There are undoubtedly about 2 or more dissimilar NGNTs that you will likely come across online.
But in this post, I am going to walk you through the NGNT issued by Token Mint.
It is an ERC-20 token built on the Ethereum network and was launched in December 2019.
By the time you read through this post, you will get to know what NGNT by Token Mint is and its comparison with another NGNT by Cowrie Exchange.
So, if you are ready…let’s dive in!
To get you started, here is a list of the things to be discussed in this post;
- What is NGNT?
- NGNT by Token Mint
- How to Buy NGNT by Token Mint
- Best ERC-20 Token Wallets for NGNT by Token Mint
- 7 Key Things Must Know About NGNT by Token Mint
- NGNT by Token Mint vs NGNT by Cowrie Exchange: What are the Differences?
Alright, let’s get to the post.
What is NGNT?
In a layman’s understanding, NGNT (Nigerian Naira Token) would simply mean naira in a tokenized form.
It is a fiat-backed stable coin Pegged to the Nigerian naira on a 1:1 ratio ( i.e. 1NGNT equals 1NGN ).
NGNT(s) are created to allow the easy flow of the Nigerian value on the Blockchain.
You can withdraw your NGNT to your bank account, however, it is not a legal tender.
NGNT has 2 major issuers:
- Token Mint
- Cowrie Exchange
But as I mentioned earlier, I will be focusing on the NGNT issued by Token Mint.
I will be reviewing NGNT by Cowrie Exchange in my next post.
Scroll down for the full gist.
NGNT by Token Mint
Token Mint in partnership with Buycoins, Alpha Training Lab, and Nairaex launched its NGNT in December 2019.
NGNT by Token Mint is an ERC-20 token built on the Ethereum network and it is compatible with any ERC-20 wallet.
Although this NGNT is built on the Ethereum Blockchain, transaction fees are not necessarily paid using ETH.
This is because It uses the services of Gas Station Network (GSN); a decentralized network of relayers.
These relayers make it possible for gas used in transacting NGNT to be paid in NGNT instead of ETH.
The contract address for NGNT by Token Mint is 0x05bbed16620b352a7f889e23e3cf427d1d379ffe.
Let’s get to unraveling more about this NGNT in the subsequent subheadings.
Let us take a look at the features of this NGNT
- Stability: 1NGNT=1NGN
- Fast: Transactions are instant
- Guaranteed: It is backed by licensed financial institutions and can be withdrawn to a bank account.
- Implements GSN: Transaction fees can be paid in NGNT
- Public: Transactions happens on the blockchain
- Transparent: An independent firm publishes a monthly attestation record of NGNT reserve.
- Secure: it has been attested by Quantumstamp, a leading blockchain technology.
Moving on now, let’s look at how to acquire this NGNT.
How to Buy NGNT by Token Mint
You can acquire NGNT in the following ways:
Buycoins is an escrowed peer-to-peer cryptocurrency exchange based in Nigeria that was founded by Timi Ajiboye.
The exchange was launched in 2017 as Bitkoin Africa but later rebranded to BuyCoins in February 2018.
In this exchange, when you deposit Naira, it will be converted and stored in your NGNT wallet.
Buycoins allows you to trade;
- NGNT/BTC (0.002 minimum)
- NGNT/ETH (0.02 minimum)
- NGNT/ LTC (0.1 minimum)
- NGNT/ USDC
You can also buy this NGNT at its official website via ngn.org but you will only buy a min of 1000 or max of 100,000 NGNT Per day.
Here are simple steps to go about it.
- Visit ngnt.org and click on Buy NGNT at the right-hand side of your screen and you will be referred to buyngnt.org.
2. Go to the”Buy now” segment and input your ERC-20 token wallet address and your email address, then click on “Review Details”.
Note that the wallet must be one that accepts ERC-20 tokens. You can check out for wallets to use here.
4. Tick on the terms of services and click on “Get Transfer Details”.
**Take note of the limit – maximum of 100,000NGN per day and a minimum of 1000NGN.
5. Deposit the amount of NGNT you want to buy using the account details displayed on your screen and in 10 minutes you will receive NGNT in your wallet.
Best ERC-20 Token Wallets for NGNT by Token Mint
Ledger is a hardware wallet that supports multiple coins. This wallet provides you with the highest security guarantee for your coins.
It stores your private key and signs your transactions offline, thereby making it impregnable for hackers to gain control over your funds.
Trezor is a hardware wallet launched in 2014 by Satoshi Labs.
The wallet is one of the best and recommendable hardware wallets and it has support for multiple currencies including ERC-20 tokens.
Coinomi is a non-custodial mobile wallet that supports the storage of 1500 assets.
It is available on Windows, macOS, and Linux and it
Apart from storing your digital assets, you can also swap cryptos using Coinomi.
4. Trust Wallet
Trust Wallet is one of the best places you can store your NGNT.
It is one of the most popular mobile wallets that is compatible with ERC-20 token.
Trust Wallet is a non-custodial wallet, so you have access to your private key.
MyEtherWallet is a good desktop and mobile wallet to store your NGNT.
MEW wallet is one of the best options for storing, sending and receiving, both Ether and Ethereum related tokens.
MyEtherWallet Keeps you in absolute custody of your private key. However, it is vulnerable to external threats.
6. Exchange Wallet
Exchange wallet is a wallet provided by exchanges.
For example, Buycoins offers you its exchange wallet for NGNT when you deposit naira. However, it does not keep you in control of your private keys.
7 Key Things To Know About NGNT by Token Mint
At this point I will reiterate the 7 Key things you should know about NGNT by Token Mint.
- NGNT by Token is an ERC-20 token that works as a smart contract on the Ethereum Network.
- It is not a legal tender but only gives you an opportunity to lock and own NGN autonomously.
- It is open-source and every transaction happens on the blockchain within 10-20 seconds.
- The token has been audited and verified by Quantstamp, a foremost blockchain security company.
- There is an independent firm that publishes a monthly testimonial for all NGNT reserves.
- It is integrated into license financial institutions and backed up across multiple banks.
- Currently, it is only tradeable on Buycoins and here miners fee are paid in NGNT.
NGNT by Token Mint VS NGNT by Cowrie Exchange: What are the Differences?
NGNT by Token Mint and NGNT by Cowrie Exchange are two different cryptocurrencies built on separate blockchains and managed by two independent bodies.
You must have come across these two NGNTs online but in order not to get confused, I will tell you the differences between them.
|Token Mint||Cowrie Exchange|
|Launched NGNT in 2019||Launched NGNT in 2018|
|Partnered with Buycoins, |
|Partnered with Stellar Lumen|
|Built NGNT on the |
|Built NGNT on the Stellar Blockchain|
|Issues NGNT on Buycoins |
and its official website
|Issues NGNT on all Stellar Lumen Platform|
|It is Integrated into other |
Licensed Financial Institution
and backed by banks
|It is in collaboration with NIBSS|
|Publishes monthly testimonial|
of NGNT reserve for issuers.
|Verified by Quantstamp, |
a foremost blockchain security company
|Uses NGNT or ETH as transaction fee||Uses XLM as transaction fee|
Alright, I hope this table will clarify your misunderstanding of the two NGNTs.
Stablecoins is a cryptocurrency that is pegged to an asset with a stable value, such as gold or fiat money like the US dollar.
A stable coin usually has a fixed value to its underlying asset. For example, Tether (USDT) is backed to the US dollars and has a stable value of USD1 for each USDT token.
Read up: Stablecoins – What It Is And How It Works
Yes, it does. However, the price of naira is relatively stable since its flow is being controlled by agencies behind it.
It was created to;
– Enable the exchange of naira values across the globe using the blockchain technology.
– Give Nigerians absolute control of their wealth other than the total jurisdiction of the centralized banking system.
Alright guys, we have finally come to the end of this post.
At this point, I am 100% sure that you now know the differences between these two NGNT(s).
So let’s talk:
Do you think NGNT is a good prospect for Naira on the blockchain?
Do you own NGNT? How did you acquire it?
Do you see NGNT by Token Mint being listed on more exchanges in the nearest future?
I will like to get your feedback in the comment section below.
Do not forget to hit the share buttons.
See you in my next post where I will review NGNT by Cowrie Exchange.
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