Towards Worldwide Money
A token only becomes a currency once it is used by markets as a store of value and means of exchange. To date, no blockchain-based contender has achieved this goal. Adoption as currency is contingent upon the fulfillment of several conditions, chiefly: tamed volatility; regulatory oversight and efficient governance. Saga addresses all of these in its proposition for a new, global currency - SGA.
The Building Blocks of Saga
A monetary model to balance the growth with stabilization instruments
Daily reserve attestations by the banks that hold it
SGA is fully liquid from the start, allowing 24/7 buying and selling directly from the contract
SGA prices are predetermined by the contract for any given number of SGAs in circulation
The interest on the reserve is reflected back to SGA holders
Streamlined online KYC and AML onboarding process, compliant with FATF frameworks
A framework designed for SGA Participants to be the sole sovereigns of the currency
Get access to an instrument that was only available to central banks
The Essentials to Building A Currency
Stability vs. Growth: Taming Volatility
Saga’s model permits variation in SGA’s exchange rate. However, it also utilises a variable reserve to moderate fluctuations so that stability is not jeopardised by unsustainable growth. Saga’s model is deeply inspired by monetary instruments used by central banks to build the currencies we all use today.
Efficiency vs. Representation: Governed by Participants
Native blockchain governance is not enough. Allowing changes only when there is full consensus, favours representation over expertise and efficiency. Forking as a result of decision making should be used only as a last resort. Saga has implemented a governance model that allows both direct representation and delegation according to the various use cases.
Innovation vs. Compliance: Wide Acceptance
A true currency must enjoy a critical mass of acceptance before it can be used as a means of exchange. This can only be achieved if regulation is met and public policy concerns are answered. Saga works under a competent regulatory framework. While Saga is held in any ERC-20 wallet, buying or selling SGA directly from the smart contract is offered following a friendly, online onboarding process, which fully conforms with bank-grade regulatory procedures.