Completed Deliverables Report (11.01.2018)
Table of content
- Management Summary
- Completion Report of the NAGA Ecosystem (as defined within the ICO whitepaper)
- NAGA Coin utility system
- Most frequently asked questions by the community
- What is NAGA all about now after the crypto & FinTech hype?
- Does NAGA work or are they just a scam?
- What is the integration with Binance all about?
- Does NAGA engage in market making?
- Where is all the NAGA Team, why did they all go silent?
- What happened to the INO?
- Why dont you buy back coins like every project?
- Why did NAGA Trader have so many bugs?
- Why does NAGA support lack quality?
- Did Yasin leave the NAGA Coin project?
- Why are there no monthly reports anymore?
- What did the Hamburger SV partnership bring?
- What happened to NAGA Virtual?
- What is the status of NAGA’s partnership with Asobimo?
- Where is NAGA Guard?
- What is the plan for NAGA Card, will it be part of the NAGA platforms or still a 3rd party?
- When does the NAGAx go live?
- When do you start marketing NAGAX?
- What is the plan for NAGA Wealth?
- Why is the NAGA Roadmap ending 2018, are there no plans for 2019?
- Did the NAGA Team sell all its NGC or who is dumping?
- Why is the circulating supply increasing?
- What is the status with the Ontology partnership?
- What is the status with MyBucks?
- Is NAGA Development Association Ltd. buying pseudo websites and if so, why?
- If the NAGA Coin drops below 1 Cent, will it still exist?
- What’s next?
Management Summary
Dear NAGA Coin Community,
It was a challenging year for the crypto community and the NAGA Coin project.
We have seen a lot of ups and downs and a lot of developments around the NAGA Coin Ecosystem.
Within this crypto craze we have also seen that professional and hard working projects are constantly undervalued and often under attack. We want to distance ourselves from price manipulation, coin pumps or wasting investors money on senseless market making for the purpose of i.e. personal benefit or “price maneuvers”.
We have been asked a lot why we have been “so silent” and why we slowed down our update cycle.
The main reasons are: focus, marketing and sales and re-organisation.
Right after the ICO 2017 we focused on producing the deliverables stated in the Whitepaper.
We have developed and released:
- NAGA Wallet
- NAGA Card
- New NAGA Trader
- NAGA Exchange
- NAGA Guard
- NAGA Virtual
What we effectively created is worldwide unique. It is a bridge between the traditional financial markets and the crypto world. Billions of dollars are traded within the NAGA Ecosystem every month. The majority is still traded within traditional financial markets but we are confident that the volume in cryptos and especially NGC will grow.
Adoption in the world has yet to grow significantly, but if you look closely, you can see that we combined multiple crypto projects and attractive user benefits into one real project:
120 seconds sign up/KYC– 10 Services — 1 Account
- Virtual Trading Portfolio created
- Physical Crypto Wallet created (On-chain transactions for major coins and +2000 Token)
- Physical Crypto Exchange/Account created
- In-Game Item Exchange/Account created
- EUR, USD, GBP, PLN, ETH, NGC & BTC Wallets for Trading & Crypto- Exchange
- Named IBAN Account created incl. fully encompassing KYC/AML incl. Biometric Data Check
- Contactless NAGA Card live, up and running
- Robo-Advisor created
- Investment-Portfolio Account created
- Affiliate program with several levels stages live, up and running
- Extensive library of marketing materials, products, assets and videos
On top of this, we can also summarize for you our history:
NAGA´s pioneering approach:
- First FinTech that allowed users to fund stock trading accounts with cryptocurrencies.
- First FinTech that structured Gaming-Items as CFDs and made them tradable.
- First FinTech that allows users to sell their in-game items and receive instant cryptocurrencies to their physical crypto-wallet.
- First FinTech that offers a crypto-currency based Robo Advisor and curated portfolios.
- First FinTech that offers crypto-currency based trading accounts (NGC, ETH,BTC,BNB) in order to invest in stocks, forex and gaming CFDs.
If you want to know what we believe in and aim to do, we also released 2 books and a video documentary on Amazon:
Book №1 (ENGLISH): “PASSION TO WEALTH: A Mountain Climber’s Shortcut”
URL: https://files.naga.com/NAGA_Passion_to_Wealth.pdf
Book №2 (ENGLISH): “FINANCIAL REVOLUTION ON THE HORIZON”
URL: https://files.naga.com/NAGA_Financial_Revolution_On_The_Horizon.pdf
Amazon Documentary: “RESET: The Blockchain Revolution”
URL: http://files.naga.com/RESET%20-%20The%20Blockchain%20Revolution%2020181106.mp4
One of the most important things for the NAGA Ecosystem is that it is backed by a publicly listed FinTech Group, The NAGA Group AG.
NAGA has built a global, easy-to-access ecosystem that serves as a bridge between traditional financial services and the new world of digital money as well as gaming.
Our vision:
“Via cutting edge technology we are aiming to democratize access, tools and knowledge to enable everyone to benefit from financial, crypto and virtual assets.”
Completion Report of the NAGA Ecosystem (as defined within the ICO whitepaper)
We have worked hard in order to deliver everything — and more — as described within the ICO whitepaper.
In total we have seen in 2018 over 20,000 contributions in our code repositories, which have grown to 135. We have seen over 80 developers contributing daily. Over 1400 deployments were indexed in GitHub repos — thats only 2018!
On top of this, we built hundreds of landing pages, added crypto-based trading accounts and have focused on interconnecting all NAGA services with one general UI and one login.
We hence added highly innovative and unique features and user benefits in addition to the deliverables defined within the whitepaper.
And on top of this we acquired thousands of new users every month and we keep growing the user base every day.
List of Websites/Apps that are live and in production:
NAGA Group Main Page
NAGA´s Platform for Social Investing and for Trading
NAGA´s Cryptocurrency Wallet
NAGA´s Cryptocurrency
NAGA´s in-Game Item Exchange
NAGA´s Contactless Mastercard and IBAN Account
NAGA´s Robo-advisor within NAGA Trader
NAGA´s Cryptocurrency-Exchange
NAGA´s EU-regulated brokerage
https://nagatrader.com/portfolios/
NAGA`s Curated Investment portfolios/baskets
NAGA`s Seminar & Webinar Company
NAGA`s Trading Academy (Off-/Online)
NAGA`s real stock trading offering
NAGA Coin utility system
A utility coin obviously needs a utility concept, thus we focused on building an infrastructure that allows the NGC — as per Whitepaper — to find its utility for the real world. Our future goal is alo to to embrace the utility concept. Of course we rushed into building an entire landscape, but now we feel ready for a larger adoption. We do NOT agree with coin pumping or using ICO funds to make price/market manipulation. We are strong believers in real and organic utility and user benefits. The entire utility case that has been built — according to the Whitepaper and all fulfilled promises — can be seen here:
And if you think this is too abstract, let us help you with some easy utility examples that NAGA has created:
All these features work with NGC as the base currency, the method of payment and core denomination.
Most frequently asked questions by the community
What is NAGA all about now after the crypto & FinTech hype?
NAGA is the world’s only platform offering its users full scale digital financial services, ranging from banking and investing to cryptocurrencies and gaming. We act as a bridge between traditional banking and digital money management for retail clients that are traditionally banked as well as the underbanked. Being a regulated, publicly traded but highly innovative FinTech, NAGA aims to democratize access, tools and knowledge so that everyone can benefit from financial, crypto and virtual assets.
Does NAGA work or are they just a scam?
As you can see the NAGA Ecosystem is backed by a stock listed company and we have a large international team. On top of this, we diligently delivered the products according to the roadmap and even surpassed it. Many projects do make big noise about small achievements. We however decided to focus and fully push to create an infrastructure before the next bull run arrives.
Of course we work, we have had a very tough work cycle in 2018. The project is real, so are the people. We highly encourage you to check out the products and get a better understanding.
Unlike almost any other ICO, in addition to the funding received through the ICO, the NAGA Ecosystem benefits from ongoing funding through revenues in the millions every year that are generated by the publicly listed NAGA Group AG. Those ongoing revenues are fully invested to grow the NAGA Ecosystem and its user base.
What is the integration with Binance all about?
In early december we built a unique worldwide integration to Binance. Thanks to NAGA’s flexible infrastructure, Binance Coin holders can actively and passively invest in the stock & forex markets without having to sell/exchange their BNBs.
10 Financial services, 1 Integration
- On-Chain BNB Deposit and Withdrawals to/from NAGA Wallet
- BNB as base currency in the NAGA Trader platform
- BNB/USD and BNB/EUR trading pairs on NAGA Trader
- Copy Bonuses in BNB for each copier on own positions
- Game-Item CFD trading with BNB
- Copy — /Autocopying successful top traders using BNB
- Setup NAGA´s Robo-Advisor “CYBO” investing and returning BNB
- Curated Long-Only Portfolios investing with BNB
- Daily, Weekly, Monthly Trading Contest using BNB
- Trade In-Game Items on NAGA Virtual and payout in BNBs instantly to NAGA Wallet
On top of this, we are listed on the “USE BNB” page on binance.com
https://www.binance.com/en/use-bnb
From this integration we hope for a well established cooperation with Binance and to help general crypto mass adoption.
Does NAGA engage in market making?
No! We do not use investors funds to buy, skew or fake liquidity or even drive the market price.
Such measures only produce very short term effects at a very high cost (in a best case scenario) and can never lead to sustainable development.
We believe in organic and sustainable demand through providing utility, user benefits, service, product attractiveness and growing the use base. It might take longer but we believe in utility as a fundamental concept. As you can see in our comment about our utility, we are ready to drive adoption across our entire ecosystem, in which we are confident that NGC will unfold with all of its advantages.
However, certain exchanges provide market making as a core service if and when listing a coin. If and when such exchanges provide market making for the NGC, these activities are solely targeted to provide a core liquidity. We believe that this is not only necessary but also sufficient.
Where is all the NAGA Team, why did they all go silent?
We have not gone silent. We have been working hard and constantly improving the ecosystem, its attractiveness and user benefits. You can see based on our deliverables on products, tech contributions, websites and marketing material that this team has worked tirelessly to fulfill all promises and duties based on the ICO whitepaper.
What happened to the INO?
Internally we decided to bring everything to a “heavy marketing” level. Unfortunately things got delayed, and the complexity was overwhelming. However, we finalized all our products and started with focused digital marketing in December.
We added thousands of accounts every month and we are growing further every day, especially now as the entire NAGA Ecosystem is ready to be marketed.
To give you an idea of how much has been done and produced in terms of marketing, image, branding, and most importantly in terms of creating tools and products for user adoption and customer conversion as well as cost effective marketing, please find a few examples below.
These tools, products and results help us every day to bring the benefits of the NAGA Ecosystem to new users and grow our user base. These tools and products are already generating revenue; revenue that is being continuously invested to further grow the NAGA Ecosystem and its attractiveness for new users on an ongoing basis.
We released 2 books and a video documentary on Amazon:
Book №1 (ENGLISH): “PASSION TO WEALTH: A Mountain Climber’s Shortcut”
URL: https://files.naga.com/NAGA_Passion_to_Wealth.pdf
Book №2 (ENGLISH): “FINANCIAL REVOLUTION ON THE HORIZON”
URL: https://files.naga.com/NAGA_Financial_Revolution_On_The_Horizon.pdf
Amazon Documentary: “RESET: The Blockchain Revolution”
URL: http://files.naga.com/RESET%20-%20The%20Blockchain%20Revolution%2020181106.mp4
On top of this, we have completed our image movie with a renowned film agency:
https://www.youtube.com/watch?v=WEQ8GJI1MJM
We also did a lot of activities with our partner Hamburger Sport Verein who are now leading the 2nd Bundesliga (German Soccer League).
Also, we aired our NAGA offering on SKY, one of the most popular Paid-TV stations.
https://www.youtube.com/watch?v=z0PwhzX8LcI
On top of this we have created webinar series, affiliate program content and much more.
Conclusion:
This has been the first focused and concentrated marketing effort and we will continue our activities even more starting Q1 2019. And we are seeing results in a growing user base.
But we also need to put things into perspective. Especially within the crypto market, user growth highly depends on the market environment. Last year the effect on every dollar spent for crypto marketing had an ROI that was almost 100 (!) times higher.
We have, furthermore, increased the brand awareness from 0.6% in Germany to 30% (based on NIELSEN report)! Which is a great result given the short period of our existence. Thus our brand building campaigns were successful and will be carried forward. As stated before, results depend to a large degree on the market environment and the results often come with a time lag.
Why dont you buy back coins like every project?
We believe in providing utility, user benefits, service, product attractiveness, growing the user base, and in strategic partnerships. Companies such as Yahoo or Amazon were also temporarily down by 95% at the start of the .com era and only made it through by focusing on their fundamental business model. We pursue the same strategy. We believe that the focus to “enhance, develop and grow the business” is better than to “fake interest/volume or drive price”.
Why did NAGA Trader have so many bugs?
NAGA Trader itself is very complex and an unique piece of software architecture serving a web, IOS and Android application. We have 135 code repositories for NAGA Trader, which is quite large for a trading application. The reasons are that all projects and websites are interconnected and effectively the entire software is under a complex load. Thus we focused the entire 2nd part of 2018 to fix and stabilize. The most critical issues were thus far price and chart delays. We will have all of this fixed and stable in the course of January 2019.
Why does NAGA support lack quality?
Currently we are switching to Intercom with dynamic and instant chats. The new setup will be live in January 2019 and we aim to make support faster and more direct.
The support of such a big ecosystem which is constantly growing in terms of products and users and had new updates nearly every two weeks, has been quite challenging for our teams.
In its segment, the NAGA Ecosystem is one of the most diverse, versatile and innovative ecosystems in the world. As we have now completed the product offering and are stabilizing the platform, we are confident that the support quality will increase significantly.
Did Yasin leave the NAGA Coin project?
Yasin is fully focused on NAGA Group AG, as is Ben. Both try to contribute their maximum to empower the NAGA Ecosystem.
Why are there no monthly reports anymore?
We will re-introduce the reports starting with this big blog post. We had to get everything together and build a solid structure. We apologize for the delay in the reports.
What did the Hamburger SV partnership bring?
With the partnership we have reached massive brand awareness for NAGA. The partnership is supplemented by a big TV marketing campaign with SKY Media (German 1st / 2nd Bundesliga & Champions League).
Successful user growth highly depends on an effective mix of brand awareness and direct advertising.
What happened to NAGA Virtual?
NAGA Virtual has been silently developed further.
We have built a feature that works like an “ingame item trade in” engine. Where you can sell your item instantly to NAGA Virtual and get NAGA Coins credited to your NAGA Wallet.
Thus offering one of the world’s first “crypto-trade in” engines. The traded items are listed instantly on NAGA Virtual Market and can be bought.
Also we have added game-item CFDs to be tradable on NAGA Trader. Thus NAGA is the world’s first platform where you can deposit a NAGA Coin via NAGA Wallet to NAGA Trader, invest into an AK-47 Game Item CFD on NAGA Trader, convert the NGC trading profits in USD using the NAGA Exchange and send the converted USD to the NAGA Mastercard.
Thus, to drive users on these platforms, we will focus on new partnerships and automated publisher onboarding and offer the solution to third parties in the gaming industry.
What is the status of NAGA’s partnership with Asobimo?
Asobimo partnership is still active and we will present our in-game item trade in feature.
Where is NAGA Guard?
NAGA Guard has been deployed, but we have seen extremely little interest without any growth in the product so far. In order to save investors money and lower costs for this project, it has been set dormant by its creators until the interest in in-depth analytics increases.
You can visit NAGA Guard here: https://naga-guard.com
What is the plan for NAGA Card, will it be part of the NAGA platforms or still a 3rd party?
Currently we are working on a native integration of NAGA Card into the NAGA Trader and Member Area. It will be similar to “Revolut”, just web-based.
When does the NAGAx go live?
NAGAx’s last known bugs were fixed just this week, we will set it live as soon as possible (as this software handles millions of funds we have to remain in beta until a maximum level of stability and security is ensured) and pursue the coinmarketcap listing as soon as possible.
When do you start marketing NAGAX?
See above, as soon we are confident that a maximum level of stability and security is ensured. Marketing material, products and tools have already been produced and are ready to be applied.
What is the plan for NAGA Wealth?
We have hired a new team and there will be a sophisticated NAGA Wealth product. We have released NAGA Portfolios (https://app.nagatrader.com/auto-invest/investment-portfolio) which constituted Naga Wealth, however we are working on a more versatile product which targets investors with additional asset management services.
Why is the NAGA Roadmap ending 2018, are there no plans for 2019?
We will very shortly update our roadmap on our webpage. As we have over-delivered the items we had to re-shuffle the roadmap. In a nutshell, we will focus on enlarging the instrument offering to real equities and also to establish NAGA Wealth. However the main focus will be : user growth. We feel that we built more than multiple projects together and thus we need to focus on the ecosystem and partnership growth, rather than focusing on chasing capital-intensive milestones. In short: once you have reached all roadmap goals in terms of product and offering, your core milestone is simply user growth.
Did the NAGA Team sell all its NGC or who is dumping?
No, we do not sell. The team and advisor lock up ended (as per whitepaper) in June 2018. The NAGA Team is strongly committed. We do not know exactly which addresses belong to whom anymore, however we believe that external people do panic selling, which is definitely not advisable.
Why is the circulating supply increasing?
The circulating supply increases because we spent NGCs for developments in the ecosystem or paid partners. Also advisors moved coins to wallets. Based on coinmarketcap all tokens that are not in control of NAGA anymore are “circulating”. Thus every movement from principal wallets (even just a simple transfer) is considered to trigger the circulation. At some stage it will go up to 77 M once NAGA spends/invests the reserve.
What is the status with the Ontology partnership?
Due to the bearish crypto markets and our focus to build up the ecosystem we have not focused on this partnership lately. However we will pick up speed once again and offer synergy partnerships with ONT, too.
What is the status with Hicky?
A comment by NAGA re HICKY
Dear Community,
With the rise of blockchain technologies, offering by far one of the most secure ways of protecting data, companies started developing various products. Despite a promising idea behind any project, the success of it depends on many factors, among them the right market environment, targeting the correct markets, having successful marketing campaigns, setting clear goals & achieving them.
The Hicky team did not accomplish its planned targets.
Hicky was founded in Feb. 2018 under Picky Development Association Ltd. in order to initiate the HKY Token, usable on the Dating Platform “Hicky”. The technological resources for a mobile iOS application were provided and transferred by Pingr Ltd., a third party company.
With its expertise in blockchain and disruptive trading technologies, NAGA was approached by Hicky to join the project as a business development advisor while solely giving non-binding recommendations to the Hicky management, without any option of taking any operative actions. The legal relationship between the three entities is visualised in the below graphic. In this context, it must be highlighted that the Hicky ICO was executed and processed by Picky Development Association Ltd only. (not by NAGA or Pingr).
The Hicky project was, unfortunately, not able to deliver the required KPIs in order to continue its operations and the management of the company approached NAGA. NAGA continued advising the Picky Development Association Ltd. after the active business development of Hicky was stopped.
Neither NAGA nor Pingr Ltd. received any funds or proceeds from the HICKY ICO. Those funds or proceeds have solely been received by the Picky Development Association Ltd. Neither had NAGA or Pingr Ltd. any influence or control on the use of the funds.
Having only an advisory role and no legal relations to Picky Development Association Ltd. or Pingr Ltd., NAGA is not liable to Picky or any third party concerning potential damages suffered from the HICKY project.
As far as NAGA knows, Pingr Ltd. is a software developer/provider that has contributed IP/software to the Picky Development Association Ltd. As Pingr Ltd. is the developer and owner of this IP/software, Pingr Ltd. aims to launch their product in the future. This however would be independent of HICKY, yet could result in benefits for the HICKY community. Pingr Ltd. might evaluate possible solutions for the Hicky project at a later stage as Picky’s software/IP contributor.
At present, NAGA is not continuing to advise the Picky Development Association Ltd. in regards to the development of the HICKY project. However, NAGA might evaluate possible solutions for the Hicky project at a later stage as Picky’s advisor.
All Hicky investors are invited to join the NAGA Telegram group to stay tuned about further updates related to the NAGA Universe: https://t.me/official_nagacoin.
What is the status with MyBucks?
The MyBucks partnership is completed.
Under https://getbucks.nagawallet.com the integration has been completed. We are already welcoming new MyBucks users and will build the partnership in 2019 by focusing on user experience.
Is NAGA Development Association Ltd. buying pseudo websites and if so, why?
All websites owned by NAGA Development Association Ltd. are OPERATIONAL and live. There is no single “pseudo website”.
If the NAGA Coin drops below 1 Cent, will it still exist?
Yes, even in such drastic correction measures due to the extreme bear market, we remain confident and have a long term vision. We believe in sustainable products and business strategy. The crypto market and all its players have experienced a lot of hype, but we want to ensure our project is much more than just hype itself.
What’s next?
After having built one of the most innovative, versatile and diverse ecosystems for financial services, NAGA is focused on user growth.
The main activities will be marketing and focused community building. Unlike other projects we will not need to wait on product features or releases, as we have chosen the strategy to finish the entire product first and then to acquire clients.
On the product side we will move for some time to enhancement and maintenance mode, and we will increase the focus on customer support, security and on product stability. We aim to deliver the best user experience down the line when it comes to the experience of traditional and digital financial trading.
The additions to NAGA Trader will be more of a vertical than a horizontal nature. Thus we will add more symbols and instruments, and we are aiming to offer real equity trading. Also, we are currently in the process of establishing an innovative Wealth concept, for which we hired a new team. We are aiming to release this in 2019. The exact date will be announced once we feel comfortable.
We will also focus on embracing the usability of the NAGA Coin within the entire NAGA Ecosystem.
This will all happen through fundamental and steady marketing and business development efforts specifically designed to build a strong community.
Stay tuned.
