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NAGA wallet: cryptocurrency solutions for your success
NAGA wallet: cryptocurrency solutions for your success
Since the launch of bitcoin in 2009, cryptocurrency topics are getting more and more attention. Day by day, more people are getting interested and involved in crypto. The geeky community that supported crypto through the first steps is being joined – and possibly supplanted – by ordinary people that don’t have a deep understanding about blockchain technologies and have either come to this space for speculative purposes or followed a new project whose ICO they stumbled on. This article is for the latter group, we want to take a look at the wallet options available for the storage of and interaction with cryptocurrencies.
Cryptocurrency wallet: the what and the how
Cryptocurrency transactions have a lot in common with other forms of electronic payments. They require a minimum of two online accounts, accounts that are capable of holding, sending and receiving funds. The difference between a cryptocurrency account, most commonly called the wallet and a bank account or an e-wallet is mainly in the way transactions are performed.
Whenever you access your bank account, you are basically asking your bank to tell you how much money you have. The same goes with sending money to someone. You log in and ask your bank to send your money to someone else and you trust that they will do so timely and accurately. When it comes to cryptocurrencies, you are not asking a third party (like a bank). Your wallet gets its information directly from the blockchain, so no third party is involved. You are in control of your own money. Much like a real wallet where you would hold cash, a crypto wallet belongs to the one holding access keys to it.
There are three types of cryptocurrency wallets that are most commonly used today:
- Web/online wallets – these wallets are not “tied” to a device, they exist on the internet and can be accessed through any device as long as you have your access credentials. Although very user-friendly, these types of wallets are considered to be the least protected because information about them is stored at a third party and is more likely to be compromised.
- Desktop/mobile wallets – mobile and desktop wallets are essentially applications that you download and install on your device. You can access these wallets from that device only but if the device is lost or broken you may restore your wallet from on another device. These are considered to be more secure than web wallets but the safety of your funds depends on how secure your device is.
- Hardware wallets – hardware wallets are becoming the go-to solution for storing larger amounts of crypto. Essentially they are encrypted devices that hold your private keys. In order to access your wallet, you have to plug in the device into a desktop computer and run an application which will only be accessible when the device is plugged in.
Let’s review some examples:
This well known and highly trusted web solution allows access from any browser or device. Two stages of authentication and pin code take care of the data security, but the service is highly prone to downtimes.
Mycelium is a mobile solution. The user has complete control over their cryptocurrency transfers and access to such advanced features as cold storage, PDF backups, QR code scanner etc. We must note, nonetheless, that mycelium has a really high entrance threshold – its user must have a solid understanding of cryptocurrency operations and blockchain technology first.
Exodus offers a desktop digital wallet that provides the opportunity to store, exchange and trade different cryptocurrencies. Thanks to its intuitive interface and high level of security, exodus (launched in 2016) quickly gained significant momentum with cryptocurrency users. It is however NOT an open source solution, meaning malicious code could potentially be added by its developers.
The ledger nano S is a battery-less device which you can connect to any windows, mac, and chrome OS computer (and some linux systems) via USB. It has a sleek and attractive design. Some of its core features are the ability to backup your seed key for recovery, easy to use OLED interface, and a flash drive like feel with two buttons on the side for navigating the interface.
NAGA wallet is a solution provided by the NAGA group that enables the safe and simple exchange of cryptocurrencies and digital money. This payment gateway is multi-currency and allows you to operate numerous forms of digital assets simultaneously.
The advantages to using the NAGA wallet include:
- NAGA wallet is compatible with ALL blockchain-based assets;
- Decentralization of the data storage provides the highest possible level of security;
- NAGA proposes a possibility to profit from the transactions, earn money while using its services. NAGA wallet offers the best exchange rates and the most attractive transaction fees on the market.
A few words about NAGA
NAGA offers a unified platform with access to financial and virtual markets. Digital financial markets are made accessible to everyone with the NAGA group solutions. NAGA is bringing to life a unique business idea that will revolutionize traditional banking. The company’s annual revenue reaches millions of euros.
Created in 2015, just two years later NAGA performed the fastest german IPO since 2002 and is currently trading at 400% above issue price. More than 18,500,000 NGC tokens were sold to more than 15,000 backers and the pre-sale exceeded $15 million dollars worth of investments.
Swipestox – a global social network for traders. The simplicity and powerful functionality of this tool allow users to generate passive income by copying the strategies of the best traders on the platform. The trade volumes are already reaching billions of euro each month. More than 700 trading instruments provide high-quality transactions for the client’s profit and are available over the web and on mobile platforms.
Switex – a platform for trading virtual goods within a number of supported games from different resources. This is a suitable solution for game publishers as here they can easily sell, buy and manage items and get a profit. Open API and blockchain-based storage system provide even more advantages.
The NAGA group is bridging the gap between traditional economy and the innovative blockchain-based solutions. Virtual economy is the future, it means growth and opportunity. Ease of everyday use and freedom of asset exchange between different means of electronic payments are their strongest suit and main goal. The NAGA coin is aimed to be listed on all the biggest and most stable cryptocurrency exchanges available today.
The NAGA token sale is nearing its end, don’t miss out on the opportunity to take part in what will probably be the next big thing in the crypto-space.
Join NAGA’s telegram chat to stay tuned!
What is your preferred wallet solution? Which of NAGA wallet’s features do you find the most appealing? Let us know in the comments below.
Images courtesy of the NAGA group, adobestock
Nagaworld announces new project in cambodia
Naga corp, a famous hotel, gaming and casino operator from cambodia has announced plans to spend $3.5 billion in order to expand its assets soon.
The company got approval from shareholders who have decided to support this project. A general meeting was held recently and 98% of those who participated said that nagacorp should consider expansion. Company’s CEO, tan sri dr chen lip keong abstained from voting but still has decided to pay for half of the “naga 3” project.
Nagacorp will invest in four 42-story towers that will include hotels, residences, convention halls, dining facilities, retail outlets, and entertainment venues. It is expected for these new establishments to have large casino floors too. Also, 4,720 hotel rooms will be included in this project.
Naga 3 will be built in phnom penn and it will be three times larger than original nagaworld and naga 2 combined.
This is going to be the largest private sector investment in cambodia and it is estimated that 18,000 permanent jobs will be created. During its construction phase, naga 3 will employ around 50,000 to realize the project.
This is going to be a lucrative deal for nagaworld since cambodia recently banned online gambling. This means that licensed operators will have more customers in their establishment on a daily basis, therefore, more income will be made.
The number of gamblers who rely on land-based options has been increasing steadily and that is something that nagaworld looks to profit upon.
Nagaworld casino employees seek government help after nagacorp stops COVID-19 pay
Cambodia’s biggest casino operator nagacorp is once again going through labor trouble after it stopped COVID-19 suspension payments to staff at its flagship venue in phnom penh.
On tuesday, cambodian media reported that some 200 staff of the nagaworld casino were demonstrating in front labor ministry building to protest a move by nagacorp to stop the partial salary payments the firm had been making since all cambodian gambling operators were ordered to close on april 1 due to COVID-19.
When cambodia’s PM hun sen issued his casino closure order, he said casino operators “should find a solution for their workers during the suspension of their businesses.” at first, nagacorp agreed to pay most employees of their salaries, whereas a handful of staff are still on full-time running nagaworld’s hotel, which remains somewhat operational.
Those 50% payments were stopped this june, leaving most nagaworld employees with no income at all. The gathering outside the labor ministry, accompanied by thousands of thumbprint petitions from other impacted employees, was a bid to convince the government to pay idle casino employees that same $40 monthly handout that staff in the garment and tourism sectors are now receiving.
Chhim sithar, who represents nagaword’s unionized employees, told local media that the union had presented nagacorp with three options for keeping its staff from economic disintegration during the closure. One involves paying employees 30% of their wages and loaning them another 20% from future salaries.
Another option would allow employees to borrow $300 each month from nagacorp till norma work resumes, whereas a third option would allow staff to borrow the value of their salaries for 15 paid holidays (which are paid at a rate of 300% of normal daily pay). Sithar continued by saying that workers would repay the lent sums via 10% deductions from their normal salaries once nagaworld restarts.
The company has yet to officially respond to these overtures, and the firm hasn’t blinked in former labor crackdowns. Nagaworld’s unionized workers went on strike for improved pay september, 2019, promting nagacorp to secure a ruling declaring the strike illegal, after which the workers returned to work without any salary increase.
Nagacorp recorded a record profit of $521m in 2019 thanks to continued expansion of its flagship phnom penh resort, which critics are claiming could do better to help staff. However, the firm is embarking on its biggest expansion to date with naga3, which holds a massive $3.5 billion pricetag, leaving investors in full ‘let staff eat cake’ mode.
Nagacorp: phnom penh casino monopoly will outlast COVID-19
On wednesday, nagacorp issued a trading update on its performance over the first three months of 2020, during which gross gaming revenue at its nagaworld facility in cambodia’s capital rose 15% year-on-year to US$368.8m.
The Q1 gains were entirely due to the VIP segment, which saw turnover rise 18% to $9.7b, while VIP gross gambling revenue shot up by one-quarter to $270.2m. Nagacorp credited the surge to vips viewing cambodia as having at least appeared to dodge the worst of the pandemic so far.
Mass market table games had a far more tepid quarter, with buy-ins and revenue both falling 1% from Q1 2019, due mainly to many asia-pacific nations restricting their citizens ability to travel due to the pandemic. This also impacted electronic gaming machine performance, which reported credits down 25% and revenue down 15%.
Nagacorp noted that its strong overall showing predated cambodia’s government ordering the shutdown of all casinos to minimize further spread of the COVID-19 coronavirus. Unlike most other casino jurisdictions, cambodia’s shutdown order had no targeted end date, but nagacorp says its financial reserves of around $473m should allow it to ride out this storm, however long it lasts.
Nagacorp is choosing to take a long view of the current crisis, saying “we believe the life span of the COVID-19 is shorter than the duration of our monopoly which lasts till 2045.” should cambodian authorities’ COVID-19 mitigation efforts prove successful, nagacorp believes the company will “continue its trajectory of growth in the short term especially now the COVID-19 spread is quite well contained in china.”
Nagacorp clearly knows which nation butters its bread, as the trading update contains numerous references to the sun shining out china’s backside. This includes a section lifted straight out of china’s state-run media claiming that the country’s COVID-19 response “has set an example for the world to cope with the contagion and offered experiences to the world in advancing public health governance.”
Or not. Bloomberg reported wednesday on a US intelligence report accusing china of deliberately underreporting its number of COVID-19 infections and deaths, a possibly self-serving claim but one which jibes with reports of thousands of funeral urns stacked outside funeral homes in hubei province. China also revised its formula this week for calculating the number of infections, the eighth such revision since the outbreak became public knowledge, making true progress in the viral fight harder to measure.
Workers on strike at nagaworld over better pay: report
Thousands of workers of the nagaworld casino complex in the cambodian capital phnom penh were said to have gone on strike on thursday, demanding better pay and working conditions, reuters news agency reported.
The nagaworld casino resort complex is promoted by hong kong-listed nagacorp ltd.
Reuters reported that “about 3,000″ nagaworld workers joined thursday’s strike in front of the casino resort complex. The workers were said to be demanding a “higher pay of US$300” a month for hotel employees; and “US$500 a month” for those that work on nagaworld’s gaming floors, said the media outlet.
The report also cited some of the striking workers as saying that their starting wages were at between the range of “US$150 to US$250” a month. The workers were also reportedly seeking the reinstatement of their union leader, chhim sithar, who was said to have been suspended in september.
Ggrasia has approached nagacorp for a comment on the strike, but had not received a reply by the time the story went online. But in a filing on friday, the hong kong-listed company disputed the worker’s claims. The firm stated that “approximately 500 to 700 employees participated in an illegal gathering” on thursday outside the nagaworld property, and that “all business operations of the group remained normal”.
The nagaworld operator recorded net gaming revenue of US$616.3 million for the nine months ended september 30, up 28.5 percent in year-on-year terms. Nagacorp has an exclusive licence to operate casinos in phnom penh and its surroundings. It started operations with the nagaworld property, now referred to as naga 1, which opened in december 2006. That property now links to naga 2, an expansion that opened in november 2017. The overall complex is now known as nagaworld complex.
Nagacorp’s exclusive gaming rights in phnom penh was extended in november by the country’s government for a further 10 years , to december 31, 2045.
In july, nagacorp reported net profit of about US$245.1 million for the first six months of 2019, a 36.1-percent increase over the corresponding period in 2018. The company had reported a net profit for full calendar year 2018 of US$390.6 million.
(updated at 9.35am, jan 10, to include a comment from nagacorp)
In phnom penh, nagaworld lockdown means casino workers are suffering
On labour day 2020, nagaworld union president chhim sithar says employees are financially struggling while waiting for phnom penh's sole gambling operator to reopen. But even during the covid-19 shutdown, sithar says the global fight for labour rights will go on
May 1, 2020
Usually abuzz with electronic lights, flipping cards and human voices, the tables at the gleaming nagaworld casino resorts in phnom penh have finally gone silent.
The towering casino and hotel complexes near the city’s diamond island addition closed 1 april by order of prime minister hun sen as a preventive measure in the cambodian fight against covid-19.
Now, without the stream of mostly chinese gamblers that made the sole casino operator in the capital by some measures one the largest gaming operations in southeast asia, about 9,000 employees that make their living between the two neighbouring nagaworld facilities are left to wonder what their fortunes will hold.
Chhim sithar is vested in a winning draw, both as a casino pit boss and as the head of the nagaworld employees’ union. In late september, casino management suspended sithar amidst what she describes as a campaign to fight for across-the-board employee pay raises. After nearly four contentious months that culminated in a two-day january protest outside the original nagaworld casino, she was reinstated to her position.
Now, almost a month after the gaming facility was temporarily shuttered, sithar says the disruption has taken a toll on her organisation’s approximately 4,000 members.
“they have been struggling with basic daily expenses,” she told the globe. “I have got a lot of concern from my members, it’s been difficult for them.”
Nagacorp, the holding company for the two casino resorts in phnom penh, opened its first in 2003 and enjoys exclusive licensing to operate as a casino in phnom penh. That positioning helped ensure the success of the business, which added the naga 2 extension in 2017.
Last year, nagacorp announced naga 3, a massive third installment in the phnom penh hotel-casino kingdom that could cost upwards of $3.5 billion. The hotel-casino complex would add 4,720 hotel rooms and a 12-storey entertainment area.
Nagacorp is publicly traded on the hong kong stock exchange and reported for 2019 gross gaming revenues of $1.7 billion, an increase of 20% from the year prior. Nagacorp also reported $521.3 million in net profit for 2019 and a hefty $46.6 billion in VIP rollings, a gaming industry statistic that suggests the volume of money in play on the floor.
This week, as she looked ahead to international labour day on may 1 – a public holiday in cambodia – sithar said it wasn’t fair for nagaworld workers to struggle while their company made so much money. She also believed the ongoing viral pandemic should be considered an occupational disease.
“for most countries in southeast asia, for us in cambodia, the government has announced the disease is closing down casinos, karaoke and some restaurants, but there’s no policy or law that talks about employee responsibility to those who have lost their jobs, workers who are poor or live on their own without protection,” she said. “that’s our message on may day: employers and government have responsibilities to support workers during this crisis.”
Nagaworld representatives did not respond to a request for comment.
Right now, both union and non-union workers at nagaworld facilities are receiving 50% of their salary while the casinos are closed to visitors. Traffic from chinese customers had already fallen sharply due to the covid-19 outbreak even before the official shutdown notice, but the nagaworld hotels are still hosting some guests.
Sithar said 20-30% of the hotel and security staff are considered essential and still go into nagaworld facilities every day. That includes a labour force made up of guards, housekeepers, culinary and maintenance staff whose working days are limited to just 13 per month.
“the workers, some are doing well with 50% of basic salary, but majority of them have problems with financials,” sithar said. “they have to pay to the bank and microfinance and also some people might have bought a house and it’s not enough to pay.”
Yem borey, a nagaworld slot machine supervisor, agreed with sithar’s assessment of life under the covid-19 closure.
“our living is very difficult,” borey said in a message, adding that it was hard to make ends meet while paying off a bank loan. “some of my colleagues are now becoming an online seller, they live on facebook, especially the girls.”
Though he said he was proud of his colleagues for finding ways to preserve their livelihood, he’s one of many casino workers now eagerly awaiting the word from hun sen to reopen the doors to gamblers.
Borey was also among the crowd of thousands of nagaworld union workers who gathered to chant, sing and occupy the space for the january demonstration to reinstate sithar. Those who gathered under the beating sun then held signs calling for the union chief’s return, along with other agenda items related to pay and workplace safety.
To add more about our concerns, union-busting might happen … active union members might not be called back to work on the basis of business being low, even though they are reopened
Now, a few months later but a world apart, the union is working toward higher pay through continued negotiations – and a possible promise of working through upcoming public holidays to repay nagaworld for support during the closure.
That’s one possibility on the table in a union proposal for workers to receive 100% of their salary for april, 70% for may and, if the casino remains closed, a 50% wage in june.
“[we] are always having debate, sometimes issues together about public holiday because the company gives such little leave for workers,” she said. “but if the proposal is accepted, OK, we will work during public holidays.”
‘union-busting might happen’
besides her regular communications with the union membership and casino management, sithar says she’s been checking in with other labour representatives around cambodia and the wider asia pacific to compare notes on worker conditions during the crisis.
Sithar said these organisers are also closely watching how employers move forward from pandemic-based closures.
“to add more about our concerns, union-busting might happen,” she cautioned. “active union members might not be called back to work on the basis of business being low, even though they are reopened.”
She pointed to the reported mass firing of union members at the myan mode garment factory in yangon, myanmar, as an example of what she meant.
“I’m sure those employers will try to do something, will not miss this kind of good opportunity,” sithar said.
Workers’ rights and salary issues have always been some of the top priorities of the nagaworld union organisers, but workplace safety also ranks high.
Many of the protesters who demonstrated in january came with signs bearing slogans to that effect. One protestor who identified herself as a card dealer, said that harassment from players often went unchecked by security staff on the floor.
“they get angry sometimes when they lose – and they always blame us,” she said.
Union members are pushing for a comprehensive set of guidelines to improve safety for nagaworld employees, including a stronger policy to deal with aggressive customers. But sithar charges that nagaworld has moved slowly on this front and, like many casinos, is especially reluctant to admonish high rollers when they misbehave.
The union president said gamblers on a losing streak have in the past upended ashtrays, berated dealers to the point of tears, and thrown hot beverages or bottles of water at them.
“some who are police, or work in the government, they even threaten the dealers that they will kill them outside if they see them,” sithar said.
Even more mundane threats, like the constant plumes of second-hand smoke from cigarettes, have been hard to address for casino staff. Multiple gaming workers at the january protest complained that they might get a faceful of smoke from gamers at any point, with no options to get away.
Sophana, a food and beverage worker who went to the january protest to help reinstate sithar, said then, just months before covid-19 would upend his workplace, that employees needed the union to promote their interests at work.
While his main long-term goal was to see higher wages for nagaworld staff, he also thought it was important to fight for a change in company attitudes toward employees.
“sometimes the company has the idea that phnom penh has only one casino and if you don’t like it, you can go resign,” he said. “I don’t want the company to think like that, I need them to think about the staff, because the staff find the money for them.”
Nagacorp pimps new naga3 design as staff seek higher pay
This week, the chicago-based architecture firm of skidmore, owings & merrill (SOM) unveiled new images of naga 3, nagacorp’s proposed $3.5b expansion of its flagship nagaworld casino in phnom penh. The plans, first announced one year ago last month, have undergone significant revision since then, including a reduction from five hotel towers to three.
However, SOM emphasized that one of the three remaining towers will be “a commanding emblem in the skyline, and the highest point” in the city. As a result, naga3 “will be the most important landmark for the city in the years to come,” especially given nagacorp recently extended its phnom penh casino monopoly until 2046.
Nagaworld is currently closed, along with most other phnom penh businesses, on the order of cambodia’s prime minister hun sen to minimize further transmission of the COVID-19 coronavirus. While between 20-30% of staff — mostly hotel and security — have been deemed essential and continue to show up for work, thousands of other naga employees stand idle and worrying about their ability to survive depending on how long the casino remains shuttered.
Both unionized and non-union nagaworld staff are currently receiving half of their usual salaries, and some are better able than others to survive on these partial wages. The southeast asia globe recently quoted chhim sithar, head of the naga employees’ union, saying “employers and government have responsibilities to support workers during this crisis.”
Sithar, a nagaworld casino dealer, was suspended last september after fighting with the company over staff pay rises. That led to a strike by around 3k of the property’s unionized workers. Nagacorp ultimately won an injunction calling the strike illegal, after which the striking staff returned to work along with sithar but without any rise in pay.
The globe reported that negotiations between the company and its workers were ongoing, with the union proposing that staff receive 100% of their april salary, 70% for may and 50% in june if the closure order isn’t lifted by then. In exchange, staff would agree to work through public holidays.
Even if a deal is reached, sithar expressed concern that “union-busting might happen,” in which nagacorp might not allow “active union members” to come back to work once the casino resumes operations.
Sithar’s union is also seeking greater protections for dealers from losing gamblers who seek to take out their frustrations on the person who dealt them the cards. Sithar said gamblers had thrown hot beverages at dealers to express their dissatisfaction, while others “who are police, or work in government, they even threaten the dealers that they will kill them outside if they see them.”
so, let's see, what we have: for those new to crypto, this article takes a brief look at the available cryptocurrency wallet options as well as several examples of each. At wallet.Nagaworld online
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