The creation of new knowledge is the bedrock of Saga. Every facet of our currency is underpinned by thorough industrial scholarship. An interdisciplinary effort, Saga’s papers are authored by leading subject-matter experts, through a rigorous and ongoing cross-pollination of economics, mathematics, and social sciences.

Below we share Saga’s core explanatory documents.

Academic Papers


The cornerstone of Saga’s mission. Here we establish the project’s Raison D’Etre, outline the historical context, and declare our ambition. The paper provides an overview of the underpinning mathematical models and announces the technologies that will drive Saga’s economy.


The guidelines that inform the governance and growth of Saga’s currency. Saga proposes an optimal approach for building organic, sustainable value. A comprehensive rationale for our models, exploring key scenarios to demonstrate the thinking behind this carefully-crafted model.


Accessible to a broad audience, this short document clarifies the key features of Saga. Focused on what makes Saga stand out, here we highlight key personnel from the Foundation’s advisory board, leading executives, and prominent investors. emulate empty string some some er



Currency Contract

When can I buy SGA?

The SGA token will be available for purchase early 2019.

What differentiates SGA from other digital currencies?

SGA aims to carry the qualities of a true currency; serving not only as a store of value, but also as a means of exchange and unit of account.

To fulfil this promise, Saga seeks to replicate the best features of successful currencies: acceptability for trade, accountability to its holders, and a safeguard against volatility. By following these guidelines, Saga strives to create a monetary model that can be trusted.

This trust is actualised in Saga’s reserve, a concrete measure for the strength of the currency, invested in fiat currencies and held in reputable banks. This reserve bestows a stability previously unthinkable for a digital currency.

In addition, Saga offers a ‘reserve deployment scanner’ which gives holders a high level of transparency as to the exact allocation of their assets, at all times.

How will Saga manage its reserves?

  • Saga uses the services of well-known banks to hold its reserves. The precise deployment of funds is determined by Saga’s Smart Contract. An algorithm controls the release and return of funds as required for the health of the overall Saga ecosystem.

  • We selected the SDR - an International Monetary Fund basket of fiat currencies - as our unit of reserve. This reduces the dependence of Saga on the value of any single currency, however safe it may appear today.

By keeping the reserve in banks, doesn’t Saga exacerbate the problem it tries to solve?

It is a fact that nascent economies need to carefully establish trust. In the early stages of Saga, to maximise the stability of the currency, reserves will be held in a form that the majority of people can trust - banks, backed by nation states. Over time, when Saga has earned sufficient trust, new methods for investing the reserve may be considered.

What is the Reserve Ratio?

SGA price is based on two sources of value:

  • (i) the reserve, and
  • (ii) internal value

The fraction of value based only on the reserve is known as the reserve ratio.

The reserve ratio can also be viewed as a measure of market trust in Saga. Here we observe a negative correlation; the higher the trust, the lower the reserve ratio.

Will Saga’s economy gain from interest accrued in the reserve?

Yes. Interest accrued in Saga’s reserve will increase the nominal value of the reserve, thus allowing for a SGA price increase. Hence, any interest gained by Saga’s reserve is fully projected to Saga holders in the form of an SGA price increase.

Can Saga generate an unlimited number of SGA tokens?

  • Ideally, the number of tokens that comprise a currency is meant to reflect the changing size of its economy.

  • The number of SGA is determined purely by demand. This number increases as Saga’s ecosystem grows, and decreases when the ecosystem shrinks. The smart contract generates and burns tokens as ETH is sent and withdrawn from it.

What will happen to Saga if ETH - or the Ethereum network suffers a crisis?

  • Value. As Saga keeps only a liquidity buffer in ETH, this remains our only vulnerability to ETH value. Therefore Saga value can only be affected by an ETH vs. SDR value change, in the small volume of Saga’s liquidity layer.

  • Network. We are implementing the Saga protocol with as many abstractions as possible. In case the Ethereum network for any reason struggles to meet volume, scale, or cost of transaction, our ability to migrate to a different network remains feasible.

  • Service Level Agreement (SLA). The Saga SLA is bound by Ethereum’s SLA.

Why is Path Independence important to Saga's protocol?

The transparency of Saga's model is a double-edged sword: hostile parties can access this open knowledge to manipulate core Saga functions. Aware of this vulnerability, the model is designed to be path independent, ensuring immunity from manipulation.

What is Saga Genesis (SGN) and why does it exist?

The resources to build Saga’s core ecosystem are funded from proceeds raised by early supporters and investors, who support Saga prior to the launch of its economy.

They should naturally receive compensation commensurate with their risk. However, high prospects can only come with high volatility; ironically, the exact issue Saga seeks to reduce.

To reconcile this tension, early investors are recompensed not with SGA tokens, but with a different token called Saga Genesis (SGN), a voucher token convertible to SGA. The amount of SGA received per SGN token - the ‘conversion ratio’ - depends on the strength of Saga’s economy: when small, the risk remains high and SGN is lower than SGA; as the economy grows, the price of SGN rises accordingly and surpasses SGA.


Why is the Saga protocol unique?

No other project combines blockchain with traditional banking. This synergy of Off-Chain and On-Chain is uncharted territory. For example, Saga enforces KYC for its users, a level of accountability hitherto reserved for Off-Chain solutions. This conscious blending of old and new is also evident in Saga’s reserve, which backs the digital currency with traditional assets. For user convenience and in the spirit of openness, Saga's reserve mixture is visible, through a dedicated scanner.

Who can update Saga's On-Chain parts?

Given the nature of blockchain, the Smart Contract is designed to be immutable, in other words, unchangeable. However, for a limited period of time, Saga has selected several functions that can be changed, in order to fix likely errors around the launch.

Planned changes to Saga’s Smart Contract will be announced in advance.

Will Off-Chain parts of Saga's protocol be open sourced?

Yes. Saga aims to have fully accessible code in its Github account. The only parts of the code that won’t be open-sourced are ones that might jeopardise the security of Saga and its reserve or the privacy of its participants.

Can Saga change its Off-Chain parts?

Saga’s Off Chain architecture is highly flexible. Each entity is self-contained. When a change is required, it can be easily implemented without influencing Saga’s overall operation.


What is the Saga Foundation?

Saga is a non-profit Foundation, headquartered in Switzerland. It is audited according to the rules of the Swiss Regulatory Authority. The Foundation is owned by its purpose, formally defined as: creation of a digital currency which functions as a means of exchange, in order to facilitate a stable global ecosystem.

What is the New Contract Policy Institute (NCPI)?

As we develop Saga we find ourselves closely examining the nature of contracts: it becomes clear that currency is only one instance of a contract for the exchange of interpersonal value. In order to properly inform this enterprise, to craft a truly workable monetary model, a broader mindset is required.

To that end, Saga has launched the The New Contract Policy Institute (NCPI), an interdisciplinary effort to redefine and apply updated guidelines for the social exchange of value.

The Institute answers the increasing lag in governance schemes in light of advances in technology and the widening scope of communication.

Is Saga a Bank?

No. To an outsider, Saga could appear like a bank, since it does invest some funds in traditional banks, in order to anchor the currency, However, it is certainly not a bank.

  • Saga is not a financial establishment and does not act as a middleman. Rather, Saga is a currency protocol that uses a smart contract. Saga does not hold users' money; this is stored in reserve, and deployed according to a pre-set algorithm for users’ best interests. Any interest earned is redistributed to Saga users, indirectly through the price of Saga.

  • Saga does not make payouts. The ERC 20 wallet permits a user to send their SGA to the Contract at any given moment. The Contract is designed for ‘throwback’, which automatically returns an equivalent value of ETH to the user.

  • Saga does not enable loans.

  • Although Saga does exchange currency for its reserve, it does not offer currency exchange as a service.

How does Saga funds its activities?

Saga raises funding for its activities from accredited investors. A diversity of profiles was sought to reflect a variety of expertise. In addition, each investment is capped, to ensure a degree of decentralisation.

Saga Genesis is offered as a voucher token, SGN, to early supporters and investors.

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