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Saga Launches Onboarding Process for New Type of Crypto Asset

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Wed, 11/27/2019 - 14:37
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  • Saga Monetary Technology has launched the onboarding process for individuals to purchase the ERC-20 token, which will be launched on December 10, 2019.

Cover image via www.saga.org
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Stablecoins, which are crypto assets that are strictly pegged to some major real-world currencies, are usually counterposed to other cryptocurrencies. This approach mostly is due to a stablecoin's low volatility and regulated nature. As a result, the attempts to merge the benefits of "traditional" cryptocurrencies and stablecoins are usually anticipated by the international crypto community.

Stablecoins and Beyond

Saga Monetary Technologies (SGA) plans to launch a new coin called SGA token, on December 10, 2019. Potential owners of SGA can now be part of the onboarding process via the official project's website. This will allow them to execute their SGA purchase from the date of the token generation event (TGE).

According to Saga Monetary Technologies, the new asset will act as a stabilized currency for global use. Its tokenomics allows SGA to self-regulate the token supply. Shortly after the TGE, the token will be fully backed by a basket of national currencies that replicate the International Monetary Fund's Special Drawing Rights. Since 2016, this basket is composed of the USD, EUR, CNY, JPY, and GBP.

The participants of this onboarding process are subject to risk-based Know Your Customer (KYC) and Anti-Money Laundering (AML) proceedings, as well as being in compliance with all applicable UK and Financial Action Task Force (FATF) AML-related regulations and practices.

Following the interest of SGA, the "classic" asset-pegged nature of the coin will be replaced by a self-regulated token model. The reliance on the reserve will eventually diminish over time.

Fair Governance

Despite the fact that the ERC-20 token is produced by SGA and is therefore based on Ethereum's PoW-based network, the features of new token will allow its holders to run numerous governance mechanisms, including the election of an executive council overseeing the project. As a result, the original consensus within the SGA network will look like PoS, or even dPoS.

The creatures of SGA assure that it complies fully with existing international regulatory frameworks. The project teams include world-level experts in computer sciences, economics, and management. Saga has raised $30M in seed funding by leading investment boards such as Lightspeed Venture Partners and Mangrove Capital Partners.

Are you interested in the "baby of stablecoins and classic tokens"? Will it be useful? Share your thoughts on Twitter!

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

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  • It is the first day of the month and Ripple has released one billion XRP from its escrow wallet. The community traditionally expects a price drop after such massive dumps

Cover image via stock.adobe.com

It is the first day of another month – this means that Ripple has lavishly thrown XRP from its escrow wallet – one billion coins. Since the start of 2020, this monthly dragon-sized amount was withdrawn in two portions of 500 mln XRP each.

XRP escrow
Image via Twitter

While the XRP price is in the green zone, trading at $0.173095 on CoinMarketCap, the comments under the tweets about the XRP release signify that the community is either indifferent (having got used to these releases already) or is expecting another price drop in the short term.

In January 2018, XRP, the third-largest cryptocurrency, reached an all-time high of nearly $3. Since then, XRP has been light years away from the ATH.

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Many skeptics say that the XRP price is not going to rise even in the long term, mocking those who remain faithful, holding bags of the coin.

As earlier reported by U.Today, many in the community believe that regular XRP releases made by Ripple prevent the price from rising and reaching at least $1. In 2019, a petition was set up on Change.org by crypto influencer ‘Crypto_Bitlord’ who wanted Ripple to stop dumping XRP.

Curiously, later on, another petition appeared on the same platform, requesting Ripple to accelerate the release of XRP in order to increase the coin’s adoption, which would assumingly lead to a massive price surge.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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