NIRX is a stable utility coin to power transactions on NairaX eCommerce marketplace, as a move towards its global adoption. NairaX ICO rating – not rated.
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PRE ICO Dates : 31/08/19 – 30/09/19
About NairaX ICO (token sale)
NairaX ICO (NIRX) is a digital ERC20-based coin, legally backed by fiat currency, specifically the “Naira”. The Nigerian Naira is the currency of Nigeria with currency code represented as “NGN”. Currency rankings show that the most popular Nigerian Naira exchange rate is the USD to NGN rate. We have initially created NIRX to firstly test-run its stable performance in eCommerce and locally provide individuals with a decentralized payment system for exchange of value via goods and services while implementing a familiar accounting system. Subsequently, NairaX ICO will be globally implemented as a digital payment system acceptable for payments in various sectors and world use cases. This digital idea is borne from a necessity to create a unique payment gateway which will impact upon the adoption of cryptocurrencies in general global use and markets. The innovation which is provided by blockchains, sets it aside with that special unique characteristic which makes it an auditable and cryptographically secure global ledger. Asset backed coin issuers and other crypto-market participants are now able to take advantage of blockchain technology along with the Proof of Stake consensus systems, to transact in familiar, less volatile currencies and assets like NIRX.
To guarantee accountability and to ensure stability of NairaX’s future exchange price, we plan to maintain no less than a one-to-one reserve ratio between the Naira (NGN) and NairaX ICO (NIRX).
How? Via initial adoption and applications within the company’s Minimum Viable Product (MVP), being our copyrighted NairaX eCommerce platform. NairaX ICO will also provide a guaranteed use case in other commercial world applications. This way we will initially be able to create a true value for the digital version of the Naira and its associated real-world value as a FIAT currency.
NairaX ICO is developed on the Ethereum blockchain, whilst paddling on a Proof of Stake consensus system. NIRX currency is fully backed by the NGN, being the Nigerian Naira. Relevant audit sequences have been documented to prove that all issued coins are fully backed, while reserved coins are kept in trust.
NairaX ICO Coin Information
The NIRX coin is developed on a proof of stake algorithm base, creating paths for coin holders to receive dividends for staking their coins within supported exchanges and ERC20 wallets. Although this feature has not yet been enabled, but will be enabled at due time.
These are NIRX coin technical details;
Coin Contract Address: 0xf0ccca32cd300356629216eb301ec6649c7c6adb Mineable: NO
Total Supply: 10,000,000,000