What is a Cryptocurrency?

https://nagaya.co/
  1. Extreme Control: The Central Authority, in this case a Bank or Government, has the rights over not only the money you keep with them but also the money you hold. The Government could one day announce the money we own hold no more value, like the 2016 demonetization in India.
  2. Corruption: “With great power, comes great responsibility” was Uncle Ben’s advice to Peter Parker. The close to unlimited power that central authorities have over people’s money and information gives them a backdoor to corruption. (Recent Example: Wells Fargo fake account scandal in late 2016)
  3. Inflation: When a country is facing crisis, one solution for central authority is to print more money. What happens when you load too much money into the market? Inflation. The price of goods doesn’t change, but the value of your money drops. (Recent Example: Venezuelan current Hyperinflation)
  1. Decentralization: By utilizing distributed ledger technology, a Cryptocurrency can achieve its function of creating a Decentralized ecosystem. They are not managed by a central authority, but by a group of people who verifies transactions and maintains the ledger.
  2. Transparency: The ledger that is kept within the Blockchain Network is kept and maintained by everybody in the chain. Each transaction must be verified by the majority, and after a consensus is reached, the encrypted transaction record is shared throughout the chain for everyone to see.
  3. Solves the Double-Spend Problem: When a transaction is to be added to the Chain, a consensus needs to be reached by majority of people maintaining the chain. This reduces the risk of a Double input and thus ensures Transaction that is recorded to be valid.
  4. Limited Amount: Unlike the FIAT money that the Central Authority can print during need, Cryptocurrencies are limited in amount. This ensures exclusivity and maintaining Inflation in check.

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NAGAYA (NGY) is a Gold-Backed Cryptocurrency with Subsidiary Projects. We aim to build Trust and Value through LEGALITY and TRANSPARENCY. https://nagaya.co/

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Nagaya Technologies

Nagaya Technologies

NAGAYA (NGY) is a Gold-Backed Cryptocurrency with Subsidiary Projects. We aim to build Trust and Value through LEGALITY and TRANSPARENCY. https://nagaya.co/

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