Last year was an incredible year for the world of cryptocurrencies with Bitcoin, the first cryptocurrency, rising in its value by 1,400 percent. With such an incredible increase in value, many felt that they should have invested into the cryptocurrency so that they could have also raked in all the profit. Things did turn around for the worse when the price of Bitcoin started falling without respite. The value has since fallen by 40 percent and many people are happy that they did not give in to FOMO (Fear of missing out).
The Problem With Cryptocurrencies
The primary problem in the world of cryptocurrencies is the fact that it is susceptible to extreme volatility. The whole trading scenario is a gray area that has barely any regulations since it is such a nascent investment vehicle. These problems make it very hard to be able to consider the decentralized cryptocurrencies as a viable replacement to the traditional currency system which has stood the test of time.
Everybody agrees that there is a severe lack of trust in the world when it comes to the current financial system in light of the crashes it has seen and how adversely it has affected the world over. There is indeed a need to come up with a viable solution and cryptocurrencies have the potential to be that alternative. The volatility and murky trading makes it difficult to consider them the main driving force for a financial system of the future.
Enter the Non-Anonymous Stablecoin Saga
There is a group of people who recognize these challenges and they have a plan to address them in the form of a new cryptocurrency – the first non-anonymous stablecoin, Saga. This cryptocurrency, like all other cryptocurrencies before it, is going to be based on the underlying blockchain technology powering it but it will no longer have all the qualities of cryptocurrencies that have been making regulatory bodies, financial institutions and most importantly, the general public anxious.
For a lot of people around the world, the prospect of being able to use a medium of exchange anonymously is an attractive thing to consider. It is that same anonymity which is the main reason behind the gut-wrenching volatility of cryptocurrencies.
Saga is the first non-anonymous cryptocurrency which is being developed to address those problems. The group of people working to develop this revolutionary cryptocurrency in the already disruptive world of cryptocurrencies is not a rag-tag bunch of people. The team consists of famous economists and financial investors who have what it takes to make such an ambitious project embark. It is being developed by The Saga Foundation which is a non-profit based in Switzerland. Founded in 2017, The Saga foundation is focused on the development of latest technologies in the world of decentralized software. The advisory council consists of giants from the likes of JP Morgan Chase International’s chairman Jacob Frenkel, pioneer in financial future Emeritus Leo Melamed and the Cornell University Professor Emin Gun Sirer who is also the co-director of Initiative for Cryptocurrencies and Smart contracts.
The Saga Foundation aims to leverage the power of blockchain technology in a way that the governance paradigms may be re-evaluated and come up with a new and most importantly stable way in which human society makes the exchange of value. It is an ambitious project but The Saga Foundation definitely has the right people on board to pull this off.
Charlie Shrem is a Bitcoin pioneer, a social economist and digital currency trader. His work in this field is legendary. In 2011, at the dawn of the crypto era, he founded BitInstant, the first and largest Bitcoin company. In 2013, he founded the Bitcoin Foundation and serve as its vice chairman. Since then, Charlie has advised more than a dozen digital currency companies, launched and managed numerous partnerships between crypto and non-crypto companies, and is the go-to guy for some of the world’s wealthiest entrepreneurs. In short, he is the ultimate insider at the epicenter of the crypto universe.
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