NAGA (NGC) is a cryptocurrency being developed by a German Fintech company called NAGA Group AG. The project's goal is to make transactions in stocks and virtual goods more secure and accessible to everyone.
NAGA has developed SwipeStox and Switex to help reach its goal. SwipeStox is a social trading platform, and Switex is a tool used to connect the gaming and financial worlds for an ideal experience. NAGA also plans to develop a wallet that will be incorporated to SwipeStox and Switex.
The white paper can be viewed at https://docsend.com/view/srsg4zw (77 Pages)
NAGA Trader
NAGA Trader is a social media service for traders, the platform has currently processed just over two million transactions to date. NAGA Trader has a top leaderboard where you can monitor its top traders on the platform and automatically copy all the trades made by your trader of choice.
NAGA Trader also allows users to be an expert in certain areas of a market, in turn, they gain followers which allows them to make a passive income depending on the follower count. NAGA Trader has a gamified experience that makes it different from other similar platforms, through key features such as it is mobile and is user experience driven.
NAGA has done this to open up asset trading to the worldwide market of gamers NAGA Trader has been operating since July 2016 and currently has partnerships with 8 brokers, including the world’s largest providers such as FXCM and BDSWISS.
Switex
Switex provides traders with a platform for transparent blockchain trading, this allows it to be a core part of the ecosystem that NAGA is developing. In turn, Switex aims to be the first “legal ecosystem” for virtual trading amongst gamers, It plans to allow gamers, game developers, and game publishers to profit fairly and participate in peer to peer trading.
NAGA Wallet
NAGA plans to release a wallet for its user base to store tokens which will be used to deposit into Switex and SwipeStox. Since NAGA is part of the Ethereum platform this allows you to store any ERC-20 token into NAGA wallet. Overall, the functionality of the NAGA wallet is standard in comparison to other competitors however, methods of storing funds and security methods are not specified there is nothing in writing of the specified amount of commissions for transactions, it just says “low fees”.
The major downside of NAGA Wallet is how they released it they have a special page that has about hundred words on what it offers with nothing in detail which leaves users guessing transaction fees, times and if it is secure. In order to gain more user attention, NAGA needs to state these small details somewhere or have proof as anyone can say “low fees” but not actually have low fees.
NAGA Academy
NAGA Academy was created in order for users to gain knowledge around Financial Trading, Virtual Goods, and Cryptocurrency. However, that’s all most users will ever know this project has little to no detail. The team only states ideas and possibles of what is to come instead of coming up with an actual brief of what it offers.
Conclusion
Overall NAGA shows off two great platforms with detailed ideas, were on the other side of the project it is very loosely strung together and doesn’t let users actually know what is going on. If the company is able to complete the other side of the project and inform members of their community we could see some real traction.
However, as of late we have seen a decline in virtual items especially in the counter-strike scene were they have banned all third-party sites by implementing a new seven-day item ban. To solve this issue NAGA will need to be in close contact with companies such as Valve, Riot Games and many more in order to stand out from the rest, if we can see improvements such similar to as stated we could see NAGA picking up attention and moving up the list of cryptocurrencies.
