Sögur ... Towards worldwide money

What is Saga?

Saga is a project to create and maintain a digital token, Saga (SGA), intended to serve as a
global currency

:: The goal of Saga ::

SGA aims to create a truly global and democratically governed digital currency and to serve as a global currency, integrated within the current financial system, governed in the interests of its holders, and endowed with the features to become a true store of value and means of exchange

The three important pillars of sustainable currencies that Bitcoin does not fulfil:

Dependable Value
In the absence of a monetary model, Bitcoin’s volatility is unconstrained. The resulting instability has prevented it from serving as a medium of exchange, even when its market capitalisation has been significant.

Effective Governance
Bitcoin has a crude, inefficient governance mechanism that requires all participants to come to an agreement on all changes. We have witnessed several episodes in which demanding consensus has resulted in slow response times or even forks in the network.

Public Acceptability
Bitcoin’s anarchistic approach — its limited ability to interface with the existing financial system, and lack of compliance with regulation — precludes widespread adoption.

What is the MONETARY Model?

Sögur’s monetary model is designed to build trust and stimulate growth. It operates through a smart contract that increases the price of SGR as the market cap grows. The funds received when issuing new SGR are kept in a reserve and are used to ensure the token is always redeemable.

SGR can be both bought and sold to and from the smart contract – which acts as a market maker. Funds are kept in a variable reserve composed of world-leading fiat currencies, held in reputable banks. The reserve ensures holders can always sell and redeem SGR; Hence, the contract will always offer to buy back SGR, drawing on funds from the reserve.

:: SGR Liquidity ::

The Sögur currency includes a liquidity provision mechanism, intended to dampen the effects of market forces when they cause volatility in SGR value. Sögur’s blockchain smart contract offers to sell new SGR tokens at all times, at an ask price determined by Sögur’s monetary model. Conversely, the contract offers to buy back and destroy SGR tokens at our model’s bid price

:: History of SÖGUR ::

3 years ago, they envisioned the future of currency with a knowledge of the history of money; a deep understanding of monetary world and crypto ecosystem the coin would be launched into; and, crucially, a strong belief that technology empowers us to solve the challenges of local money in a globalised world

Website: https://www.sogur.com/