What does Kanaka mean?
From Sanskrit 'kanaka' (कनक), whose primary meaning is 'gold'. Literal metal sense. (An unrelated Greenlandic 'Kanak' meaning 'upper tent pole' is a separate homograph.)
What does Naga mean?
From Sanskrit नाग (naga) 'snake, serpent', also denoting the semi-divine serpent beings (nagas) of Hindu and Buddhist lore. Note: classical Sanskrit lexicons record a secondary established sense 'elephant', and the deeper etymology of the word is itself uncertain; the primary and relevant meaning here is 'serpent'.