Today we will be going over some very important details about NOAH Coin. It will be broken up into 6 categories with each category having multiple subsections to better understand the coin. Firstly, we will be discussing what it is then we will start to really get into the price prediction and everything it has to hold.
#1 - What is Noah Coin?
Noah Coin: The basics
Noah Coin is a cryptocurrency platform that seeks to use blockchain technology to support global social and economic development. So far, the Noah project has primarily been focusing on developing socio-economic relations between Japan and Philippines, as mentioned in the Noah Foundation whitepaper “Noah Coin aims to bridge the gap between Japanese and Filipino citizens, travelers and businesses.”
The Noah token (NOAH) is issued by the Noah Foundation to facilitate remittance, Business-to-Business (B2B) & Business-to-Customer (B2C) payments on the Noah platform. Noah token is used in the Noah ecosystem by the members and supporters of the Noah project for purchases, rentals, discounts, rebates and amenities.
Noah Coin Development
Noah Coin project is managed by the Noah Foundation, which was founded in 2016 by various beneficiaries from different industries. Currently, the Noah Foundation is led by an eight-member team, which includes Josef Werker who serves as the director of Noah Foundation.
The foundation pre-mined a total of 216,000,000,000 NOAH tokens out of which 56.7% (124,416,000,000) tokens were burned. The remaining 91,584,000,000 NOAH tokens were allocated in the following percentage.
NOAH token distribution
#2 - What are the benefits of Noah Coin?
Noah Coin Technology
The Noah Coin is based on the Ethereum blockchain, which is an open-source, public blockchain protocol and enables the use of self-executing smart contracts. The Noah Foundation seeks to use blockchain technology for developing several decentralized applications to facilitate remittance, B2B and B2C Payments. These applications are designed to help the users to have the best experience while using NOAH. Two of these applications are ARK Wallet and ARK Remit.
ARK Wallet: Since credit cards only have a penetration of 3% in the Philippines, it has led to high charges for using them throughout the country. The ARK wallet presents itself as a solution to this problem. It is a blockchain-powered wallet which allows the seamless transactions of cryptocurrencies and fiat currencies. The wallet can also be used to make payments within Noah ecosystem.
Ark Remit: Traditional payment systems suffer the disadvantage of high transaction fees, currently, on average 10% fee is charged when sending ₱10,000 from Japan to the Philippines. The Noah Foundation aims to solve this problem by introducing the Ark Remit. Ark Remit is a web application which allows people to send money to the Philippines from Japan. It allows faster and cheaper remittances by reducing the transaction fee to 2-3%.
NOAH’s Role in The Noah Ecosystem
NOAH ecosystem
The Noah Coin Ecosystem
The blockchain technology has proved itself as a more secure and efficient tool than its traditional counterparts. The Noah foundation has used the same technology to create its own cryptocurrency — “NOAH” which is an ERC20 token. The Noah token is an integral part of the Noah ecosystem, it is used to make payments in the core projects within the ecosystem.
The Noah ecosystem wishes to increase the overall demand of NOAH by providing attractive prices on NOAH. This, to encourage the users to make payments in NOAH. The platform has made sure that some services can only be paid by using NOAH, which will help to build a stable demand for the token.
As a cryptocurrency of the Noah platform, NOAH serves a diverse range of functions. Some of these functions are:
It serves as a payment method within the ecosystem for various services.
Noah is also used to encourage the customers’ participation in the platform’ bonus programs, that allow customers to get cashbacks on some purchases from Noah’s partner shops.
It is used as a value transfer tool, which allows low cost transactions while simultaneously supporting the goal of the Noah Foundation.
#3 - How to buy and store NOAH?
How to buy NOAH?
All the NOAH tokens were pre-mined at its inception, so Noah platform does not allow NOAH mining. However, users can obtain it through trade on any cryptocurrencies exchange.
Currently, the Noah coin cannot be exchanged using fiat currency. Users have to purchase another cryptocurrency to exchange for the Noah coin.
NOAH is available to trade on numerous cryptocurrency exchanges. Some options are BTC-Alpha, HitBTC, Livecoin, Mercatox and YoBit. For now, NOAH is mostly paired with BTC and ETH.
The ideal way to buy NOAH is using CoinSwitch, which is the largest cryptocurrency exchange platform. It allows users to exchange 300+ cryptocurrencies across all leading exchanges in real-time. CoinSwitch provides users with access to the whole cryptocurrency market at one place. Users can easily compare rates of NOAH on all available exchanges and make a profitable trade.
How to store NOAH?
Official Noah Wallet, Image Source: Google Play Store
The Noah Wallet is the official supported wallet provided by the Noah Coin platform to store NOAH tokens. For now, the Noah Wallet is available for Android and iOS.
#4 - What is the future of Noah Coin?
Trend So Far
In July 2018, Noah Coin breached the top 100 cryptocurrency rankings by market capitalisation. But after some days it has slipped to 112th position on the global cryptocurrency market with a market capitalisation of over $78.1 million USD. Currently there are 32,687,957,978 NOAH tokens in circulation.
Noah Coin went live for trading in global cryptocurrency market on Mar 21, 2018, at an initial price of 0.037532. Immediately after its launch, a rapid decline in its price was seen.
Although from April 2018, the rate of decline has remained stable, Noah Coin has not been able to recover from this decline. As of July 2018, Noah Coin’s price has \ slipped to $0.002390.
Also Read: Complete Analysis of Noah Coin | Live Noah Coin (NOAH) Price Charts And Predictions
Future Developments
In its efforts to support the already established mutually beneficial relationship between Japan and the Philippines, the Noah Coin is collaborating with many public and private business. It aims to divert people’s attention towards the growth opportunities present in the socio-economic relationship between the two countries. In doing so, the Noah Coin is developing various projects where members and users can use NOAH token to participate in the network. Two of the ambitious projects of the Noah Coin are Noah City and Noah Resort
Noah City, also known as Horizon Manila, is a blockchain powered city project in Manila, Philippines currently in its development phase. With its 19 hectares of land, the city will become the largest central business district of the country. The project is being developed through the joint effort of Noah and Jbros Construction Corporation. When the city is completed, the Noah Coin aims to use NOAH tokens as a discount tool used all over the city.
The Noah Resort project is the result of collaboration between the Noah Coin and Dakak Beach Resort located at the Zamboanga del Norte province in Philippines. This collaboration will facilitate the use of the NOAH token by resort residents for accessing the services like Tennis courts, golf course, bowling alley, rock climbing, jetski, river cruise, wakeboarding, scuba diving and several other facilities.
#5 - How is Noah Coin different from other cryptocurrencies?
Like most cryptocurrencies, Noah Coin can also be used for peer-to-peer transactions. But it is primarily used in the Noah ecosystem for accessing the services provided by Noah’s projects.
Noah Coin aims to support the development of Philippines by integrating the Noah coin into various payment forms such as remittance, B2B and B2C payments.
Noah Coins are also used for customer loyalty system tool and cash-back programs in the Noah ecosystem. It encourages customers’ participation in Noah’s bonus programs, who receive cash back on some purchase from its partners.
#6 - Should you invest in Noah Coin?
Currently, the Noah coin is primarily focused on the socio-economic development of Philippines. So to some extent, its success depends on how effectively it uses the market opportunities in the Filipino market.
Noah Coin wishes to collaborate with public and private sector entities to achieve its goal of becoming a major payment tool. It has two promising projects under development - one, the Noah City – Horizon Manila project, and the other - the Noah Resort - Zamboanga del Norte.
Noah Coin has been in the market for a short time. So far during its existence in the cryptocurrency market, it has been unable to yield any major profit for investors. However, a short term price analysis may not be useful in predicting its future, as with most other assets.
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