The Saga Foundation has announced its mission to create Saga (SGA), a non-anonymous blockchain-based digital currency. The currency is designed with a tamed volatility mechanism and, in addition to the non-anonymous nature, aims to set grounds for the currency to become a store of value and a medium of exchange. Saga is designed to address legitimate concerns expressed by policy makers, regulators and market participants regarding cryptocurrencies; mainly their anonymity, lack of underlying value and high volatility.
Saga holders must satisfy full KYC and AML requirements under Swiss law. With such disclosures, Saga resolves concerns about participant accountability, an issue that is generally raised regarding cryptographic currencies. Saga aims to promote a low-volatility environment, combining the virtues of blockchain technologies with algorithmic representations of financial tools. For this reason, Saga is backed by a variable fractional reserve that is anchored to the IMF’s SDR. These reserves will be deposited with regulated banks through algorithms in the underlying smart contract system.
Dr. Jacob Frenkel stated: “While Blockchain technologies have gained growing acceptance, encryptic currencies have raised public policy concerns, since they are anonymous, unbacked, and are highly volatile. I share these concerns and see great value in Saga’s vision to address them properly.”
CEO at Mangrove Capital Partners, Mark Tluszcz remarked: “Saga represents a step change in maturity for digital currencies. The first that combines material benefits to the existing financial system with the potential and needs of the digital world. It’s the strongest team in the space and we are delighted to be backing the project.”
Prof. Myron Scholes commented: “Blockchain technologies will change financial infrastructure, from a current focus on transactions processing to transactions analysing. This facilitates more efficient client solutions to their financial problems. The Saga project aims to develop a sustainable and efficient blockchain-based cryptocurrency that I support through becoming a member of its advisory council.”
Saga Foundation’s Founder & President, Ido Sadeh Man said: “The creation of Saga is based on interdisciplinary knowledge, permitting to implement monetary models to tame volatility and allow regulatory access to participants’ identity. We are fortunate to have the involvement and insights of global leaders, who along with the other members of our Advisory Council, are helping us to design the first non-anonymous blockchain-based digital currency.”
Additional members of the Advisory Council include Prof. Dan Galai, Co-Developer of the Chicago Board Options Exchange’s Volatility Index (VIX); Prof. Emin Gün Sirer, Professor & Co-Director at the Initiative for Cryptocurrencies and Smart Contracts at Cornell University; and Prof. Raz Chen-Morris, Humanities Department Chair at the Hebrew University of Jerusalem.
The Saga Foundation is not conducting an ICO. Instead it leverages accredited investors, VCs and hedge funds, amongst which are Mangrove Capital Partners, Lightspeed Venture Partners, The Singulariteam Technology Group and Initial Capital.