What is Zugacoin? / Zugacoin Review
Zugacoin is a cryptocurrency that is built under the Ethereum blockchain.
It is an ERC20 token with the ticker (SZC); it is also tradeable on crypto exchanges.
This token launched in late 2020 and is #2672 in the rank of cryptocurrencies in existence.
At the time of this review, Zugacoin is trading at $47.06 (Coinmarketcap).
Zugacoin has a maximum supply that is much more limited than the total supply of bitcoin.
Bitcoin Max. supply = 21 million BTC, while Zugacoin Max. supply = 1 million SZC.
Additionally, this token has proof of stake functionality; this simply means that you can earn rewards by staking or hodling the SZC token.
SZC has been listed on a global exchange, and on Coinmarketcap (info on CMC shows that Zugacoin was listed on the global market on the 14th of Dec 2020).
Zugacoin aims to be a revolutionary cryptocurrency that will refurbish the Africans economy.
To explain this point better, we need to have a basic background of who created Zugacoin and why it was created.
Dr. Archbishop Sam Zuga
Founded by Dr. Archbishop Sam Zuga, Zugacoin recently made another history by creating the first Blockchain Main Net in Africa, completed Cryptocurrency private mining farm and now independent like Bitcoin and Ethereum.
When was Zugacoin Founded.
Zugacoin Cryptocurrency, founded in 2020 by Nigerian Archbishop Sam Zuga and unveiled on December 1, 2020, a few days ago successfully made its first conversion into Fiat currency. The archbishop said the cryptocurrency is intended to be used to alleviate poverty and unemployment in Africa.
Zuga Coin Proposed Use Cases
Zugacoin use cases have been planned and process already inflow. The team of programmers and ICT personnel will create and own these various Dapps, and smart contract project and they plan to use thier coin as a payment method for the various projects as listed below:
Samzuga Smart Cities: A smart city powered by solar energy that will house millions of members of the Samzuga Foundation Multiple Purpose Cooperative Society Ltd across the 36 states and Federal capital Territory of Nigeria. Zugacoin will then be the means of transaction in the city that will contain 5 star hotels, recreation centers, theme parks, restaurant, stadium, airport, heliport, mall, wild animal museum, schools and most importantly residential areas.
Dapps: An open source platform that will allow programmers acrros the globe to crearte innovative and creative smart contract for Zugacoin, which will then create employment and revive the crippled economy of Africa. These smart contracts include: Defi apps, smart contracts etc.
POS and ATMs: Building and mounting ATM’s and POS Machines in strategic locations around the African continent. Merchants and Vendors will be given access to do transactions using Zugacoin. These machines will use the Zugacoin payment gateways (payment.zugacoin.com).
Private and Government Establishment Payment Systems: Zugacoin are also installing their payment gateway (payment.zugacoin.com) into the payment platforms of Hospitals, Schools, Markets, Superstores, and other government parastatals, which will, in turn, make Zugacoin an official payment across governments and individuals’ establishments as the case may be.
The Rise and Fall of Zugacoin
On Presale of Zuga coin, Bishop Sam Zuga states, “presale is whoever is interested in buying any of the houses before the actual date of public sales. By this time, the actual price has been divided into 100 times less and you are paying to buy the whole flat with only one portion.”
Archbishop Sam Zuga also maintained that zugacoin membership registration is like when he announced that whoever needs to reside in the estate should come with all their furniture.
“The quantity of your furniture will determine the number of rooms that would be given to you. If the quantity of your furniture is enough to fill a whole flat, you will be given a whole flat, if it’s only for one room, you will be given only one room.”
Sam Zuga, a known philanthropist is always coming up with ways to empower people and Zugacoin is his latest way of doing that.
What is the Price of Zugacoin to USDT
Zugacoin price this day 1/23/2021 is $188.70 USD with a 24-hour trading volume of $122,762 USD. Zugacoin is up 1.25% in the last 24 hours. The current CoinMarketCap ranking is #2671, with a market cap of not available. The circulating supply is not available and a max. supply of 1,000,000 SZC coins.
What is the Price of Zugacoin to Naira.
The price of Zugacoin to Naira was Calculated from the listing price of Zugacoin which was around $48k (listing price), there’s currently no specified Zugacoin to Naira price due to lack of liquidity pairs.
Why Did the Price of Zuga Coin Fall
It is funny how most developers forget the “crypto-economics” of their ICOs. There are two words that make up crypto-economics: “cryptography” and “economics”.
While most developers pay attention to the cryptography part, they hardly pay any attention to the “economics” part.
As a result of which, it is very rare to find a token whose economic skeleton has been properly and thoroughly mapped out.
In order for the token to be decently valuable in the long run, there must be sufficient demand for it but that is not what is usually seen in the ICOs.
What is seen is unsustainable token inflation which largely happens because of flawed economic models and the greater fool theory (more on that in a bit).
The Greater Fool Theory
The Greater Fool Theory is an economic theory that states that the price of an object increases not because of the value that it brings in but because of the irrational beliefs attached to it. Art is a great example of the greater fool theory.
However, because they have been hyped up so much and there so many ignorant investors around, their value increases anyway, and as a result, the tokens face inflation.
So, let’s recap what we have learned so far:
Investors are investing millions into concepts that don’t even have an alpha version of their product.
Investors are desperate to put their money in because they think that ICOs are a way to get rich quick.
In order to cash in on this, developers are creating products more aimed towards ICOs than to give actual value.
Because of the “Greater Fool Theory.” the value of the tokens gets inflated.
If this sounds suspiciously like a bubble then yes, you are right and the thing is, we have been here before, we have seen this play out.
The Media Hype of Zugacoin
The media will always remain the power Marketing tool for ICOs, as they offer misleading HEADLINEs, which stirs up FOMO (fear of missing out).
Check out this Zugacoin News headlines, from top media bodies in Nigeria.
Just in: Zugacoin Can Be Cashed Out In Nigeria, Africa – Leardership.ng
Paragraph Extract – Zugacoin trading commenced on December 1, 2020, with the price set on the INDOEX EXCHANGE platform at the rate of 1 Zugacoin to $48,957 which in naira is N24,037,887 (Twenty four million, and thirty-seven thousand, eight hundred & eighty-seven naira).
Zugacoin capital base rises to $47B in CoinMarket Cap – Guardian.ng
Paragraph extract – Zuga coin capital base has been estimated at 47 Billion Dollars by CoinMarketCap. Zugacoin traded above 48,000 Dollars while Bitcoin traded on the highest ever price of above 28,000 Dollars.
Benue Govt. adopts indigenous cryptocurrency, Zugacoin -Guardian.ng
Paragraph Extract: Benue state government has adopted Zugacoin as honorable Speaker to the Benue State House of Assembly, Hon. Titus Ubah alongside, Hon. Bem Mngutyo, minority leader of Benue state house of Assembly officially became registered members of Zugacoin.
This new feat was achieved during their courtesy visit to the founder of Zugacoin Archbishop Sam Zuga who is also from Benue state, a Tiv man by birth.
Where to Buy/Sell Zugacoin
You can buy/sell Zugacoin in these exchanges below:
- Zugacoin Website
The SZC token was listed on Indoex around Dec. 2020.
Indoex is a crypto exchange founded by Spencer Collins, and it is headquartered in the UK.
The exchange was designed for advanced trading of crypto pairs, and it presently supports the trade of SZC/ETH.
This simply means that you can place an order to buy or sell SZC for ETH on Indoex.
Trading of SZC or the SZC market on Indoex seems shady (more of this in a later part of this post).
Nellabox is an African based crypto exchange in Nigeria.
The exchange offers only brokerage services of newly listed African cryptocurrencies.
You can only buy SZC with Naira on Nellabox.
Zugacoin is conducting its second phase of ICO on its website.
Therefore you can partake in the ICO by going to the website to purchase SZC.
You can also buy SZC from Zugacoin’s headquarters located in various states in Nigeria.
In the next section, let’s discuss how how to contact Zugacoin officials. Swipe up!
What is the Problem with Zugacoin
The problem with Zugacoin is not different from the problem with ICOs.
Robleh Ali, former crypto specialist for the Bank of England, on why initial coin offerings are dangerous and how to make them more useful said.
The Problem of ICOs is that they are called ICOs
Styled to sound like an IPO, an ICO offers investors not shares in a company but tokens of a cryptocurrency.
Usually, the offer is that these tokens will provide a way to buy some (unspecified) amount of some (vaguely described) product or service that the company will (maybe) build at some (indeterminate) point in the future.
The problem with ICOs is they want to ride two horses. The use of the word “coin” implies that the tokens being sold are money. The phrase “initial coin offering” is deliberately evocative of “initial public offering,” which is about a company selling shares to the public.
They want to ride the Bitcoin horse by saying, “We’re not a security—it’s just money,” but they also want to ride the “You’re buying into a future enterprise that will be worth a lot of money” concept that’s inherent in the sale of shares.
That’s one of the big tensions with ICOs, that lack of clarity, and that’s something that needs to be fixed.
The Two Types of Zugacoin Investors to Loose Money
Those who bought Zugacoin at the presale price are already at a loss, due to the rise and fall, and the calamity Zugacoin is going through now.
Those that will buy Zugacoin because of the personality of the founder Archbishop Sam Zuga. I will just say they are buying it in the name of the Lord lolz.
People have heard about people who bought bitcoins for a few cents, put in a few thousand dollars, and are now multimillionaires.
That’s the purchaser’s side.
On the supplier side, if you see that you can write a white paper, put up a website, put up a Bitcoin address, and people will send you millions of dollars, that’s a very big temptation.
You can essentially get the exit before you’ve built the product. It’s very attractive to some people, and one of the issues is the incentive problem—who is attracted to that kind of easy money.
The Future of Zugacoin (SZC)
Every cryptocurrency project itself is unique, and aim to solve one problem or the other. Zugacoin is wanting to be a solution to many of the persistent issues the continent faces.
No doubt the Future of Zugacoin is at stake and an unpredictable one following the dump tweet advice from influential Nigerians (like Chris Ani and others) who seem to have been in the Blockchain industry for quite a while.
But then should we just write Zuga coin off?
Most, if not all, obstacles to mass adoption can and will be overcome following investment in infrastructure and the creation.
Is Zugacoin a Good Investment
Zugacoin has a total supply of 1 million Supply and that’s a good criteria that signify a coin being good for Investment.
Skimming through their beautiful whitepaper comes with a lot of potentials and uses cases, but are they just bluffing or making false claims?
Well, amidst the slams, rumors, and blackout of Zugacoin, it shows they are on the fence and it is likely to fade away, as the Acclaimed price of Zugacoin will pass through series of years before getting to is launched price of $48k.
Right in this current state, Zugacoin is not a good investment, neither a store of value. There can be no 2nd Bitcoin.
Zugacoin just like every other ICO will also pass through the hardship of low Liquidity, and this is as a result of low acceptance.
What is the Potential of Zugacoin?
The first price of SZC on the Global market was $45,851.669132. This is way higher than the price of Bitcoin since its existence.
However, the chart on Coinmarketcap shows that this price dropped drastically over 1000x ($5.299157) the next month (Jan 11, 2021).
Is Zugacoin Legit
The popular question now, Is Zugacoin legit. One of the best results of the cryptocurrency boom has been the rise of the initial coin offering as a way for companies to raise capital.
With thousands of new blockchain-based companies entering the market with unique ideas and exciting projects, users can now back their favorite businesses easily.
However, this massive explosions of ICO opportunities like Zugacoin has inevitably raised the specter of fraud.
Whether Zugacoin is legit or not Investors looking to buy into ICOs should first familiarize themselves with the cryptocurrency space more broadly.
How does one go about finding ICOs in which to participate? There is no recipe for staying abreast of the latest ICOs. The best thing that an interested investor can do is read up about new projects online.
ICOs generate a substantial amount of hype, and there are numerous places online in which investors gather to discuss new opportunities.
There are dedicated sites that aggregate ICOs, allowing investors to discover new ICOs and compare different offerings against one another.
To learn how to distinguish between fake and real ICOs read this How to Detect Fake Token ICOs.
One of the reason I found out about Zugacoin is :
Spoofing: Basically, Spoofing in the crypto space means a way of manipulating the market by placing fake orders to buy or sell an asset.
From the onset, there is no trade going on in the SZC market on Indoex.
There has not been any 24hr change
The chart for SZC trade is empty, yet we can see buy and sell orders already placed and the price of SZC rapidly fluctuating.
This is what I have to give you as Review, And on this point it’s your turn to decide if you wanna invest in this or not.
Though this Review is based on historical data and I didn’t make this review to cause trouble. Likewise we are not responsible for any loss or gain.