SAGA

GLOBAL DIGITAL CURRENCY

Money is changing. Digital currencies present both promise and challenges: Who can issue this new money? How will it be regulated? What is the underlying logic and value?

Saga addresses public policy concerns raised by these developments. Non-anonymous and reserve backed, Saga is supported by global subject-matter leaders. Saga sees itself as complementary to the existing financial system.

THE PROMISE OF DIGITAL CURRENCIES

Digital currencies attract ever-growing attention: they bring diversity to an otherwise monolithic monetary system.

Their ambition is exciting: brand new models, altered accountability and better apportioning of risk and reward.

However, the task of introducing new currencies is challenging. Delivering the true functions of currency first requires wide acceptability and a high level of trust.

Approached sensibly, volatility can be tamed, a significant step towards the trust and acceptance necessary for currency to serve its intended purpose.

MEETING THE CHALLENGE

To truly explore the diversity of monetary contracts, three key issues must be faced.

Knowledge

Technology is Not Enough

The design of a currency requires a broad, interdisciplinary effort. While technology provides the tools, the essence resides in solid monetary policy.

Saga has assembled a team of world leaders, combining expertise from several fields: Economics, Mathematics, the Humanities and Social Sciences, to establish the new currency.

Stability

Taming Volatility

Currency is simply a model that quantifies trust and agreement. Trust must be earned through the demonstration of value.

Saga deploys a mathematical model, implementing a variable fractional reserve. This is held in a basket of traditional currencies, hosted by reputable and supervised banks. In addition, Saga’s money supply is adjusted according to the size of its economy.

The variable fractional reserve ratio continuously adapts: in a newborn Saga economy, when public trust is limited, the reserve ratio is high. As Saga’s currency grows, the ratio decreases, reflecting growing trust in Saga.

Identity

Honesty Has Nothing to Hide

There is a balance to be struck between participant privacy and the responsibilities of regulators. Saga is the first non-anonymous digital currency, with a formal KYC banking process for every participant.

SAGA FOUNDATION

Saga is a non-profit foundation headquartered in Switzerland and audited according to the rules of the Swiss Regulatory Authority.

Foundation Council

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Ido Sadeh ManFounder & Foundation Council President
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Mark TluszczCo-Founder and CEO of Mangrove Capital Partners & Chairman at Wix
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Barry TopfFormer Member of the Monetary Policy Committee and Director of Market Operations, Bank of Israel
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Moshe HogegCo-Founder of Saga & Chairman of The Singulariteam Technology Group
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Guido Schmitz-KrummacherLawyer specialising in international and corporate law in the crypto industry

Advisory Council

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Jacob A. Frenkel, PhDChairman of JPMorgan Chase International. Chairman of the Board of Trustees of the G30. Former Governor of the Bank of Israel
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Prof. Myron ScholesNobel Laureate in Economic Sciences. Co-originator of the Black-Scholes options pricing model
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Leo MelamedFounder of financial futures. Former Chairman of the Chicago Mercantile Exchange (CME)
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Prof. Dan GalaiProfessor Emeritus of Finance & Banking and Dean of the School of Management at the Hebrew University
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Prof. Emin Gün SirerProfessor & Co-Director at the Initiative for Cryptocurrencies and Smart Contracts
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Prof. Raz Chen-MorrisDepartment of History, Hebrew University of Jerusalem
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Liraz Lasry, PhDVC Advisor & Marketing Lecturer at Tel-Aviv University & NYU
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Matan Field, PhDCo-Founder at DAOstack
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Eyal HertzogCo-Founder & Product Architect at Bancor
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Zeev SuraskiPrincipal Designer of PHP, Emeritus Member of the Apache Software Foundation