nGEL: Stable Virtual Asset

Introduction

Global trends indicate that blockchain technology is becoming more and more popular with regard to virtual assets. Georgia is no different. In addition to banking, businesses are interested in virtual assets as a way to give customers more convenience.

According to data from the National Bank of Georgia, over 85% of the users of banking products would rather use digital products (such as internet banking, online banking, POS terminals, and ATMs) than services that require going to a bank branch. Leading global businesses are adopting virtual asset payments as a method of payment in response to the growing interest in virtual assets. For instance, well-known companies that have successfully used Bitcoin payments include Ralph Lauren, Virgin, Paypal, BMW, Microsoft, Dell, Starbucks, AT&T Inc., and many more. Major companies like Google and Mastercard encourage the adoption of virtual assets. Mastercard intends to act as a bridge between large banks and virtual asset trading platforms. Virtual asset payments are integrated as payment alternatives by online retailers (including Microsoft, Shopify, and Etsy.com), allowing them to enter new markets with virtual assets.

Georgia has seen growth in both the number of active virtual users and community awareness each year. More and more people are in favor of transferring, buying, and storing funds in virtual assets. The number of newly registered users on Coinmania confirms this trend. On the Coinmania portal, there are currently more than 100,000 accounts registered.

Any asset may be regarded as a Stable Virtual Asset if its price is comparatively regulated (stable).

Being reliable in terms of value stability, stable virtual assets are far safer than simple virtual assets. This means that a particular virtual asset is pegged to some sort of asset and is "backed" by a property with a particular value. In general, these types of virtual assets are supported by real money stored in a bank or other reserve. They are supported by funds that are physically set aside in the bank by a centralized platform that may be deployed whenever needed. As a result, their price is set at a specific amount.

Most virtual asset exchanges worldwide allow traders to exchange a variety of stable virtual asset types. The only difference is the speed of the platform and the amount of fees charged. Conditions for trading stable virtual assets vary throughout virtual asset exchanges.

There are stable virtual assets like nGEL, nUSD, and nEURO in Georgia. These Coinmania LLC-created assets fall within the FIAT category.

General Information About nGEL

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The stable virtual asset nGEL was created to facilitate transactions on the Coinmania platforms coinmania.ge, coinmania.exchange, and blockchain for customers of Coinmania LLC.

Information About the Issuer on nGEL:

• Issuer: Coinmania LLC
• Legal address: 33a Delisi, Tbilisi, Georgia
• Business address: 63 Paliashvili Street, Office 1, Tbilisi, Georgia
• Business registration date: February 8, 2017
• Business ID: 405189166
• Official websites: coinmania.ge, coinmania.exchange
• Official email address: sales@coinmania.ge

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Technical Specifications of nGEL for the Tron Blockchain:

• Name: New GEL
• Shortened name: nGEL
• Full name in the Coinmania wallet: New GEL
• An abbreviated symbol in the Coinmania wallet: nGEL
• Blockchain: TRON
• Protocol: TRC20
• Full name on the Tron blockchain: newGEL
• Shortened name in the Tron blockchain: nGEL
• Contract address: TM27Kd61WFDy79LpNTKupAZxFgykC493Cv

Distribution and Value on nGEL:

• Virtual asset type: a stable virtual asset
• Virtual asset price: 1 nGEL = 1 GEL (Georgian Lari)
• The initial mint: March 23, 2021
• Number of nGELs minted at inception: 2 000 000 000
• Limitations on minting nGEL: Unlimited

Supporting nGELs in Circulation:

• nGELs in circulation = the amount of nGEL available on the balances of Coinmania.ge / Coinmania.exchange users + the amount on Tron blockchain addresses =< the corresponding Georgian Lari (GEL) counterbalance amount on the bank accounts of Coinmania Ltd.
• Coinmania LLC transfers the minted nGELs from the blockchain minting address to the hot wallet in order to supply the correct amount of nGELs in the blockchain upon request.

Terms for Minting New nGELs and Burning Those in Circulation

• Minting new nGEL or burning will happen once a year.
• An audit will be carried out at the end of each year for the following purpose: comparing the quantity of nGELs in the hot wallet and on the blockchain with the actual amount in circulation among users of coinmania.exchange and coinmania.ge, as well as with the actual assets in Coinmania LLC's bank accounts using the following formula: Minted nGELs = the nGEL on users' balances at coinmania.ge and coinmania.exchange + the amount placed on the addresses in the blockchain =< the counterbalance amount on Coinmaina LLC bank accounts in Georgian Lari (GEL).
• In the event that the audit reveals a positive or negative balance, new nGELs shall be transferred to the hot wallet or destroyed.
• End-of-year releases of the audit report and elimination document will be published on the official website: coinmania.ge/nGEL/reports.

How to Use nGEL

• Coinmania users can buy nGEL by transferring GEL (Georgian Lari) via bank or from payment service providers' payboxes. Upon receiving the transfer, an automatic purchase of nGEL will be made, and the amount will be shown in the user's account balance. Buying rate: 1 nGEL = 1 GEL.
• Coinmania users can sell GEL and automatically get GEL (Georgian Lari) in their personal bank account. Selling rate: 1 GEL + 1 nGEL
• Coinmania users can send nGEL to one another both within and outside of the Coinmania site, via the Tron blockchain using the TRC20 protocol.
• Coinmania users can exchange nGEL for another virtual asset using the Coinmania platform's quick exchange method at the exchange rate offered by the platform.
• Users of the Coinmania platform can quickly trade nGEL for another virtual asset at the platform's offered exchange rate by using the fast exchange feature.
• Coinmania users may exchange nGEL for another virtual asset via the Buy/Sell Exchange of the Coinmania platform, where they can specify the desired exchange rate.
• Coinmania users can store nGEL on the Coinmania platform or blockchain indefinitely.
• Transferring and receiving the virtual asset across exchanges is possible, provided that they have the necessary technical support.

Minting, Holding, Adding to a Hot Wallet, and Moving the nGELs

• A stable virtual asset is minted, allocated, and stored at the blockchain's mint address as a result of the development of a smart contract.
• A small portion of the virtual asset is transferred to Coinmania's blockchain hot wallet.
• Transfers initiated by Coinmania users outside the platform will be carried out from Coinmania’s hot wallet. The transferred amount will be deducted from the user's wallet and added to the recipient's blockchain address.
• Transfers initiated by a Coinmania user within the Coinmania platform will be deducted from the user's account and credited to the recipient Coinmania user.
• As for the blockchain, a Coinmania user will receive a stable virtual asset at the address of the blockchain assigned to them, which will be reflected in their balance.
• The virtual asset received will be moved from the user's address to Coinmania's blockchain hot wallet.
  
  

Buying, Selling, and Transferring

1. User depositing FIAT to Coinmania's bank account via bank;
2. Automatic purchase of a stable virtual asset at a rate of 1=1 and placing it on the user's balance;
3. Transferring a stable virtual asset from one user's Coinmania wallet to another's Coinmania wallet or a blockchain to a supported virtual asset wallet or exchange.
4. A Coinmania user selling a stable virtual asset in fiat money.
5. Automatic transfer of fiat money to the bank and to the user's personal bank account.

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