What is Noah Coin?
Noah Coin (NOAH) bills itself as a “solution to high cost remittance” with the goal of helping to “solve the economic disparities around the world.” It is first and foremost focused on the socio-economic development of Philippines. By providing Filipino overseas workers with a cheap way to move wages earned across borders, Noah Coin has the potential to significantly increase the quality of life of many Filipino citizens. The Noah Project consists of development of a multi-currency wallet called Ark and a blockchain-powered city project in Manila, Philippines called Noah City. Operations for the Noah Project will be carried out by the non-profit Noah Foundation, which was founded by backers from several different industries in order to encourage economic growth in the Philippines and resolve numerous social problems within the country.
History of Noah Coin
Noah Foundation director Josef Werker initially developed the idea of Noah Coin with the goal of increasing Japanese-based tourism in the southern Philippines province of Zamboanga. Before the Noah Coin ICO in early 2018, the Noah Project was created, quickly forming several partnerships with businesses in Japan. After seeing the potential benefits of blockchain technology, the idea quickly expanded to become a means of helping to provide overseas Filipino workers with a money remittance solution to cut down on the significant fees incurred when moving money out of one country and into another.
How Noah Coin Works
NOAH is an Ethereum token that serves to act as the main unit of currency for the Noah Project, which has plans to not only develop a cheaper alternative for cross-border remittance, but the infrastructure required to support it as well. In addition, the Noah Project has plans to build two blockchain “campuses,” one located in the capitol city of Manila and the other in the southern province of Zamboanga. Noah Coin token holders will have access to events being held in these campuses, as well as special privileges, discounts, cash back and loyalty programs. Some of the internal services offered by the Noah Project may be purchased only in denominations of NOAH, helping to stabilize market necessity for the tokens.
Why Noah Coin?
While Noah Coin’s main goal is to provide easy access for contributors to transfer capital with low transaction costs, it offers the following benefits as a remittance-based financial utility:
Native method of payment in Noah Project ecosystem. NOAH will be used as the primary payment method in the Noah Project-based economics and will be used for payment of services provided by the project.
Customer loyalty system and cash-back program. NOAH token holders are allowed to participate in the Noah Project’s bonus programs and can receive increased cashback for certain categories of purchases made from participating merchants, vendors and other businesses.
Value transfer tool. Money earned by overseas workers can be converted into denominations of NOAH to decrease traditional transaction costs of money transfer incurred during cross-border remittance processes.