Saga

Saga aims to create a reliable asset-backed digital currency, which is tied to a reserve invested in fiat currencies (the SDR basket) and held in reputable banks.

About Saga

Saga aims to create a reliable asset-backed digital currency, which is tied to a reserve invested in fiat currencies (the SDR basket) and held in reputable banks. Saga seeks to complement existing traditional currencies by working closely with established economic institutions.
In a BUY transaction, the user will purchase SGA with ETH, some of which will be converted to fiat and sent to the reserves. In a SELL transaction, the user will sell SGA to the Main Contract and receive ETH in return, obtained by converting fiat drawn from the reserves. The smart contract will generate and burn SGA tokens as ETH is sent and withdrawn from it, and the price of SGA will be algorithmically governed to minimize volatility, based on an adjustable reserve ratio (resembling the Bancor protocol). As Saga gains trust, its reserve ratio will decrease in favour of an independent establishment of value.
To ensure accountability, all participants are required to undergo a formal KYC procedure.

Token Sale Use of Blockchain

Product

2.8
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

4.0
N/A
4 - Large audience / wide market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.

Product

SGA’s differentiation from other digital currencies is its monetary model, wherein the currency is backed by a reserve invested in fiat currencies (the SDR basket) and held in reputable banks. The precise deployment of funds will be determined by Saga’s Smart Contract – an algorithm will control the release and return of funds. The whitepaper lists two transactions: Buy and Sell. In a BUY transaction, the user purchases SGA with ETH, and Saga uses a currency exchange provider to convert some of the ETH to fiat, which is immediately sent to reserves held by regulated banks. In a SELL transaction, the user sells SGA to the Main Contract, receiving ETH in return, and Saga draws fiat from its reserves and uses a currency exchange to convert it to ETH. The smart contract generates and burns SGA tokens as ETH is sent and withdrawn from it. Saga’s algorithmic financial model uses a reserve ratio reminiscent of the Bancor protocol, albeit with the additional step of conversion to fiat held in reserve in established banks. (Indeed, Bancor’s Eyal Hertzog is an advisor on the project, and the two co-founders are also co-founders of Singulariteam, whose Alignment group has Bancor among its clients.) The Price Discovery Model splits Saga’s economy into three stages: • Small / Fragile Economy – fixed 100% reserve ratio, constant price – lasts until the market cap reaches 20M SDR • Growing Economy – reserve ratio slowly reduced until it reaches 10% at a market cap of 3T SDR • Standalone Economy – reserve-ratio-based Price Discovery Model is replaced by a new system (to be determined).
* Competition would include a variety of stablecoins and asset-backed cryptocurrencies. The use of an algorithm for managing the token circulation vs. the fiat reserves is a differentiating characteristic, providing an inherent relationship between the two.
* “The resources to build Saga’s core ecosystem are funded from proceeds raised by early supporters and investors… early investors are recompensed not with SGA tokens, but with a different token called Saga Genesis (SGN), a voucher token convertible to SGA… Saga’s economic model is primed with a series of market cap milestones, known as ‘Genesis Minting Points’. Whenever Saga’s economy reaches a new Genesis Minting Point, SGA tokens are minted, to be allocated to SGN holders upon conversion to SGA. • The first Genesis Minting Point occurs when Saga’s economy hits a market cap of 25M SDR. • The break-even point for early investors occurs when Saga’s economy reaches a 610M SDR market cap. • The SGN conversion ratio continues to increase until Saga’s economy reaches a 1.5T SDR market cap. At this point the conversion ratio reaches its final cap: 1 SGN will be worth 15 SGA.”
* No specific information is provided regarding where the project now stands or its continued development plans. No github repo or MVP available so far.

Product Whitepaper

Use of Blockchain

2.8
Use of Blockchain
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

2.0
N/A
2 - Some smart contract functionality.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

2.0
N/A
2 - Some, but not much.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

4.0
N/A
4 - Token is essential to platform.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

3.0
N/A
3 - Hybrid; decentralized as far as circumstances allow.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.

Use of Blockchain

SGA is an Ethereum based token with specified Buy and Sell transaction operations. The primary innovation lies in the use of an algorithm for managing the token circulation vs. the fiat reserves. The Main Contract receives an asset (ETH, SGA) and calculates the amount of return assets according to SGA price, as determined by the adjustable reserve ratio (in a manner similar to the Bancor protocol). “Reserve Traders instruct the Currency Exchange which assets to convert the ETH to, and also specify which banks to send it to. All instructions from Reserve Traders are ultimately determined by the Reserve Manager.” The Foundation Council will manage the business and assets of the Saga Foundation.
* This post notes that the Financial Times “accused Saga of playing it safe; of not providing adequate justification for the existence of its cryptocurrency (a symptom, it says, common to the wider crypto industry), and of making too much of its non-anonymous nature.”

Use of Blockchain Roadmap

Whitepaper

3.6
Whitepaper
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

4.0
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

4.0
N/A
4 - Clear, well thought out, realistic.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

4.0
N/A
4 - Clear, well thought out, realistic.

Whitepaper

The whitepaper is 43 pages long and is well written and organized. The document discusses the Saga currency (monetary contract, mathematical model, buy/sell flows) – in a detailed but not quite definitive manner. The system architecture is described from a high-level perspective, but is pretty detailed with regard to considerations of design and implementation. The role of the Saga Foundation is described briefly and in a non-committal manner. The foundation is a non-profit and therefore does not present a business plan per se, but rather discusses the token macro-economy (plans with regard to the reserve and conversion ratios based on the token’s market cap – see Product). 9 pages are devoted to presenting the team. 7 pages are devoted to risk factors and their mitigation – listed risks are divided into those related to adoption, regulation, macroeconomics (run-on-the-bank scenario, front-running, high-watermarking), and technology (security and scalability). “Saga aims to have fully accessible code in its Github account. The only parts of the code that won’t be open-sourced are ones that might jeopardise the security of Saga and its reserve or the privacy of its participants.”

Whitepaper Compliance

Roadmap

3.2
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

2.0
N/A
2 - Vague, noncommittal.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

4.0
N/A
4 - Realistic.
Vision

Is there a larger, long-term vision?

3.0
N/A
3 - A trend with potential.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

4.0
N/A
4 - Available and trusted.
Current Position

Where is the project now, relative to its vision and plans?

3.0
N/A
3 - Getting there.

Roadmap

A definitive development roadmap is not provided on the website or in the whitepaper. No github repo or MVP are provided. It is not clear what the development plans are or what has been implemented as of yet, both in terms of technology and business (partnerships, banks). Forward looking plans are focused more on the token macro-economy (plans with regard to the reserve and conversion ratios based on the token’s market cap – see Product). However, since the token is Ethereum based with relatively basic buy/sell functionality, and since the platform is built around SGA/SGN/ETH/fiat conversion, it would seem that technological development should be fairly straightforward.

Roadmap Company and Team

Compliance

3.0
Compliance
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

3.0
N/A
3 - Limited or uncertain use cases.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

1.0
N/A
1 - Solely; a passive investment vehicle.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

5.0
N/A
5 - Professional, audited.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

5.0
N/A
5 - Professional and top-tier.

Compliance

Saga is not conducting an ICO, but has raised funds from accredited investors only. According to Crunchbase, the foundation has raised 30 million USD from Mangrove Capital Partners and Lightspeed Venture Partners (announced Mar 23). The website lists also Singulariteam, lool ventures, iCapital, Juno, and Initial Capital as investors. (It is stated also that each investment was capped, to ensure a degree of decentralisation.) Saga plans to address the public once the Saga currency is ready and launched.
* “The resources to build Saga’s core ecosystem are funded from proceeds raised by early supporters and investors… early investors are recompensed not with SGA tokens, but with a different token called Saga Genesis (SGN), a voucher token convertible to SGA… Saga’s economic model is primed with a series of market cap milestones, known as ‘Genesis Minting Points’. Whenever Saga’s economy reaches a new Genesis Minting Point, SGA tokens are minted, to be allocated to SGN holders upon conversion to SGA. • The first Genesis Minting Point occurs when Saga’s economy hits a market cap of 25M SDR. • The break-even point for early investors occurs when Saga’s economy reaches a 610M SDR market cap. • The SGN conversion ratio continues to increase until Saga’s economy reaches a 1.5T SDR market cap. At this point the conversion ratio reaches its final cap: 1 SGN will be worth 15 SGA.” (“new SGA tokens are minted for SGN holders only once Saga’s market cap has remained above the milestone for a period of seven days.”)
* To ensure accountability, all participants are required to undergo a formal KYC procedure. “Three signatures are issued: one to the participant; the second to their jurisdiction; the third remains in the hands of Saga. Two out of three signatures are required to reveal the identity of a participant.”
* A legal review/agreement is not publicly available but assumed to be at a level suitable for the current (SGN) investors.

Compliance Token Sale

Company and Team

4.8
Company and Team
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

5.0
N/A
5 - Well established, has raised significant funds.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

5.0
N/A
5 - Accomplished, recognized.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

5.0
N/A
5 - Skilled and balanced, fully committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

5.0
N/A
5 - Meeting and exceeding project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

4.0
N/A
4 - Good, sufficient for each aspect.

Company and Team

The Saga Foundation is a non-profit organization headquartered in Zug, Switzerland and founded in 2017. According to Crunchbase, the foundation has raised 30 million USD from Mangrove Capital Partners and Lightspeed Venture Partners (announced Mar 23). The website lists also Singulariteam, lool ventures, iCapital, Juno, and Initial Capital as investors.
* In the whitepaper, 9 pages are devoted to presenting the team: 5 in the foundation council, 10 in the advisory council, and 17 on the core team. The whitepaper and website present the team members with pictures and short bios but without links to LinkedIn or other professional profiles. It is stated in the whitepaper that the Foundation Council manages the foundation’s business and assets, and that suppliers are engaged to build and implement Saga’s core.
* The Foundation Council is comprised of Saga co-founders Ido Sadeh Man and Moshe Hogeg – who are also co-founders of The Singulariteam Technology Group – along with Mark Tluszcz (Co-Founder and CEO of Mangrove Capital Partners and Chairman of Wix), Barry Topf (33-year career at the Bank of Israel; one of the founding members of the Monetary Policy Committee and Senior Advisor to the Governor, Stanley Fischer), and Guido Schmitz-Krummacher (Managing Director at Sielva Management). Ido Sadeh Man is also founder and CEO of Dragonera (discontinued), and Moshe Hogeg is also founder and co-CEO of Sirin Labs.
* Saga’s advisory board includes names such as Jacob A. Frenkel (Chairman of JPMorgan Chase and former governor of the Bank of Israel), Myron Scholes (Nobel Laureate in Economic Sciences), Leo Melamed (founder of the National Futures Association and Chairman Emeritus of the CME), and Prof. Dan Galai (co-developer of the Chicago Board Options Exchange’s Volatility Index; former Dean of the School of Management at the Hebrew University in Jerusalem), as well as Prof. Emin Gün Sirer (blockchain/cryptocurrency researcher at Cornell) and Eyal Hertzog (Co-Founder & Product Architect at Bancor).
* The core team has a CTO & Blockchain Architect who was also CTO at Dragonera, and two blockchain engineers, one of whom is listed as a “Math Consultant for Bancor Foundation’ on his LinkedIn profile. Additional team members include a Managing Director, CFO, Head of Research and Researcher, Chief Product Officer, Product and Product Marketing Managers, and others.

Company and Team Product

Token Sale

3.2
Token Sale
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

2.0
N/A
2 - Only loosely related to plans.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

4.0
N/A
4 - Well defined and reasonable.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

4.0
N/A
4 - Solid exposure and interest, good impression.

Token Sale

The SGA token will be available for purchase starting Q4 2018. Saga Genesis (SGN) is a voucher token convertible to a maximum of 15 SGAs. As stated, the foundation has raised 30 million USD from accredited investors for development of the platform. Precise fund and token allocation are unknown, but SGN/SGA conversion ratios are well-defined and milestone related, and beyond that, SGA/ETH/fiat-reserve conversion is to be handled by the smart contract according to the reserve ratio.

Product

SGA’s differentiation from other digital currencies is its monetary model, wherein the currency is backed by a reserve invested in fiat currencies (the SDR basket) and held in reputable banks. The precise deployment of funds will be determined by Saga’s Smart Contract – an algorithm will control the release and return of funds. The whitepaper lists two transactions: Buy and Sell. In a BUY transaction, the user purchases SGA with ETH, and Saga uses a currency exchange provider to convert some of the ETH to fiat, which is immediately sent to reserves held by regulated banks. In a SELL transaction, the user sells SGA to the Main Contract, receiving ETH in return, and Saga draws fiat from its reserves and uses a currency exchange to convert it to ETH. The smart contract generates and burns SGA tokens as ETH is sent and withdrawn from it. Saga’s algorithmic financial model uses a reserve ratio reminiscent of the Bancor protocol, albeit with the additional step of conversion to fiat held in reserve in established banks. (Indeed, Bancor’s Eyal Hertzog is an advisor on the project, and the two co-founders are also co-founders of Singulariteam, whose Alignment group has Bancor among its clients.) The Price Discovery Model splits Saga’s economy into three stages: • Small / Fragile Economy – fixed 100% reserve ratio, constant price – lasts until the market cap reaches 20M SDR • Growing Economy – reserve ratio slowly reduced until it reaches 10% at a market cap of 3T SDR • Standalone Economy – reserve-ratio-based Price Discovery Model is replaced by a new system (to be determined).
* Competition would include a variety of stablecoins and asset-backed cryptocurrencies. The use of an algorithm for managing the token circulation vs. the fiat reserves is a differentiating characteristic, providing an inherent relationship between the two.
* “The resources to build Saga’s core ecosystem are funded from proceeds raised by early supporters and investors… early investors are recompensed not with SGA tokens, but with a different token called Saga Genesis (SGN), a voucher token convertible to SGA… Saga’s economic model is primed with a series of market cap milestones, known as ‘Genesis Minting Points’. Whenever Saga’s economy reaches a new Genesis Minting Point, SGA tokens are minted, to be allocated to SGN holders upon conversion to SGA. • The first Genesis Minting Point occurs when Saga’s economy hits a market cap of 25M SDR. • The break-even point for early investors occurs when Saga’s economy reaches a 610M SDR market cap. • The SGN conversion ratio continues to increase until Saga’s economy reaches a 1.5T SDR market cap. At this point the conversion ratio reaches its final cap: 1 SGN will be worth 15 SGA.”
* No specific information is provided regarding where the project now stands or its continued development plans. No github repo or MVP available so far.

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

4.0
N/A
4 - Large audience / wide market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.
Product Score:
2.8

Use of Blockchain

SGA is an Ethereum based token with specified Buy and Sell transaction operations. The primary innovation lies in the use of an algorithm for managing the token circulation vs. the fiat reserves. The Main Contract receives an asset (ETH, SGA) and calculates the amount of return assets according to SGA price, as determined by the adjustable reserve ratio (in a manner similar to the Bancor protocol). “Reserve Traders instruct the Currency Exchange which assets to convert the ETH to, and also specify which banks to send it to. All instructions from Reserve Traders are ultimately determined by the Reserve Manager.” The Foundation Council will manage the business and assets of the Saga Foundation.
* This post notes that the Financial Times “accused Saga of playing it safe; of not providing adequate justification for the existence of its cryptocurrency (a symptom, it says, common to the wider crypto industry), and of making too much of its non-anonymous nature.”

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

2.0
N/A
2 - Some smart contract functionality.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

2.0
N/A
2 - Some, but not much.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

4.0
N/A
4 - Token is essential to platform.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

3.0
N/A
3 - Hybrid; decentralized as far as circumstances allow.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.
Use of Blockchain Score:
2.8

Whitepaper

The whitepaper is 43 pages long and is well written and organized. The document discusses the Saga currency (monetary contract, mathematical model, buy/sell flows) – in a detailed but not quite definitive manner. The system architecture is described from a high-level perspective, but is pretty detailed with regard to considerations of design and implementation. The role of the Saga Foundation is described briefly and in a non-committal manner. The foundation is a non-profit and therefore does not present a business plan per se, but rather discusses the token macro-economy (plans with regard to the reserve and conversion ratios based on the token’s market cap – see Product). 9 pages are devoted to presenting the team. 7 pages are devoted to risk factors and their mitigation – listed risks are divided into those related to adoption, regulation, macroeconomics (run-on-the-bank scenario, front-running, high-watermarking), and technology (security and scalability). “Saga aims to have fully accessible code in its Github account. The only parts of the code that won’t be open-sourced are ones that might jeopardise the security of Saga and its reserve or the privacy of its participants.”

Category Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

4.0
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

4.0
N/A
4 - Clear, well thought out, realistic.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

4.0
N/A
4 - Clear, well thought out, realistic.
Whitepaper Score:
3.6

Roadmap

A definitive development roadmap is not provided on the website or in the whitepaper. No github repo or MVP are provided. It is not clear what the development plans are or what has been implemented as of yet, both in terms of technology and business (partnerships, banks). Forward looking plans are focused more on the token macro-economy (plans with regard to the reserve and conversion ratios based on the token’s market cap – see Product). However, since the token is Ethereum based with relatively basic buy/sell functionality, and since the platform is built around SGA/SGN/ETH/fiat conversion, it would seem that technological development should be fairly straightforward.

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

2.0
N/A
2 - Vague, noncommittal.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

4.0
N/A
4 - Realistic.
Vision

Is there a larger, long-term vision?

3.0
N/A
3 - A trend with potential.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

4.0
N/A
4 - Available and trusted.
Current Position

Where is the project now, relative to its vision and plans?

3.0
N/A
3 - Getting there.
Roadmap Score:
3.2

Compliance

Saga is not conducting an ICO, but has raised funds from accredited investors only. According to Crunchbase, the foundation has raised 30 million USD from Mangrove Capital Partners and Lightspeed Venture Partners (announced Mar 23). The website lists also Singulariteam, lool ventures, iCapital, Juno, and Initial Capital as investors. (It is stated also that each investment was capped, to ensure a degree of decentralisation.) Saga plans to address the public once the Saga currency is ready and launched.
* “The resources to build Saga’s core ecosystem are funded from proceeds raised by early supporters and investors… early investors are recompensed not with SGA tokens, but with a different token called Saga Genesis (SGN), a voucher token convertible to SGA… Saga’s economic model is primed with a series of market cap milestones, known as ‘Genesis Minting Points’. Whenever Saga’s economy reaches a new Genesis Minting Point, SGA tokens are minted, to be allocated to SGN holders upon conversion to SGA. • The first Genesis Minting Point occurs when Saga’s economy hits a market cap of 25M SDR. • The break-even point for early investors occurs when Saga’s economy reaches a 610M SDR market cap. • The SGN conversion ratio continues to increase until Saga’s economy reaches a 1.5T SDR market cap. At this point the conversion ratio reaches its final cap: 1 SGN will be worth 15 SGA.” (“new SGA tokens are minted for SGN holders only once Saga’s market cap has remained above the milestone for a period of seven days.”)
* To ensure accountability, all participants are required to undergo a formal KYC procedure. “Three signatures are issued: one to the participant; the second to their jurisdiction; the third remains in the hands of Saga. Two out of three signatures are required to reveal the identity of a participant.”
* A legal review/agreement is not publicly available but assumed to be at a level suitable for the current (SGN) investors.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

3.0
N/A
3 - Limited or uncertain use cases.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

1.0
N/A
1 - Solely; a passive investment vehicle.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

5.0
N/A
5 - Professional, audited.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

5.0
N/A
5 - Professional and top-tier.
Compliance Score:
3.0

Company and Team

The Saga Foundation is a non-profit organization headquartered in Zug, Switzerland and founded in 2017. According to Crunchbase, the foundation has raised 30 million USD from Mangrove Capital Partners and Lightspeed Venture Partners (announced Mar 23). The website lists also Singulariteam, lool ventures, iCapital, Juno, and Initial Capital as investors.
* In the whitepaper, 9 pages are devoted to presenting the team: 5 in the foundation council, 10 in the advisory council, and 17 on the core team. The whitepaper and website present the team members with pictures and short bios but without links to LinkedIn or other professional profiles. It is stated in the whitepaper that the Foundation Council manages the foundation’s business and assets, and that suppliers are engaged to build and implement Saga’s core.
* The Foundation Council is comprised of Saga co-founders Ido Sadeh Man and Moshe Hogeg – who are also co-founders of The Singulariteam Technology Group – along with Mark Tluszcz (Co-Founder and CEO of Mangrove Capital Partners and Chairman of Wix), Barry Topf (33-year career at the Bank of Israel; one of the founding members of the Monetary Policy Committee and Senior Advisor to the Governor, Stanley Fischer), and Guido Schmitz-Krummacher (Managing Director at Sielva Management). Ido Sadeh Man is also founder and CEO of Dragonera (discontinued), and Moshe Hogeg is also founder and co-CEO of Sirin Labs.
* Saga’s advisory board includes names such as Jacob A. Frenkel (Chairman of JPMorgan Chase and former governor of the Bank of Israel), Myron Scholes (Nobel Laureate in Economic Sciences), Leo Melamed (founder of the National Futures Association and Chairman Emeritus of the CME), and Prof. Dan Galai (co-developer of the Chicago Board Options Exchange’s Volatility Index; former Dean of the School of Management at the Hebrew University in Jerusalem), as well as Prof. Emin Gün Sirer (blockchain/cryptocurrency researcher at Cornell) and Eyal Hertzog (Co-Founder & Product Architect at Bancor).
* The core team has a CTO & Blockchain Architect who was also CTO at Dragonera, and two blockchain engineers, one of whom is listed as a “Math Consultant for Bancor Foundation’ on his LinkedIn profile. Additional team members include a Managing Director, CFO, Head of Research and Researcher, Chief Product Officer, Product and Product Marketing Managers, and others.

Category Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

5.0
N/A
5 - Well established, has raised significant funds.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

5.0
N/A
5 - Accomplished, recognized.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

5.0
N/A
5 - Skilled and balanced, fully committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

5.0
N/A
5 - Meeting and exceeding project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

4.0
N/A
4 - Good, sufficient for each aspect.
Company and Team Score:
4.8

Token Sale

The SGA token will be available for purchase starting Q4 2018. Saga Genesis (SGN) is a voucher token convertible to a maximum of 15 SGAs. As stated, the foundation has raised 30 million USD from accredited investors for development of the platform. Precise fund and token allocation are unknown, but SGN/SGA conversion ratios are well-defined and milestone related, and beyond that, SGA/ETH/fiat-reserve conversion is to be handled by the smart contract according to the reserve ratio.

Category Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

2.0
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

2.0
N/A
2 - Only loosely related to plans.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

4.0
N/A
4 - Well defined and reasonable.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

4.0
N/A
4 - Solid exposure and interest, good impression.
Token Sale Score:
3.2

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