NGNT by Token Mint
What is NGNT?
NGNT is an ERC 20 token that’s fiat backed with real Naira held in licensed financial institutions (banks). Unlike most volatile digital currencies, NGNT is pegged 1:1 against the Naira. This means that for every NGNT out there on the network, there is an equivalent Naira amount held securely by our partner bank(s).
That is, 1 NGNT will always be redeemable for N1.There can't be more NGNT than Naira.
Why use NGNT?
- Stable: NGNT is pegged 1:1 to the Naira and will always be redeemable for 1 Naira
- Fast: All transactions are confirmed in 10-20 seconds
- Reliable: Reserves are safely kept in licensed financial institutions
- Public: NGNT is open-source and transparent. Every transaction is recorded publicly on the blockchain and can be verified by everyone. There are monthly audited and published records of NGNT reserves.
- Transparent: An independent firm audits and publishes monthly attestation reports of all NGNT reserves for every issuer.
- Secure: NGNT’s smart contract has been audited and verified by Quantstamp, a leading full stack blockchain security company.
Why is NGNT pegged to the Naira?
NGNT is pegged to the Naira because Nigeria is the largest market in Africa and the official currency of Nigeria is the Nigerian Naira (NGN).
Is NGNT a Legal Tender? (No)
It is not legal tender. NGNT is not the Nigerian Naira. It is a cryptocurrency token with it's value pegged to the Naira with actual money in the bank.
How can I trust that N1 = 1 NGNT?
An independent firm audits and publishes monthly attestation reports of all NGNT reserves for every issuer. These attestations shall be carried out in line with the provisions of the International Standards on Assurance Engagement (ISAE), Companies and Allied Matters Act (CAMA) and Financial Reporting Council of Nigeria Act (FRCONA). These attestations are publicly published to this site and as such, everybody will be able to see that for every NGNT on the network, there's an equivalent Naira sitting in a bank account.
What happens if the Naira is devalued?
NGNT is matched to and gets devalued with the Naira. The aim is to help people perform fast & borderless transfer of Naira-equivalent for transactions. USDC will be listed soon for users who want to use crypto to hedge against the Naira.
What problem does NGNT solve?
Although early cryptocurrencies (like Bitcoin & Ethereum) have their special use cases, we think stablecoins like NGNT have a role to play for people who want to enjoy the advantages of blockchain without the volatility of Bitcoin. With NGNT, you can perform fast, publicly-verifiable, borderless transactions with a Naira equivalent without the restrictions of the Naira.
Who can I send NGNT to?
You can send NGNT to Ethereum addresses on these wallets - Coinbase Wallet, Trust Wallet and Coinomi. 1 NGNT is always redeemable for 1 Naira on BuyCoins.
How does NGNT work?
NGNT is an ERC-20 token on the Ethereum blockchain that you can buy through an issuer. Issuers mint and validate the tokens which can be transferred to any ERC-20 compatible wallet. Issuers also redeem NGNT tokens for naira, after which the tokens are removed from circulation.
Who issues NGNT?
NGNT is issued by Token Mint, an independent organization of exchanges, wallets and payment processors. Our goal is to facilitate easy and speedy cross-border transactions and increase the scope of trading across the continent.
Why should I use NGNT?
You should use NGNT if you're a cryptocurrency trader or investor who wants a hassle-free and fast way of trading crypto for Naira and vice versa. All NGNT transactions are done on the blockchain so there are no transfer limits or banking delays. Confirmation is done within 10-20 seconds
Are NGNT transactions public?
NGNT transactions are on the blockchain, this means the transactions are public. If someone sends NGNT to another person, everyone can publicly view the status of the transaction, which means uncertainty is removed and confirmations can be known.
Are transactions anonymous?
Transactions aren't by default anonymous (they are pseudonymous like Bitcoin) but they can be made anonymous if skilled users put in the work.
What is the token's contract address?
You can find out more about NGNT here - https://ngnt.org