One of the many cryptocurrency standouts is Noah Coin (NOAH). Its value shot up around 24% in the last 24 hours, with over $1 million in trades.
A Blockchain-Powered Village
The coin is an ERC-20 token that launched October of last year. It was founded for the mutual benefit of Japan and the Philippines. Its goal is to reduce B2B transaction costs between the two countries, as well as promote tourism from the first to the second. In their own words, the group aims to “build an ecosystem – from digital wallets to beach resorts and even entire cities – all powered by Noah Coin.”
At first glance, this might sound a little preposterous to some, but they’re actually doing it. And it’s just part of the reason for the recent coin rally.
At the end of August, they unveiled Noah Project. Under this plan, their own Noah City is being constructed in Manila, the Philippines on 19 hectares of land. When it’s completed, it will be the country’s largest financial district, all while totally plugged into the blockchain. Tourists and locals will be able to use both fiat and this coin as currency.
In addition, there are incentives for using the token. Those paying with it will get discounts and cash-back.
Finally, the coin has gained popularity for its lower remittance fees for Filipino workers sending money home from overseas. They’ve effectively bypassed banks, feeding cash directly back to people and businesses.
The Noah Coin Resort
To be sure, it will include access to Noah Resort and its many leisure activities. But also, people want to see how well cryptocurrency can work in real-world applications, and they’re willing to invest in this potential.
Though it can be exchanged like any ERC-20 token, it is the payment for Noah’s all-inclusive ecosystem. Their wallet can be used to pay for goods within its City, so Japanese or other visitors don’t need to worry about any currency exchange. Target completion for the city is 2013. Clearly, this announcement has had an impact on the value of the token.
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