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No Go Naga, Not Yet: Past-ICO Review

  • Eric Eissler
    🕵️‍ ICO Watch

    A panacea for all crypto payments, or an overreach of technological means?

No Go Naga, Not Yet: Past-ICO Review

Naga (NGC) is a utility token with which all activity in the network revolves around, from serving as the primary form for fees and collateral, to the main base currency for transactions.

NGC shall become the driver of a sustainable economy where demand grows as more and more users, financial institutions, and game-publishers join the NAGA ecosystem. The token is linking all of these industries into one ecosystem for payments.

Financials

While it is a utility token a steady declining price is one that causes worry. The token entered the market on Dec. 23, 2017 at $1.54 and surged to over $4 in January before starting its steady decline all the way down to $0.41 at the time of writing.

The ICO ran for 16 days from Dec. 1 to Dec. 16, raising $45.3 mln. However, its market cap is only some $24 mln, which is a loss of almost half its value and a deterrent to potential investors.

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Team

The Naga team comprises many young crypto enthusiasts with various backgrounds in finance, business, taxation and of course computer science.

Yasin Sebastian Qureshi - Founder and Executive Director

Qureshi was previously the CEO for 20 years at the Varengold Bank AG, before launching into the cryptosphere in 2015 by founding the Naga group AG, which represents Naga coin today.

Andreas Luecke - CFO and Executive Director

Has a strong background in tax, having developed a career in taxation and finance in Germany before leaping into crypto in 2015 by joining Naga.

Benjamin Bilski- Founder and Executive Director

A Forbes 30 under 30 Member, Bilski is a serial internet entrepreneur. He is the Founder and Executive Director of the NAGA Group AG. The company performed Germany's most successful IPO in 2017.

His previous major success was starting an online fishing supply company that serves Germany, Austria, and Switzerland.

Igor Kulatov- Co-founder and CTO

Kulatov has a computer science degree from IMTO University in St. Petersburg, Russia and before joining Naga he worked in IT for several companies- one of which was acquired by Amazon.

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One hand, too many cookie jars

The strategic risk is a primary one: NGC is attempting to unite too many different services under a single utility token.

The synergistic effect of such a combination is difficult to calculate and the uncertainty of the future evaluation of NGC token remains high. AGA Coin is a project for creating an original ecosystem based on a variety of services.

The final ecosystem will include two marketplaces- for trading in the financial and in-game item markets, as well as a number of additional services whilst aiming to be the most independent and full-fledged ecosystem for consumers based on the ERC20 NGC token.

Still potential is locked up until later this year when the mainnet goes live and later the payments system is launched.

Despite the slumping price, the mainnet and payment system launches could be a shot in the arm that Naga needs to succeed.

The second half of 2018 will be a crucial and critical time for Naga. If it cannot achieve success with its systems and services fully operational, then it may be doomed to fail.

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About the author

Eric Eissler is based in Chicago and works in higher-education administration and finance. He is a freelance writer covering blockchain technology, fintech, cryptocurrency, the oil and gas industry, and international politics.

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