Saga – The Solution for Global Economy?
In 1969, the International Monetary Fund introduced the concept of Special Drawing Rights (SDR). In a nutshell, this is an international reserve asset, that is, a team of major world currencies such as the US dollar, euro, pounds sterling, yen, and yuan. Such a set of currencies was adopted since they were used by central banks to hedge local currency fluctuations around the world. In creating its digital currency, SGA Saga takes a similar model for a financial instrument and puts it on the blockchain.
It is worth noting that the cost of SGA, unlike the SDR, which is currently estimated at $ 1.40, will vary depending on how many people use it. The main advantage of the new cryptocurrency unit is that any changes in its value will go smoothly and predictably, without sudden changes in price. This is because in the case of buying a coin – they are generated from scratch, in the case of a sale – they are burned.
Given all of the above, we can confidently say that SGA is not called a stable coin with a fixed continuously price, but we, in any case, can call it a “stable currency.”
The founder of Saga, Ido Sadeh Man, succinctly commented on the circumstances. His main thought was that the global economy is needed for the worldwide economy.
Also, he gave explanations about the future of the new cryptocurrency. In his opinion, the SGA is unlikely to achieve the status of a full-fledged exchange unit in the coming year, two after the official launch. However, the SGA is forecasting a good start and breakthrough due to participation in the same hedging.
At the moment, we know that the official launch of the new cryptocurrency from Saga SGA will be held on December 10, which means very soon, and will be available for trading on Liquid.