Noah Coin is a token that facilitates the services of the Noah Project. The one word that you will notice closely associated with this project is remittances.
Before going into the nitty-gritty of how the coin works, let’s have an understanding of its context. Notably, the Noah Project originates from the Philippines. This fact is important because the country has a very high population of migrant workers abroad. Accordingly, Noah project seeks to provide a blockchain solution to the often costly international remittances.
Additionally, the Noah Foundation has created the project as a complete Blockchain ecosystem called ‘Noah’s Ark’. As such, the project will have aspiration goals ranging from simple ideas like cheap cross-border transfers to complex ones like entire cities powered by NOAH.
Josef Werker, the project leader has tremendous expertise in development operations. Clarke Robertson and Robert Reyes, two other senior officials, have expertise in systems and technology and the financial industry respectively.
Part of the proceeds of the Noah project will go to the parent organization called the Noah Foundation. Essentially, the project facilitates the development of NOAH CITY, infrastructure development and general activities of the Noah Ecosystem.
How Noah Coin Works
In a nutshell, this project seeks to facilitate the social needs of large swathes of low-income people across the world through the blockchain. This is because developers often design blockchain solutions for highly sophisticated individuals mostly in the developed world.
Noah coin relies on Ethereum smart contracts to execute fast, decentralized transactions. Accordingly, migrant workers can get to send money home directly without relying on centralized remittance institutions. This means that the procedural and time constraints that are a feature of the remittance industry are effectively eliminated. Transaction costs are also significantly lower. Therefore, this opens up access, utility channels and convenience to many low-income people in developing countries like the Philippines.
This level of decentralization changes the power dynamics of modern finance. As a result, low-income people have more control over their finances and it brings about a greater deal of mobility. This is great for developing countries’ economies as it ensures economic growth. Moreover, this project has the long-term potential of bridging the inequality issues that are a thorn in global economies.
In Noah Coin a scam?
The markers of a clear scam include outlandish promises, shady teams, and fraudulent ICO schemes. If some or multiple elements among these are apparent then you immediately have a pause. This is because the prevalence of scams in the crypto sphere at large is a genuine concern for many investors.
Accordingly, let’s try and interrogate the Noah project under these lenses. The current Noah Coin price is about $0.0015. This price may be lower than the starting price around April 2018. That said, the decline in the Noah coin price is understandable in light of the general bear crypto market in 2018.
ICObench gives the Noah ICO a rating of 3.7/5 with the team a solid 5.0. These are certain factors that point at the Noah coin being a legitimate project. The fact that the project has a real-world utility value, solid and reputable development team, a relatively stable ICO means that it is highly likely to be a legitimate coin.
It is generally difficult to ascertain the future of any coin, no less whether the development team has noble intentions. However, the plain reading of scams, whether crypto related or of a general nature brings out the fact that they are often enticing and oriented to maximize short-term gains. In the brief analysis, the Noah project is hardly any of that. This is why I opine that it is very likely a serious project that is here to stay.