New Coin on The Busha Block: NGNT

NGNT, which is the Naira Token, is a stablecoin that is pegged to the Nigerian Naira. If you’ve never heard about them, stablecoins are cryptocurrencies that are pegged to another cryptocurrency, fiat, or commodities. They are designed to minimize the volatility in the price of the stablecoin, relative to a “stable” asset. NGNT is pegged to the Nigerian Naira, so, the value is based on the value of the Naira.

1 NGNT=1 Naira

According to the official NGNT website, Naira Token (NGNT) is an ERC 20 token that bridges the Naira with the advantages of digital currency, giving cryptocurrency traders, business owners, and software developers the ability to transact with the Naira across the blockchain. This means that it is a digital form of the Naira with the dual benefits of conventional fiat and a decentralized token.

Pros

NGNT is open-source and transparent. Every transaction is recorded publicly on the blockchain and can be verified by everyone. Monthly attestation reports of reserves are published for each user by an independent audit firm and, the reserves are protected in approved financial institutions. It is secure as well, with a smart contract that has been audited and verified by Quantstamp.

Additionally, all NGNT transactions are super fast and can be confirmed in mere seconds.

When you use NGNT, you’re getting a fast, secure, and reliable means to transact sans the usual Naira constraints. NGNT is designed for those of us, who want to enjoy the benefits of digital currency on the blockchain minus the mercurialness of Bitcoin.

You should use NGNT if you’re a cryptocurrency trader or investor, who wants a fast way to trade your crypto for Naira and vice versa.

PS: Spread the word! NGNT is live now on Busha!