1 NGNT = 1 NGN*

* NGNT is a stablecoin pegged to the Nigerian Naira. It is not legal tender.

Naira Token (NGNT) is an ERC 20 token that bridges the Naira with the advantages of digital currency, giving cryptocurrency traders, business owners and software developers the ability to transact with the Naira across the blockchain.

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Stable

NGNT is pegged 1:1 to the Naira, which means 1 NGNT will always be redeemable for 1 Naira. It’s the best of fiat on the blockchain.

Fast

There are no dependencies—settlement houses, card processors or banks. All NGNT transactions are confirmed in 10 - 20 seconds.

Reliable

NGNT reserves are safely kept in licensed financial institutions and backed up across multiple bank accounts.

Public

NGNT is open-source and transparent. Every transaction is recorded publicly on the blockchain and can be verified by everyone.

Transparent

An independent firm audits and publishes monthly attestation reports of all NGNT reserves for every issuer.

Secure

NGNT’s smart contract has been audited and verified by Quantstamp, a leading full stack blockchain security company.

Open-source

NGNT is an independently managed open-source project that runs on Ethereum via smart contracts.

We use Gas Station Network (GSN), a decentralized network of relayers, to allow people send and receive NGNT without having to pay for gas in ETH. This means NGNT transfer fees can be paid in NGNT.

Upgradeability

The NGNT token contract will be upgradeable just once. This is achieved by restrictions in the LimitedUpgradesProxyAdmin.sol contract

The motivation for this decision is to provide an opportunity to effect any of these potential changes:

  • GSN is still relatively new technology, so we think it’s a good idea to prepare for any major vulnerability that may be found.
  • We want to be able to implement an automatic and onchain mechanism for updating the gsnFee

Community

Join our Telegram community of traders, developers, enthusiasts and stakeholders to discuss the future of NGNT and digital money in Africa.

If you’ll like to contribute to NGNT and change the financial landscape in Africa by minting, issuing and redeeming the token, send us an email at [email protected].