Business Wire

The Saga Foundation Announces Its Plan to Create a Non-Anonymous, Reserve-Backed Digital Currency

Share

The Saga Foundation (saga.org) announces today its mission to create Saga (SGA), the first non-anonymous blockchain-based digital currency. The currency is designed with a tamed volatility mechanism. These characteristics can set the ground 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 (Know Your Customer) qualification and AML (Anti Money Laundering) 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.”

Prof. Myron Scholes stated: “Blockchain technologies will change financial infrastructure, from a current focus on transactions processing to transactions analyzing. 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.”

Mark Tluszcz, CEO at Mangrove Capital Partners stated: "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."

Saga Foundation’s Founder & President, Ido Sadeh Man stated: “The creation of Saga is based on interdisciplinary knowledge, permitting the implementation of 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 are:

• 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

• Prof. Raz Chen-Morris: Humanities Department Chair at the Hebrew University of Jerusalem

The Saga Foundation is not conducting an ICO. Rather, it enjoys the support of accredited investors, VC’s and hedge funds, amongst which are Mangrove Capital Partners, Lightspeed Venture Partners, The Singulariteam Technology Group and Initial Capital.

About Saga:

Saga Foundation is headquartered in Switzerland, and is governed by Swiss law and regulations, including the rules of the Supervisory Authority of Swiss Foundations ESA and the Financial Market Supervisory Authority FINMA. The purpose of the not for profit Saga Foundation, as defined in its statutes, is: “promoting and developing new technologies and applications, especially in the fields of new open and decentralized software architectures. A dominating but not exclusive focus is set on the promotion and development of the so-called Saga protocol and the related technologies, as well as the promotion and support of applications using the Saga protocol”. The Foundation aims to create of a digital currency which functions as a means of payment, in order to facilitate a stable global ecosystem. For more information, go to: saga.org

Press Inquiries:

Email: press@saga.org
Twitter: twitter.com/sagafoundation

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Saga Foundation
Roi Carthy
press@saga.org

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Tigo Energy Headquarters Receives 90kW of Optimized Solar from Long-Time Installer Partner28.3.2024 16:00:00 EET | Press release

Tigo Energy, Inc. (NASDAQ: TYGO), a leading provider of intelligent solar and energy software solutions, today announced the installation and commissioning of a rooftop solar system at its headquarters in California. The system was designed and deployed by Tigo installer partner, Laibach Solar, and has averaged 5% Reclaimed Energy since it was commissioned. Laibach Solar is an employee-owned solar installer in Northern California dedicated to combining high-quality components with unbeatable pricing. It has been a valued installation partner for Tigo since 2018. The installation now contributes to the growth of U.S. corporate solar adoption, which was 14% of the U.S. Solar Market as of 2022, according to the Solar Energy Industries Association. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328503393/en/ The system was designed and deployed by Tigo installer partner Laibach Solar and has averaged 5% Reclaimed Energy since

Seoul Semiconductor Supplies WICOP to Front Headlamps of 2024 Genesis GV80, Leading Trend of Headlamps28.3.2024 16:00:00 EET | Press release

Seoul Semiconductor Co., Ltd. (KOSDAQ:046890), the world best-in-class technology in opto-semiconductors, is supplying and mass-producing “WICOP,” the world’s first high-power LEDs without wire, for the headlamps of Genesis GV80, a luxury SUV model by Hyundai Motor Group, which is one of the world’s top three automobile companies. The technology applies to all functions of the high-light, sophisticated headlamps introduced by GV80. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328561793/en/ Headlamps of GV80, a luxury SUV of Genesis, with Seoul Semiconductor’s WICOP technology applied (Photo: Seoul Semiconductor Co., Ltd.) Seoul Semiconductor applied its new technology of Ultra-High Luminance “WICOP UHL” to the high and low beams of GV80, the two lines that symbolize Genesis vehicles. With its improved luminance by 200% compared to existing mass-produced WICOP products, WICOP UHL is attracting the attention of the automo

Kolmar Korea Wins Case Against Italian Cosmetics Maker Intercos for Suncare Technology Theft28.3.2024 16:00:00 EET | Press release

Kolmar Korea (KRX:161890), a Korean cosmetics ODM (Original Development Manufacturing) company, has announced its victory in a lawsuit against Intercos Korea, the Korean subsidiary of the Italian cosmetics maker, Intercos. Intercos was revealed to have misappropriated and profited from the key technology for suncare (sunscreen) products, originally developed by Kolmar Korea. Kolmar Korea had invested hundreds of billions of KRW in this technology. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328015022/en/ Kolmar Korea wins the case against Italian cosmetics maker Intercos for stealing suncare technology (Kolmar Korea R&D Complex) (Photo: Kolmar Korea Holdings) Kolmar Korea took legal action for 'trade secret infringement' against its former employees who have leaked the technology and Intercos Korea, resulting in favorable rulings in both civil and criminal cases. The Korean courts ordered Intercos Korea to pay KRW 200

Crown Bioscience Announces New Preclinical and Translational Oncology Data Across Ten Poster Presentations at AACR 202428.3.2024 15:30:00 EET | Press release

Crown Bioscience, a global contract research organization (CRO) and a JSR Life Sciences company, will showcase significant contributions in preclinical and translational oncology research at the American Association for Cancer Research (AACR) 2024 meeting. Highlighting its latest research, the company will present ten posters covering a broad spectrum of data from the company's R&D program. The data presented will cover a range of innovative techniques in oncology and immuno-oncology drug discovery and development. Posters featured at AACR include: The in-depth Characterization of Acute Myeloid Leukemia Patient-Derived Xenograft (PDX) Models with Hotspot Gene Mutations for Therapeutic Evaluation. The development of an Integrated Pipeline for Immuno-Oncology Drug Testing, using patient-derived tumor organoids with a reconstituted tumor microenvironment and fresh ex vivo patient tissue cultures, aiming to enhance therapeutic evaluation and drug development efficiency with translational p

Philip Morris International Demonstrates Clear Progress Toward Its Purpose as It Releases 2023 Integrated Report28.3.2024 14:38:00 EET | Press release

Philip Morris International Inc. (PMI) (NYSE: PM) today releases its fifth annual Integrated Report, which outlines the company’s ongoing work to advance toward its 2025 Roadmap goals, with the primary focus on addressing the health impacts of the company’s products. The 2023 Integrated Report highlights PMI’s continued expansion of smoke-free alternatives in markets worldwide, as well as social and environmental programs deployed with and in parallel to these products—including the deployment of responsible marketing and sales practices and efforts to reduce post-consumer waste. Further, PMI reports its progress toward fostering an empowered and inclusive workplace, improving the quality of life of people in its supply chain, decarbonizing its operations and value chain, and preserving nature and biodiversity. “2023 was a year marked by unity, determination, and a continued commitment to our vision of a smoke-free future,” said Jacek Olczak, Chief Executive Officer of PMI. “As we enco

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye