Introducing NGNN (A Naira pegged African Stable Coin)

NGNN = ₦aira

A few days ago, NGNN (Neutrino Naira) was launched, a stable crypto version of the Nigerian Naira with all the benefits of a cryptocurrency without price volatility. $NGNN is an asset issued with Neutrino — a hybrid protocol for issuing algorithmic stable coins based on Waves protocol.

$NGNN is a cryptocurrency pegged 1:1 to a real-world asset, the ₦aira fiat currency.

Understanding Stablecoins?

Stablecoins are price-stable cryptocurrency whose value and price are pegged to another stable asset like national currency (e.g. USD, NGN, EUR etc)

Types of stable coin

I) Fiat-Collateralized stable coins — A fiat-collateralized coin is a cryptocurrency backed by a real-world fiat currency. It works by depositing a fiat currency in a bank account and issuing a stable coin in a 1:1 ratio against the fiat.

II) Crypto-Collateralized stable coins — A crypto-collateralized coin is a cryptocurrency backed by the reserves of another cryptocurrency. A crypto-collateralized coin is decentralized and more transparent. An example is USDN (equivalent to USD), NGNN collateralized by Waves.

III) Non-Collateralized coin — non-collateralized stable coin utilizes a Seigniorage Shares framework. Essentially, the tokens depend on a calculation produced precisely which can change the stockpile volume if needs be in order to keep up the token’s value which is pegged to an asset.

Examples of Stable coins

· USDT (Tether)

· USDN (Decentralized)

· TUSD (TrueUSD)

· DAI — Maker (Decentralized)

Advantages of NGNN

I) Earn interest — Users can stake their NGNN and earn up to 15% interest per annum. Get started via waves. exchange

II) Fast — All NGNN transactions are confirmed within 3 seconds.

II) Transparency — All NGNN transactions are recorded on the Waves blockchain and can be accessed and verified via wavesexplorer.com by anyone.

III) Stable — NGNN worth is always equivalent to the Nigerian naira (1 NGNN = #1) Naira stable coin is perfect for storing value and perfect for mitigating volatility when trading.

IV) Low fees — Transfer of NGNN is cheap. Presently, it cost only about #1.4 to transfer NGNN to anyone irrespective of the quantity been transferred.

V) Decentralized — NGNN is running on a public protocol without influence and control of third party entity.

VI) No restriction — NGNN stable coin possesses every quality of a cryptocurrency and this lets users pay and receive NGNN across the border without restrictions.

VII) Secure — Anyone can securely store NGNN on waves.exchange, a decentralized wallet and exchange.

For more information, check out: https://waves.exchange/defo