What is NGNT?
Updated by Zino
What is NGNT?
NGNT is a collateral-backed digital currency that bridges the Naira with the advantages of decentralized blockchain technology.
Why use NGNT?
- Stable: NGNT is pegged to the value of the Naira and is not volatile.
- Fast: There are no dependencies—settlement houses, card processors or banks. All NGNT transactions are confirmed in 10 - 20 seconds.
- Reliable: NGNT is backed by the world's leading digital dollar stablecoin - USDC. USDC is issued by regulated financial institutions in the United States.
- Public: NGNT is open-source and transparent. Every transaction is recorded publicly on the blockchain and can be verified by everyone. You can check this out here.
- Transparent: The value of NGNT reserves are publicly available on the blockchain - anybody with an internet connection can audit them.
- Secure: NGNT’s smart contract has been audited and verified by Quantstamp, a leading full-stack blockchain security company.
What is NGNT?
NGNT is a digital representation of the Naira on the blockchain. NGNT doesn’t require a bank account. It doesn’t require that you live in a particular geography. And you can send NGNT around the world in just a few minutes.
Who issues NGNT?
NGNT is issued by Token Mint, an independent organization of exchanges, wallets and believers in bringing the future to Nigeria.
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 cryptocurrency against the value of the Naira. All NGNT transactions are done on the blockchain so there are no transfer limits or banking delays.
How can I trust that N1=1 NGNT?
NGNT is backed by USDC - the world's leading digital dollar stablecoin. USDC is issued by regulated financial institutions in the United States, and backed by fully reserved assets, and redeemable on a 1:1 basis for US dollars. USDC is governed by Centre, a membership-based consortium that sets technical, policy and financial standards for stablecoins. The value of NGNT reserves will always match or exceeds the value of all the NGNT in circulation. The value of NGNT reserves are publicly available on the blockchain.
Is NGNT a Legal Tender? (No)
It is not legal tender. NGNT is not the Nigerian Naira. It is digital currency pegged to the value of the Naira.
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.
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